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PRESS
RELEASES
Truck
Repossessions Continued to Decline in Q3, Reports Nassau
Asset Management's Quarterly Index
Repos
of Printing Presses, Construction Equipment Also Dropped,
But Medical Devices, Machine Tools Fared Worse than in Q3
2002
ROSLYN
HEIGHTS, N.Y., Oct. 29, 2003-Repossessions involving
trucks declined measurably for the third consecutive quarter,
according to Nassau Asset Management's NasTrac Quarterly
Index (NQI).
"The
statistics offer encouraging news for the trucking industry
and equipment leasing and finance companies that invest
in it if clear trends can be established through the remainder
of 2003," says Ed Castagna, senior vice president of
Nassau Asset Management.
Nassau
Asset Management has tracked equipment for several decades
as a function of its nationwide remarketing operation, which
resells all types of assets including construction equipment,
printing presses, machine tools, medical devices, and buses.
The company earlier this year launched NQI, which reports
on equipment types generating the greatest volume of liquidations.
NQI's public data provides a snapshot of recent recovery
and sales activity compared with the same time frame a year
before, helping equipment leasing and finance companies
forecast current market conditions so they can evaluate
the strengths and weaknesses of their portfolios. When viewed
over time, NQI also can be leveraged as one of several components
to help gauge the economic health of individual industry
sectors.
Nassau
clients can obtain more detailed information as part of
the NQI service, including customized data on specific types
of equipment and their values extending back to 2000.
Top
Repossessions in Q3 2003
The
third NQI reports on trucks/trailers, printing presses,
medical devices, machine tools, and construction equipment.
These were the top five repossessed capital assets in the
third quarter of 2003, according to Nassau's internal records
on liquidations.
Castagna
says the Q3 data, when compared with the same quarter a
year ago, shows a 12 percent decrease in repossessions of
trucks and trailers. Repossessions of printing presses,
which Nassau's NQI indicates have declined for the past
two quarters, decreased by 83 percent in Q3. Construction
equipment repossessions also dropped for the second quarter
in a row, down 73 percent in Q3.
Other
equipment segments fared worse in Q3. Repossessions of medical
devices increased significantly for the second consecutive
quarter, 147 percent in Q3 2003 compared with Q3 2002; machine
tools repossessions, which showed signs of improvement earlier
this year, increased by 83 percent in Q3 when compared with
the same time frame a year ago.
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 reliable trends since all industries experience
cyclical changes.
To view
NQI charts on repossessions in Q1, Q2, Q3 and upcoming quarters
as they are available, please visit the Web sites of equipment
leasing and finance industry trade journals.
ABOUT
NASSAU
Nassau
Asset Management of Roslyn Heights, NY, has been providing
full-service asset management, including asset recovery,
collections, remarketing, 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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