Rental Viewpoint | June 23, 2005

2005 RTO Industry Statistical Survey deadline extended to July 8
++Participating in the annual Rental-Purchase Industry Survey is the single most important thing a rental dealer can do to assure that the industry continues to provide a meaningful "benchmark" from which to measure financial management and success.
++The survey questionnaire was mailed to every home office in May. The results are compiled by Industry Insights and provide invaluable statistical analysis that reveals where the industry is today and where it is headed in the years to come. Members who participate get a free copy of the survey. Otherwise, it is $300. Please take the 30 minutes or so to download the questionnaire and return it to Industry Insights. All information is completely confidential.

Mandalay Bay reservation
registration deadline is July 1
APRO @ 25 ++Next Friday, July 1, is the deadline for reserving your hotel rooms for the 2005 APRO Convention and Buying Show at the APRO discount rate of $158. Call Mandalay Bay at 877/632-7000 or reserve your room online on the APRO Web site. Online registration for the 2005 APRO Convention and Buying Show is available through the APRO Web site until July 1. APRO members who register online will be required to have a login and password, which was e-mailed to members, along with a postcard mailed in late May, with specific logins and passwords for members. Non-members wishing to register must contact Laurie Hill at APRO at 800/204-2776, ext. 103, for login instructions.

RTO industry testifies before
Senate Banking Committee
++Three APRO representatives and one from the Coalition for Fair Rental Regulations were present this week at a hearing before the U.S. Senate Committee on Banking, Housing and Urban Affairs. APRO provided written testimony to committee members on industry issues and Rent-A-Center Senior Vice President Chris Korst testified before the committee.
capitol ++The committee heard testimony from numerous financial representatives, two consumer groups and one from the RTO industry with the hopes of being included in the omnibus banking deregulation bill. Korst's testimony was part and parcel of testimonies presented on behalf of the larger regulatory relief proposals.
++National Consumer Law Center Counsel Carolyn Carter made a brief statement opposing the RTO language (download a PDF of the NCLC's account of the issue). Korst stressed that S 603 would achieve a balance between consumer and industry interests and set a floor from which states could further regulate the transaction, but could not redefine the transaction as a sale and, therefore, could not apply APR to the transaction as there is no debt incurred by RTO customers.
++Senator Paul Sarbanes, the ranking Democrat on the committee, asked Korst if he meant what he said when he stated that the RTO language would not override current state laws (pre-emption), to which Korst affirmed that S 603 does not include any pre-emption of state law.
++Once the meeting concluded, those offering testimony were assured that a mark-up of the omnibus deregulation bill would be in the works and that the committee would have a final draft of the legislation in the coming weeks.

Midwest RTO Expo heating up
Midwest Expo ++After experiencing great success with its first regional trade show in 2004 (40 vendors and 300 attendees), the Ohio Rental Dealers Association is busy preparing for the 2005 Midwest RTO Expo. Scheduled for August 23 and 24 at the Columbus Convention Center in Columbus, OH, dealers from Ohio, Kentucky, Tennessee, Michigan, Pennsylvania, Indiana and West Virginia have been e-mailed and faxed an announcement from APRO headquarters.
++The event is free for attendees; however, those wanting to participate in the golf tournament on August 23 will have to pay greens fees. For more information, contact Tony Craig or Mike Tissot. Online registration is also available.

Aaron's acquires 21-store
Rent2Own chain
++Aaron Rents announced that it acquired the Texas-based, 21-store Rent2Own chain on June 20. The stores are located in Houston, Austin, San Antonio, Laredo and Corpus Christi. Rent2Own's most recent monthly rental volume was approximately $620,000. Eight of the 21 acquired stores will now be known as Aaron's Sales & Lease Ownership stores with the rental contracts of the other 13 stores being merged into existing Aaron's stores. Six of the vacated Rent2Own stores will be converted into RIMCO stores, a tire and rim rental concept being tested by Aaron's stores in a few selected markets.
++"Texas has always been a strong market for us," says R. Charles Loudermilk, chairman and CEO of Aaron Rents. "We will merge the majority of the rental volume of these acquired stores into our nearby existing Aaron's Sales & Lease Ownership locations, which will increase both the volume and profitability of those stores," says Loudermilk.
++Read the entire story here.

Former Rent Rite co-founder
joins ColorTyme franchise
++David Pagano, who started his RTO career with Rent-A-Center in 1989 and was a member of the founding team of Rent Rite Rental Purchase (which was sold to Rent-A-Center in May 2004), has joined forces with ColorTyme franchisees George Wilson and Bruce Martin of CTFLO.
++Pagano returned to RTO after taking a year off. CTFLO has three ColorTyme stores in south Florida in Orlando, West Palm Beach and Lauderdale Lakes. The group plans to open two more ColorTyme locations by the end of 2005 and another 13 new ColorTyme stores by 2008 in central and south Florida.

Premier Rentals franchisees open
two new Pennsylvania stores
Premier logo ++Dave Jones and Rich Bagoly opened their second Pennsylvania Premier Rentals store in Allentown. Their first store was opened less than 12 months ago in Reading, PA. And after 13 years in the RTO industry, Sandi Whited has struck out on her own with the opening of her first Premier Rentals store in Altoona, PA.

Missouri dealer raises funds
for Autism Project
++John Cleek Jr. of Cleek's Rent-To-Own in Columbia, MO, recently raised a record $13,000 for the Judevine Autism Project. Cleek organized a second annual bowling tournament for the charity, where 156 bowlers showed up and were divided into 32 teams. Last year, the tournament raised $9,200.
John Cleek Jr. ++The Judevine Autism Project is a charity close to Cleek's heart. His son, Thomas, was diagnosed with mild autism at 18 months old and began receiving services from the Judevine Autism Project when he was two years old. Cleek has served as chairman of the parent advisory committee for the past two years. "Today, one out of every 160 children are being diagnosed with some form of autism," says Cleek. "And for boys, that number is one out of 75."
++"Budget cuts over the past few years haven't helped," says Cleek. "The money we raised over the past two years will upgrade equipment, computers and buy toys and supplies to help the Central Missouri Autism Project in Columbia."

++Meet R. Charles Loudermilk, who launched his company in 1955 with a partner, an answering machine and an inventory of 300 well-used Army-surplus folding chairs available for rent for 10 cents a day. Today, Loudermilk is busy growing his 1,100-plus Aaron Rents chain and giving back to the people and institutions that have touched his life. This profile appears in the May-June issue of Progressive Rentals.

ColorTyme Summer Convention, June 22-26, Myrtle Beach, SC, 972/403-4945
Missouri Rental Dealers Association Summer Training Programs, July 19 (Springfield), July 20 (Columbia) and July 21 (St. Louis), 913/371-2400
San Francisco Furniture Market, July 22-25, San Francisco, CA, 415/552-2311
Las Vegas Furniture Market, July 25-29, Las Vegas, NV, 888/380-0919
RentSmart by Nationwide Buying Show, August 7-10, Dallas, 972/650-0770
APRO 2005 Convention and Buying Show, August 8-11, Las Vegas, NV, 800/204-2776
Tupelo Furniture Market, August 18-21, Tupelo, MS, 662/844-14732005 Midwest RTO Expo, August 23 and 24, Columbus, OH, 740/383-6020
Missouri Rental Dealers Association "Heartland of America" regional trade show, September 12-14, Osage Beach, MO, 573/442-2963
High Touch User’s Conference, September 21-23, Wichita, KS, 316/831-8132
2005 Arkansas Rental Dealers Association fall conference, October 18 and 19, Petit Jean State Park, AR, 870/910-0059
Florida Rental Dealers Association annual meeting; Norman “Slats” Golf Memorial and Vendor Appreciation Dinner and Trade Show, October 4 and 5, 813/623-5461, ext. 110
APRO fall board meeting and strategic planning session, October 10-14, Austin, TX, 800/204-2776
Click here to view the APROVision industry calendar of events

APRO needs your old RTO photographs
camera ++APRO is in the process of preparing its 25-year anniversary video for the 2005 APRO Convention and Buying Show. While we have many old photos on hand, we would like to solicit photos from dealers across the country of old stores, employees, inventory and the like for temporary use. We promise to take good care of them and return them right away after they are scanned. Please e-mail Richard May at APRO or send your photos to May at APRO at 1504 Robin Hood Trail, Austin, TX, 78703. We thank you in advance!

Visit the APRO Web site or call the APRO office at 800/204-2776.

June 23, 2005
Volume 4, Issue 13

PUBLISHED BY APRO
1504 ROBIN HOOD TRAIL
AUSTIN, TX 78703
800.204.2776
APROVISION.ORG

» Rent-A-Center's Mark Speese named recipient of Ernst & Young Entrepreneur of the Year 2005 Award

• 2005 APRO Convention and Buying Show

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APRO: Always There