RIVERSIDE, Calif. — Vehicle finance company Fleet Financing Resources of Riverside, Calif. has reported a 3% increase in revenue for 2011 compared to 2010. Revenues reached $2.8 million as of December 2011. Total financed volume increased 10% to $30 million and net income decreased 20% to $670,000.
FFR explained in a press release that the drop in net income is a result of having opened a new regional office and the addition of several key staff members to position the company for long term growth. “Our asset portfolio remains strong and historic low rates reflect favorable growth, [and our] strong overall portfolio performance is largely attributed to our outstanding team that bring a high quality product to market in both the front and back office,” said Dave Reynolds, president and CEO of Fleet Financing Resources.
Continued success with the $68 million vendor program through Wells Fargo Equipment Finance combined with the $35 million vendor program with AllPoints/Capital One Bank help secure Fleet Financing Resources' position as a top tier lender in the equipment financing marketplace.
Source: Fleet Financing Resources