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PRESS
RELEASES
Repossessors
Seized More Trucks in Q2
Nassau
Asset Management Announces Plans To Supplement Quarterly
Index on Repos with Emerging Trends Alerts
ROSLYN
HEIGHTS, NY., July 27, 2004—Nassau Asset Management's
NasTrac Quarterly Index (NQI) has identified a dramatic
increase in truck repossessions since first quarter.
Ed Castagna,
senior executive vice president of Nassau, said the figures
reflect recent turbulence within the industry despite an
overall drop in truck repossessions over the past two years.
When viewed on an annual basis only, for example, there
were actually 47 percent fewer trucks repossessed in the
second quarter (Q2) of 2004 than in Q2 2003. However, when
comparing Q2 2004 to the first quarter of this year, truck
repossessions climbed 33 percent.
"Perhaps
the economy is not as robust as we are being told,"
Castagna says. "We are being asked to repossess more
trucks than we were earlier this year due to a number of
factors, including rising fuel prices and insurance costs."
New
Alerts Will Highlight Emerging Trends
Castagna
says his company's NQI also is detecting changes in the
volume of repossessions involving other equipment. As a
result, Nassau plans to supplement its quarterly index with
faster reports called Emerging Trends Alerts. Charts and
press releases summarizing both types of reports are available
free of charge to the public at http://www.nasset.com/newsroom/newsroom_nqi.htm.
"Finance
companies and industry analysts can also contract with Nassau
to dig deeper into the numbers, determining the root causes
for trends and researching specific equipment types,"
Castagna adds. "Companies can use their private reports
created by Nassau to help mitigate risk in portfolios and/or
provide useful economic indicators to their own clients."
Nassau
has tracked equipment trends for several decades as a function
of its nationwide remarketing operation, which recaptures
and resells all types of assets. Recognizing the value its
data holds for the equipment leasing and finance industry
and economic analysts, the company in 2003 launched NQI,
which reports on equipment types generating the greatest
volume of repossessions.
Top
Repossessions in Q2 2004 vs. Q2 2003
The
current NQI reports on trucks/trailers, printing presses,
information technology, medical devices and construction
equipment. These were the top five repossessed capital assets
in Q2 2004, according to Nassau's internal records on liquidations.
Castagna
says the Q2 data, when compared with the same quarter a
year ago, shows there was a 47 percent decrease in repossessions
of trucks, 46 percent drop in repossessions of medical devices
and 30 percent slide in repossessions of construction equipment.
At the same time, repossessions of printing presses jumped
by 117 percent and those of information technology rose
by 22 percent. Castagna says Nassau plans to monitor both
of these sectors closely to determine whether there are
economic reasons for the increase, or whether they simply
reflect Nassau's expanding base of clients that finance
these types of equipment.
Machine
tools did not make NQI's Top 5 as they did in Q1, another
indicator that this sector is brightening. The American
Machine Tool Distributors' Association recently reported
that year-to-date U.S. machine tool consumption through
May 2004 was $1,041.4 million, up 46.1% compared to 2003.
Readers should keep in mind that the assets NQI covers may
change from quarter to quarter since Nassau plans to feature
only the largest asset groups in its multimillion dollar
portfolio. Additionally, results must be viewed over several
quarters to establish long-term trends since all industries
experience cyclical changes.
ABOUT NASSAU
Nassau Asset Management of Roslyn Heights, NY, has been
providing full-service asset management, including asset
recovery, collections, remarketing, full plant liquidations,
and appraisals for more than 25 years to the equipment leasing
and finance industry. For more information, please visit
www.nasset.com or call
1-800-4.NASSAU.
# # #
MEDIA
CONTACTS:
Edward
Castagna
Senior Executive Vice President
Nassau Asset Management
1-800.4.NASSAU, ext. 301
ecast@nasset.com
Carla Young Harrington
PR Agent for Nassau
540-899-3913
carla@crosslink.net
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