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HOLT
CAT of Texas, the country's largest Caterpillar dealer, and Accruit,
LLC, the only fully-integrated, web-enabled "qualified intermediary" for
repetitive like-kind exchange programs, today announced that HOLT
has engaged Accruit to design, implement, and administer an innovative
repetitive like-kind exchange program for its rental equipment.
HOLT has also engaged Deloitte & Touche LLP to provide tax advisory and business
process consulting services in connection with the design and implementation
of HOLT's like-kind exchange program. Accruit and Deloitte frequently work together
on projects of this type under an alliance relationship known as "eXR, the
Electronic Exchange Replicator."
"We are very pleased to have engaged Accruit and Deloitte for this important
project," said David Hennessee, Chief Financial Officer of HOLT CAT. "We
anticipate generating significant annual cash flows through the program. We chose
Accruit because it has integrated its qualified intermediary and cash management
services with its comprehensive asset tracking software application, thereby
creating efficiencies unavailable elsewhere in the marketplace."
"Our job," said Todd Fisher, President and CEO of Accruit, "is
to capture significant tax deferrals for our clients, and we anticipate that
we will add tremendous value to HOLT CAT's business through this project. We
greatly appreciate the opportunity to work with such a prominent leader in the
CAT dealer network and the heavy equipment industry. Together with Deloitte,
we anticipate providing this unique like-kind exchange solution throughout the
industry."
The name HOLT has been associated with
heavy equipment and Caterpillar for almost 100 years. HOLT CEO, Peter
M. Holt, is the great-grandson of Benjamin Holt, who in 1904 developed
the first successful track-type tractor which he named the "Caterpillar." In
1925 Ben Holt's company, the Holt Manufacturing Co. merged with Best
Tractor to form Caterpillar Tractor Co., which is known today as
Caterpillar Inc. In 1933, Ben Holt's son, William K. Holt, established
a CAT dealership in San Antonio to serve Central and South Texas.
Since then the HOLT name has come to be synonymous with quality,
integrity, and commitment to customer service. Today, 70 years later,
HOLT has added North and East Texas to its Caterpillar service territory.
HOLT's team of 1,600 men and women are committed to providing rock
solid stability with superior products and services for heavy equipment
and engine users from Brownsville to San Antonio / Austin to the
Dallas / Fort Worth Metroplex.
Accruit, LLC, headquartered in Denver,
Colorado is the only provider of fully-integrated, web-enabled qualified
intermediary services to enable companies to conduct like-kind exchanges
for both personal and real property. The company's flagship software
application, Accruit's Exchange Manager™, fully automates the
like-kind exchange process – from transaction and cash management
to the complete asset and tax depreciation tracking required for
these transactions. Using Accruit's Exchange Manager™, Accruit's
clients realize a significant increase in cash flow, while dramatically
reducing the resources required for tracking and reporting like-kind
exchanges. For more information on Accruit or Accruit's Exchange
Manager™, call 720-963-5001 or visit www.accruit.com. |
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