News

Former American Express Business Finance Executives Launch AmeriCap Credit

OAKBROOK, IL (March 22, 2005) -- A group of former American Express Business Finance executives, led by Craig Weinewuth, Jim Freund, Joel Cappon and Rose Reynolds, announced the commencement of AmeriCap Credit, a commercial finance company specializing in the commercial vehicle and construction & industrial segments.

"AmeriCap Credit is committed to providing the best-in-class finance solutions to vendors of commercial equipment," stated Craig Weinewuth, president. "Given the recent consolidation in the commercial finance industry and the trend by some lenders to move away from the vendor model, we feel the timing is right for a specialized lender in the commercial vehicle and construction & industrial equipment segments -- particularly one that is truly committed to servicing the vendor like AmeriCap Credit."

Weinewuth continued, "In fact, we have made this the center-piece of our business model. Our vendors will work with industry seasoned professionals in sales, credit and operations; people who understand these markets and equipment and are committed to delivering the Best-in-Class vendor-finance solutions."

AmeriCap Credit's value proposition is based on Speed, Simplicity, Consistency and Service. "Having a team that has worked together for numerous years and with extensive experience in these markets, is a very big plus for us," explained Weinewuth. "We understand these markets, what is needed and how to deliver." Weinewuth continued, "We have the unique ability to design our systems and procedures around these two segments as opposed to other lenders who have legacy systems built for an "all things-to all people" platform that does not quite fit all vendors."

Weinewuth is a former Vice President/General Manager of American Express Business Finance and is joined by Jim Freund, EVP Sales & Marketing (former Director of Construction & Industrial Equipment Group at American Express Business Finance); Joel Cappon, EVP CFO (former Controller of American Express Business Finance) and Rose Reynolds, VP Operations (former Director of Operations for American Express Business Finance).

AmeriCap Credit is headquartered in Oakbrook, IL with field sales efforts across the country. For more information, visit www.AmeriCapCredit.com.