FOR IMMEDIATE RELEASE
HITACHI CAPITAL AMERICA CORP. & HCA EQUIPMENT
FINANCE LLC “HCAC” RE-ALIGN THEIR BUSINESSES
NORWALK, CT, March 3, 2010 -- William H. Besgen , President & COO of Hitachi Capital America Corp. & HCA Equipment Finance LLC, together “HCAC” said today, “after much consideration, given the unprecedented issues facing the construction industry, HCAC has decided to redirect its effort and resources to its other equipment finance businesses in the U.S.”
Effective March 15, 2010, “HCAC” will cease all retail construction equipment financing in the U.S., honoring all outstanding funding commitments for up to 60 days. Over the next 3 months, HCAC will discontinue providing new floor plan financing for its existing construction equipment dealers which should allow the dealers time to find alternative floor plan financing sources.
HCAC will continue to provide financing for its other Hitachi businesses in the U.S., and will put a great deal more emphasis on its light and medium duty truck financing, both retail and floor plan for its 1500 dealers nationwide. It will also continue to develop its medical equipment financing business and provide financing for its energy conservation business both federal government and commercial, and its software and technology equipment and supply chain finance businesses.
“The past few years have been one of the most challenging times for the equipment finance business in the U.S. and has required companies to closely examine their resources and direct them toward the most promising areas for future growth”. Besgen said “We believe that our decision today will allow us to do just that.”
Hitachi Capital America Corp. has been in the U.S. equipment finance business for over 20 years since its incorporation in Delaware in October 1989 and has over $1.5 billion in total assets under management. According to Monitor Inc., it was ranked 28 th in annual new business volume and 38 th in asset size of the 100 largest equipment finance and leasing companies in the U.S. in 2008.
For more information visit www.hitachi.us/capital |