Rent-to-own News

Rent-to-own News - FAN Sales and Leasing converts to Aaron's

June 8, 2010

Geron Vail.

FAN Sales and Leasing President Geron Vail, today confirmed his company is in the final steps of converting to an Aaron's Sales and Lease Ownership franchise.

The transaction, which will become official once all contract formalities are completed in coming days, includes the sale of six of FAN's 16 stores to Aaron's corporate and to geographically adjoining franchisees, John Rains and David Fender.

Selling the stores will correct store overlap between Aaron's and FAN's market territory which includes cities in Missouri, Kansas, Arkansas and Oklahoma, Vail said.

Under the agreement, FAN will also purchase one Aaron's corporate store in Ft. Smith, Arkansas and open an additional store in Van Buren, Arkansas this fall.

FAN dba Aaron's will then proceed to open six additional stores over the next three years under an exclusive development agreement, Vail said.

Approximately 25 of Vail's store level employees will be impacted by the sale of the six stores and all have been guaranteed positions by either Aaron's corporate or the purchasing franchisees.

Some positions at FAN's Jonesboro, Arkansas home office will be lost due to downsizing, Vail said.

"This has been a very difficult decision we've been working on for over six months," Vail said. "Overall the Aaron's name, business model and the software support and training they offer made this the right decision for us at this time."

FAN follows other recent conversions over the past two years including Bargain Center, Keller's and Cleek's.

Katherine Kolberg will continue as CFO of the company and Sam Lowe will remain as vice president of operations.

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The Association of Progressive Rental Organizations is the official voice of the rent-to-own industry and the most accurate and trustworthy source of rent-to-own news in the industry. Founded in 1980, APRO is the national, nonprofit trade association advocating and representing the rent-to-own industry before the U.S. Congress, state legislatures, courts, media and the public.

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A New Rent-to-Own Experience

by Neil Ferguson

Here’s the lowdown on APRO’s 2012 Convention and Trade Show, July 24-26 in Memphis. The RTO industry’s big event will offer many valuable experiences, including insights on how to turn your stores into “experiences”–the good kind for consumers

Who Is Your Competition?

by Bill Keese

In order to expand your customer base, you can learn a lot by observing your competitors. But first, you need to figure out just who they are. If you think your only competition is the rent-to-own store down the street, you’re not considering the bigger picture. APRO’s executive director offers a big-picture perspective.

A Review of Online Customer Complaints

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While rent-to-own companies have not cornered the market on negative reviews posted on consumer complaint websites, it’s no surprise that there are cyberspace beefs against RTO. APRO’s general counsel reviews some of them in search of a pattern and he considers appropriate response to online complaints.

Rent-to-Own Families, Part VIII

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Our series of family-run rent-to-own businesses continues with profiles of the Homeiers in Kansas and two Texas-based sets of kindred colleagues, the Spangles and the Weisblatts.

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