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January 25, 2006 – CEDAR RAPIDS, IA – Rexco
Equipment, Inc.(www.rexcoequipment.com) a construction equipment
dealer representing several major lines including Manitowoc, Ingersoll-Rand,
Bobcat, New Holland, Link-Belt, Esco and Kubota, and serving Iowa
from five locations, engaged Accruit, LLC (www.accruit.com) of Denver
to design, implement, and manage their full service, repetitive Like-Kind
Exchange (LKE) program. Rexco's LKE program has already begun to
defer taxes on the sale of their depreciated rental and leased equipment.
Rex Smith, Rexco's President, said "Accruit's excellent client references,
their AED Preferred Provider designation, and endorsements from both Manitowoc
and Bobcat, made it clear that we were selecting the industry leader for LKE
services. We are pleased to incorporate Accruit's powerful offering into our
broader tax strategy."
Established specifically for the heavy equipment industry, Accruit now actively
manages over $2.5 billion in assets through its repetitive LKE services. With
an average sale and purchase value of just $35 thousand, Accruit is the only
full service Like-Kind Exchange management provider to meet the needs of all
heavy equipment dealers.
"We had an immediate opportunity to take advantage of the benefits of LKEs.
With Accruit's superior client service and crisp execution, our company began
receiving benefit almost immediately" said Steve Shelangoski, Rexco's Chief
Financial Officer. "Importantly, the full implementation of our Accruit
program will leverage our long-standing relationship with our local RSM McGladrey
CPA office. RSM McGladrey has endorsed Accruit's program and has extensive experience
guiding companies like ours to the successful configuration of this industry
standard offering."
"Rexco's high-value product lines and dedicated rental fleets are perfectly
suited to take full advantage of Like-Kind Exchange programs. We are very pleased
to add Rexco to our rapidly-growing client list" said Craig McSavaney, Accruit's
CEO. "With more companies relying on their local CPA firms to guide their
LKE program configuration, Accruit's LKE services are quickly becoming the norm
in the heavy equipment industry."
About Rexco Equipment, Inc.
Rexco Equipment has five locations in Iowa with a full line
of product support services designed to help their customers
get the most out of their product investment. For more information
on Rexco, call (319) 393-2820 or visit www.rexcoequipment.com
About Accruit
Accruit, LLC, headquartered in Denver, Colorado, is the only
fully-integrated qualified intermediary providing full service
Like-Kind Exchanges. Accruit is the Like-Kind Exchange Preferred
Provider for the Associated Equipment Distributors (AED). For
more information on Accruit, call 877-793-9215or visit www.accruit.com.
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