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PRESS
RELEASES
Nassau
Launches Index Tracking Equipment Repossessions,
Reports Top 5 Repossessed Capital Assets in 1 Q 2003
ROSLYN
HEIGHTS, N.Y., Sept. 4--Nassau Asset Management has
tracked equipment values for several decades as a function
of its nationwide remarketing operation, which covers all
types of equipment including construction, printing presses,
machine tools and buses. Recognizing the value its historic
and current data holds for the equipment leasing and finance
industry, the New York-based asset management company has
launched NasTrac Quarterly Index (NQI), which reports on
equipment types generating the greatest volume of liquidations.
Ed Castagna,
senior executive vice president, says NQI gives equipment
leasing and finance companies a snapshot of current equipment
values, helping them forecast future asset values and adequately
price lease and loan transactions to mitigate risk.
"Nassau's
NQI also can be used to help gauge the economic health of
individual industry sectors," Castagna adds. "Viewed
over time, NQI's quarterly data on repossessions can be
compared with data from the previous year to help identify
which industry sectors may be experiencing financial downturns,
upturns or cyclical changes."
Top
Repossessions in 1Q 2003
The
first NQI reports on trucks/trailers, printing machines,
machine tools, construction equipment, and buses. These
were the top five repossessed capital assets in the first
quarter of 2003, according to Nassau's internal records
on liquidations. Is this good news or bad news for equipment
lessors and bankers operating in those sectors?
Surprisingly,
it may be good news. Castagna says this first quarter data,
when compared with the same quarter a year ago, shows there
was a 36 percent decrease in repossessions of trucks and
trailers and a 76 percent decrease in repossessions of machine
tools. This suggests that the economy may be strengthening
in these sectors, he says. However, he adds, it's important
to look at each segment individually and compare it across
several quarters to establish a reliable trend. Construction
equipment repossessions, for example, were high in first
quarter 2003: nearly $2.2 million compared with a volume
of $400,000 in the first quarter of 2002.
Nassau
plans to release data from the second quarter of 2003 later
in September, and to update NQI quarterly with fresh findings.
Nassau clients can obtain more detailed information as part
of the NQI service, including customized data on specific
types of equipment.
Users
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.
See
the table that follows reporting on the first quarter of
2003 compared with 2002.
Largest
Repossessed Capital Asset Trends by Industry Sector
Following
are sectors where the most repossessions occurred in the
first quarter of 2003 as compared to same time 2002, according
to Nassau Asset Management's NasTrac Quarterly Index (NQI).
NQI follows the trends of the Capital Asset Markets as recovered
by Nassau Asset Management.
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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