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INGRAM MICRO SIMPLIFIES TECHNOLOGY LEASING FOR CUSTOMERS WITH IM PREFERRED LEASINGCompany Selects CIT Unit As Exclusive Financing Partner For Comprehensive Leasing Program To Help Resellers Take Advantage Of Trend In Technology Product LeasingSANTA ANA, Calif., June 26, 2000Ingram Financial Services Co., a division of Ingram Micro Inc. (NYSE: IM), the world's largest wholesale provider of technology products and services, today launched IM Preferred Leasing, an integrated financing program for Ingram Micro resellers. Through IM Preferred Leasing, Ingram Micro reseller customers can extend lease terms to assist their end customers in the purchase of technology products, an emerging buying trend in the information technology industry. To implement IM Preferred Leasing, Ingram Financial Services Co. has selected Technology Financing Services, a unit of The CIT Group, Inc. (NYSE: CIT; TSE: CIT.U), the worlds largest publicly traded commercial financing company, as its exclusive partner to support the program. Ingram Micro and CIT, respective leaders in the technology and financing industries, created the program to leverage an increasing trend in technology equipment leasing. One of the biggest concerns expressed by our reseller customers today is finding a leasing partner equally focused on customer service and competitive products, said Lino Martin, vice president, North American treasurer, Ingram Micro. The IM Preferred Leasing program, administered by CIT, will allow our customers to extend credit to end users in need of computer products and provide more service, while increasing the opportunity for incremental revenue. IM Preferred Leasing offers customized reseller leasing programs for the small-to-midsize business, enterprise, and government and education markets. The program will provide greater leasing opportunities with a broader product offering and support from dedicated sales personnel. Advanced e-commerce capabilities including online quotes and leasing applications are now available to increase processing efficiencies and speed. As an added benefit, Ingram Financial Services Co. has simplified the application process for transactions up to $75,000 to facilitate additional business. This will make IM Preferred Leasing one of the easiest programs to use for resellers looking for a complete technology solution to offer their customers. Working with IM Preferred Leasing has been extremely productive for ReQuest Technology. Since we are located in the heart of Silicon Valley, a major portion of our clientele requires unique financing solutions, said John Lynch, chief executive officer of ReQuest Technology, a Mountain View, Calif.-based Ingram Micro reseller customer. The multimillion dollar master lease agreements we've negotiated with IM Preferred on behalf of our clients have helped keep pace with the changing technology environment. Ingram Financial Services Co. made the decision to consolidate its channel leasing programs into one program with IM Preferred Leasing to offer Ingram Micro resellers a comprehensive leasing option that could accommodate all their leasing needs. CIT has a proven track record to handle customers of almost any size and market.The creation of IM Preferred Leasing is both exciting and strategic for CIT, said Rich Masulli, executive vice president, CIT Technology Financing Services. It represents a unique product offering created by CIT to meet the needs of the two-tier distribution channel, enabling end-user customers to acquire the necessary technology to run their businesses successfully. For more information about IM Preferred Leasing, resellers can visit www.impreferredleasing.com, e-mail financialservices@ingrammicro.com or call (877) 877-0035. About Ingram Micro Inc. Operating in 34 countries, Ingram Micro Inc. (NYSE:IM) is the world's largest wholesale provider of technology products and services, with sales exceeding $29 billion for the past four quarters. Ingram Micro's key business units deliver fulfillment and distribution, product acquisition and selection, supply-chain automation and programs, as well as e-procurement to more than 175,000 technology solution providers, manufacturers and businesses located in more than 100 countries. Ingram Micro is driving the evolution of wholesale distribution for the information technology industry and is the operation's engine behind leading global e-businesses today. About Ingram Financial Service Co. Established in 1995 as a division of Ingram Micro, Ingram Financial Services Co. develops and markets financial services and other value-added servicessuch as asset-based lending, purchase order financing, end-user financing, leasing, and HR Solutionsto Ingram Micro resellers. About CIT In business since 1908, The CIT Group, Inc. is a diversified finance company focusing on equipment financing and leasing, structured and commercial finance, and consumer finance. CIT has over $50 billion in managed assets and is the largest publicly traded commercial finance company in the world. For further information, please visit CIT . For more information, contact: Benjamin Group/BSMG Worldwide: |
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