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27-Oct-03
MINNEAPOLIS, October 27, 2003, an Oracle
Certified Solution Provider offering the only comprehensive lending system that
automates all aspects of product financing, announced today that Snap-on Credit
LLC, a provider of a broad range of financial services to the franchised
dealers and customers of Snap-on Tools Company LLC, has installed its Daybreak
Lending Suite. SuperSolutions President and CEO Darshan Karki noted,
"Daybreak’s superior flexibility will support Snap-on Credit’s long-term growth
as they continue to provide additional financing options and enhanced service
for their dealers."
In recent years, Snap-on Credit has experienced significant
growth by providing new services and financing options to its growing customer
and franchised dealer base. A key element of Snap-on Credit’s mission is to
enhance and support the financial flexibility and strength of Snap-on’s
franchised dealers. After evaluating various vendors, Snap-on Credit chose
SuperSolutions to help support further growth in its capability to add new
financial services and greater flexibility in meeting the needs of Snap-on’s
entrepreneurial franchised dealers. The Daybreak product will support Snap-on
Credit’s full range of financing services for its dealers.
According to John Watters, Snap-on Credit’s Vice President of
Operations and Vice President of Information Technology, “SuperSolutions’
Daybreak was by far the most attractive solution, meeting our needs more
closely than any other system. It could be customized for our weekly processing
needs and its implementation was seamless, with no visible interruptions for
our dealers. Today, our system is more robust, adding greater flexibility and
speedier customer transactions. Longer-term, Daybreak will help us continue to
grow our business cost effectively.”
About supersolutions corporation
Based in Minneapolis, Minn., SuperSolutions Corporation, an Oracle Certified
Solution Provider, offers the only comprehensive lending system that automates
all aspects of product financing. The Daybreak Lending Suite is a complete
package of loan processing software that automates lending from origination to
servicing and collections. The fully web-enabled application is scalable,
user-configurable and user-friendly. With Daybreak, finance companies and banks
across the U.S. more efficiently and cost effectively manage consumer loans,
including those for automobiles, recreational vehicles, boats, motorcycles,
home improvement, home equity lines of credit and other specialty finance
requests.
About snap-on credit LLC
Snap-on Credit LLC, located in Gurnee, Ill., was formed in 1999 as a joint
venture between Snap-on Incorporated and CIT Group Inc. Working in
collaboration with Snap-on Tools Company LLC and its affiliates with an
unsurpassed dedication to worldclass service, Snap-on Credit has established
itself as a premier provider of financing solutions for Snap-on dealers and
their customers. Snap-on Credit is dedicated to bringing new and cost-effective
financing concepts to its customers, that are designed to meet customer needs
in the ever-changing landscape of today’s global business.
About snap-on incorporated
Headquartered in Kenosha, Wisc., Snap-on Incorporated is a leading global
innovator, manufacturer and marketer of tool, diagnostic and equipment
solutions for professional tool users. Product lines include hand and power
tools, diagnostics and shop equipment, tool storage, diagnostics software and
other solutions for vehicle service, industrial, government and agricultural
customers, and commercial applications, including construction and electrical.
The company sells its products through its franchised dealer van,
company-direct sales and distributor channels, as well as over the Internet.
Founded in 1920, Snap-on is a worldwide, $2+ billion, S&P 500 Company
employing approximately 12,800 people.
About CIT group, inc.
CIT is a leading commercial and consumer finance company, provides clients with
financing and leasing products and advisory services. Founded in 1908, CIT has
nearly $50 billion in assets under management and possesses the financial
resources, industry expertise and product knowledge to serve the needs of
clients across approximately 30 industries. CIT, a Fortune 500 company, holds
leading positions in vendor financing, U.S. factoring, equipment and
transportation financing, Small Business Administration loans, and asset-based
and credit-secured lending. CIT, with its principal offices in New York City
and Livingston, New Jersey has approximately 6,000 employees in locations
throughout North America, Europe, Latin and South America, and the Pacific Rim.
For more information, visit
www.cit.com.
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