CIT To Provide Factoring Services to TradeOut.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 15, 2000 CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Commercial Services, the nation's largest provider of factoring services, today announced an alliance with TradeOut, a global Internet marketplace See vertical portal and Web hub. for business surplus. CIT will provide factoring and financing services to buyers and sellers via TradeOut. Under the financing agreement, CIT will issue pre-approved lines of credit to buyers to purchase goods on the Web site, and at the same time, provide credit protection to sellers. CIT will assume the buyer's financial ability to pay its debts on all approved orders on the TradeOut site. "We chose to partner with CIT for their extensive financial expertise and reputation as a leading provider of factoring services," said George Samenuk, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of TradeOut. "Being able to offer factoring services to facilitate transactions on our Web site will greatly benefit our small and mid-size apparel and general merchandise customers by accelerating their cash flow, a vital part of a company's growth strategy." "Our partnership with TradeOut provides us with the opportunity to penetrate the $350 billion surplus asset market and establish a niche in this valuable business-to-business e-commerce arena," said John F. Daly, President of CIT Commercial Services. "Our strategy is to expand the reach of our services and facilitate business-to-business e-commerce transactions via key online marketplaces in the industries we serve and TradeOut is an important player in the excess inventory and idle asset markets. TradeOut's site offers an automated, online alternative to the costly and time-consuming traditional liquidation channels." About CIT CIT Commercial Services is the nation's largest provider of factoring, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying management and lending services. It is a unit of CIT Commercial Finance, one of six operating groups of The CIT Group, Inc. (NYSE NYSE See: New York Stock Exchange : CIT; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CIT.U). Founded in 1908 and with over $50 billion in total managed assets, CIT is one of the nation's largest commercial and consumer finance organizations. For more information, visit the company's web site at www.cit.com. About TradeOut TradeOut.com (www.tradeout.com), a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Valhalla, New York Valhalla is a hamlet and census-designated place (CDP) located in the town of Mount Pleasant in Westchester County, New York, United States. The population was 5,379 at the 2000 census. , is a business-to-business Internet marketplace for excess inventory and idle assets. TradeOut.com offers a fast and easy way to buy and sell business surplus, and features products for sale from a wide variety of industries, from consumer products to utilities. For more information about the company, visit www.tradeout.com, send email to customerservice@tradeout.com, or call 1-888-525-TRADE. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion