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Foley Equipment Company, founded in 1942 with Caterpillar equipment as the backbone of its
business, has selected Accruit as its Like-Kind Exchange (LKE) service provider. Foley is the
nineteenth Caterpillar dealer to implement Accruit's integrated, repetitive Like-Kind Exchange
program and capitalize on the benefits Like-Kind Exchanges offer.
Lewis Erickson, CFO of Foley, said, "Two primary reasons led us to select Accruit as our
Like-Kind Exchange provider. First, we wanted to quickly implement a proven tax deferral strategy
that would give us more capital to invest in the growth and development of our business. Second,
Accruit has a great track record of providing good customer service to other Caterpillar dealers.
From the start, our experience with Accruit has been exceptional."
Accruit's Like-Kind Exchange services enable companies to defer paying taxes on the gain from
asset sales, effectively increasing cash flow for reinvestment into their businesses. Scalable
to meet the needs of companies with a small fleet or a fleet of thousands, Accruit's full range
of Like-Kind Exchange services includes single exchanges, reverse exchanges, and full-service
repetitive exchange programs. Accruit manages over 250,000 Like-Kind Exchange transactions each
year and has over $4 billion in client assets under management.
"We are proud to have been selected by another Caterpillar dealer. We look forward to
providing value to Foley's business and to working with Lewis and the rest of the team at
Foley," said Brent Abrahm, President and CEO of Accruit.
"Accruit's exchange program fits our needs precisely. We selected Accruit because they
are a leader of Like-Kind Exchange services for Caterpillar dealers and the construction
industry," Ann Konecny, CEO of Foley.
"
For more than 65 years, Foley Equipment Company has earned a reputation for dedication, quality
and value. Serving 49 counties in Kansas, Foley is headquartered in Wichita with full service
facilities in Dodge City and Salina. Foley has parts stores in Great Bend and Liberal as well
as an extensive system of parts drops throughout the territory. A truck service center is located
in Wichita. Foley Rental - the Cat Rental Store operates in Wichita, Great Bend, and Park City.
Foley has a vast array of shop and field service capabilities to serve customers 24/7.
Representing Caterpillar, Challenger, Ag-Chem, Trimble and other brands, Foley provides quality
service to the construction, agriculture, oil & gas, truck engine and power generation markets.
Foley is dedicated to being Your First Choice. For more information on Foley Equipment Company,
visit www.foleyeq.com or call 316-943-4211.
Accruit, LLC, headquartered in Denver, Colorado, is the leader in personal property Like-Kind
Exchange services and is the only fully integrated Qualified Intermediary to provide a
patent-pending process and outstanding 24/7 customer service. Accruit's services include single
exchanges, reverse exchanges and repetitive exchange programs. Accruit is the exclusive provider
of 1031 Like-Kind Exchanges for Ritchie Bros. Auctioneers (NYSE: RBA) and
the preferred provider of 1031 Like-Kind Exchanges for the Associated Equipment Distributors
(AED) and Idealease, with additional endorsements
from the RSM McGladrey Network, NationaLease, Manitowoc Crane Group, and Mitsubishi Caterpillar
Forklift America. Accruit is a member of numerous associations including Associated General
Contractors of America (AGC), Construction Financial
Managers Association (CFMA), Equipment Leasing & Finance Association
(ELFA). Accruit is also a member of the Federation
of Exchange Accommodators (FEA), the country's only association for Qualified Intermediaries and
the LKE industry (www.1031.org). For more
information contact us or call 877-793-9215.
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