Press releases
Volvo Construction Equipment Dealer Sweeney Brothers Launches Accruit's LKE Program
March 8, 2006 – FARGO, ND. Sweeney Brothers, (www.sweeneybros.com), founded in 1946, and representing Volvo, Linkbelt, Liebherr, Bomag, Hypac, Dynapac, LeeBoy, and Atlas Copco, has launched their integrated, repetitive Like-Kind Exchange (LKE) program with Accruit, LLC (www.accruit.com) of Denver. Accruit's staged implementation process allowed Sweeney Brothers to begin receiving benefit from their program in three weeks, with their fully-integrated configuration completed within three months. Their LKE program generates additional cash flow on the sale and purchase of rental/lease fleet assets.
Kevin Sweeney, President of Sweeney Brothers said, "Accruit's LKE programs are rapidly becoming standard procedure for business owners in our industry. As a method to fund corporate growth, LKEs just make sense."
Accruit is the only full service Like-Kind Exchange management provider that offers an integrated Qualified Intermediary. Designed specifically for the heavy equipment industry, Accruit now actively manages over $2.5 billion in equipment and processes over 75,000 LKE transactions per year.
Craig McSavaney, Accruit's CEO, said "We are pleased to welcome our fifth Volvo CE dealer in Sweeney Brothers. With the very high resale value of construction equipment, coupled with low tax basis from Bonus Depreciation, these assets are well suited for LKE programs."
"Accruit's superior client service and crisp execution allowed us to immediately improve our cash flow" adds Sweeney. "Accruit's implementation process allowed us to receive LKE benefit while our tax advisor and our Controller worked with Accruit on our inclusive LKE program. Several of our equipment sales would have been ineligible for LKE if we had to wait for a complete program implementation, but Accruit's staged process allowed us to receive cash flow benefit in a matter of weeks."
About Sweeney Brothers
Founded in 1946, Sweeney Brothers Tractor are distributors of construction, forestry, industrial, milling and municipal machinery. Sweeney Brothers carries top of the line, quality equipment made by Volvo, Linkbelt, Fiatallis, Liebherr, Bomag, Hypac, Dynapac, LeeBoy, Rosco, Wacker, Atlas Copco and more. Sweeney Brothers' quality products are backed by Sweeney Brothers Tractor's trained service and parts personnel. Like all businesses, it's a people business and Sweeney Brothers has the best, and most qualified people ready to serve you in the Millennium and beyond.
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 877-793-9215 or visit www.accruit.com.