|
August 15, 2006 – KANSAS CITY, MO – Murphy
Hoffman Company, a multi-state network of Kenworth dealers providing
more than 40,000 customers with a full range of truck related services
founded in 1975, engaged Accruit, LLC of Denver to tailor a Like-Kind
Exchange (LKE) service to fit their business needs. Murphy Hoffmanâs
LKE program has already begun to defer taxes on the sale of their
leased fleet.
"We wanted to maximize our tax benefit and our available cash flow," said
Timothy Murphy Murphy Hoffman's president. "Accruit's implementation
process allowed us to begin receiving LKE benefits while our
tax advisor and our CFO worked with Accruit on our inclusive
LKE program that fit our needs exactly."
Accruit now actively manages over $3.2 billion in assets through its repetitive
LKE services. With over 105,000 transactions per year with an average sale and
purchase value of just $35,000, Accruit is the only Qualified Intermediary to
provide fully integrated LKE management services to meet the needs of the trucking
industry.
"We had an immediate opportunity to take advantage of the benefits of
LKEs. With Accruit's superior client service and quick execution, our company
began receiving benefit very quickly" said Jeff Hartmann, Chief Financial
Officer for Murphy Hoffman. "Since LKEs touch several departments within
our company, the integration of this process made it easy for us to continue
our normal business with only minor adjustments," adds Hartmann.
Craig McSavaney, Accruit's CEO, said. "Accruit's LKE services
work well within the trucking industry and are becoming a sought
after service for trucking companies that want to get the most
out of their tax strategies. Accruit's LKE services enable dealers
to effortlessly manage the sale and purchase of assets and increase
cash flow which can then be put back in to their businesses."
About Murphy Hoffman Company
Since 1975, Murphy-Hoffman Company (MHC) has made customer service the cornerstone
of its business philosophy. Currently, MHC operates in the Central United States
with 39 dealerships, 3 full service transport refrigeration locations, 14 full-service
leasing and rental operations and a finance company which offers a complete array
of finance and insurance services. For more information on MHC, call 816.483.6444
or visit www.mhctruck.com.
About Accruit
Accruit, LLC, headquartered in Denver, Colorado, is the only fully-integrated
qualified intermediary providing full service Like-Kind Exchanges since 2000.
Accruit is the preferred service provider to numerous industry associations including
the American Trucking Associations, CPA firms, and equipment manufacturers. Accruit
is also a member of the Federation of Exchange Accommodators; the country's only
recognized affiliation for Qualified Intermediaries and the LKE industry (www.1031.org).
For more information on Accruit, call 877.793.9215 or visit www.accruit.com.
|
|
|
