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June 28, 2005 – DALLAS, TX – ROMCO Equipment
Co., (www.romco.com), a construction
equipment dealer representing several major lines including Volvo, Hitachi, and
Ingersoll-Rand, serving Texas since 1961, has engaged Accruit, LLC, (www.accruit.com),
of Denver to design, implement, and administer an innovative repetitive like-kind
exchange program. This process will reduce ROMCO's tax bill on the replacement
of the company's rental equipment fleet and will dramatically improve cash flow.
Craig Burkert, ROMCO's Chief Financial Officer said, "We have already generated
significant cash flows from our new like-kind exchange program and we chose Accruit
because it has integrated its qualified intermediary and cash management services.
They have wrapped comprehensive services around their asset tracking software
application to create significant efficiencies in the administration of our like-kind
exchange program."
Accruit is the only fully integrated, web-enabled qualified intermediary in the
U.S. providing full like-kind exchange management services. Craig McSavaney,
Accruit's CEO, explained, "the Accruit Exchange Manager™, fully automates
the like-kind exchange process – from transaction and cash management to
complete asset and tax depreciation tracking. Coupling the application with Accruit's
team of Client Service Managers provides ROMCO with a truly hands-off LKE solution".
"The fact that the AED (Associated Equipment Distributors) selected Accruit
as the association's Preferred Provider gave me confidence that Accruit understood
our business well enough to assure a successful program implementation. That
confidence proved to be well placed," adds Burkert. "Accruit's comprehensive
service enables us to easily capture significant cash flow and, at the same time,
stay focused on running our business."
McSavaney said "Accruit's like-kind exchange offering enables our clients
to realize a significant increase in cash flow with dramatically less administrative
burden than any other like-kind exchange solution." ROMCO joins a rapidly
growing list of heavy equipment dealers and leasing companies who appreciate
Accruit's unparalleled, full-service, like-kind exchange offering.
About Accruit
Accruit, LLC, headquartered in Denver, Colorado, is the only fully-integrated,
web-enabled qualified intermediary providing full like-kind exchange management
services. Accruit is the like-kind exchange Preferred Provider for the Associated
Equipment Distributors (AED). For more information on Accruit, call 720-963-5001
or visit www.accruit.com. |
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