Association of Professional Rental Organizations (APRO)

Rent-to-Own Glossary of Terms

A

Account

An Account is a term usually used to designate a customer who has a unit...

Account Number

An Account Number is the identification number given to each account and used as a...

Account Transfer

An Account Transfer is the reassignment of a rental agreement from one store to another.

Accounts Due

Accounts Due is a customer account that has reached the time for payment and renewal.

Accounts Payable

Accounts Payable is a liability owed by the business for goods purchased or services used.

Accrued Expenses

Accrued Expenses are the recorded current expenses that are due, but have not yet been...

ACU

The ACU (Average Cost of Unit) is the cost of merchandise acquired by a rental...

Adjusted Monthly Forecast

The Adjusted Monthly Forecast is the anticipated profit per store for the month ended that...

AIU

The AIU (Average Income Per Unit) is the total amount of actual rental revenue plus...

AOR

The AOR (Agreements on Rent) is the number of rental agreements currently on rent to...

APRO

The Association of Progressive Rental Organizations (APRO) is the national trade association for the rental-purchase...

APU

The Average Price Per Unit (APU) is the total amount of actual rental revenue plus...

Audio equipment

Audio Equipment is equipment used for high-fidelity reproduction of sound. A typical rental store rents...

Audit

An Audit is a methodical examination and review of a firm's records, accounts and procedures...

B

Back Order

A Back Order is part of the original order that was not filled that will...

Bad Account

A Bad Account is a customer account that is determined to be not renewable or...

Balloon Payment

A Balloon Payment is a large final payment to acquire ownership of merchandise or to...

BOR

The BOR (Balance on Rent) is the number of units currently on rent to customers. 

Brown Goods

Brown Goods is a generic term for televisions and stereos, derived from the brown, wood...

Budget

A Budget is the annual forecast of expected revenues, expenses and profits by store, region...

Buying Group

A Buying Group is the banding together of several dealers to purchase items in bulk...

C

Card Close

The Card Close is the total number of past-due customer accounts on a particular day...

Card File

The Card File are the files where all of the store's rental agreement cards are...

Cards

Cards are a record of a customer's account kept on cards for ease of handling...

Cash Flow

Cash Flow is the amount of money generated by a business less the cash expenses...

Cash Purchase Option

Cash Purchase Option is a customer's option for the early purchase of rental merchandise at...

Charge Off

A Charge Off is an item taken off inventory that cannot be recovered due to...

Check Log

A Check Log is a log for recording daily customer payments made by check, listing...

Closeout Percentage

The Closeout Percentage is the ratio of past due accounts to the balance on rent....

Collections

Collections is the process of contacting the customer and collecting money owed and/or regaining possession...

Consumer Credit Protection Act

The Consumer Credit Protection Act, also known as the Truth-in-Lending Bill, this act requires most...

Consumer Leasing Act

The Consumer Leasing Act is a federal statute providing requirements for meaningful disclosure of lease...

Contract

A Contract is a legally binding agreement between two or more capable parties to do...

Customer Ledgers

Customer Ledgers are an individual document used to record each customer's payment and rental history...

W

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Mike Lewis

Mike Lewis is a Premier Rental Purchase franchisee with multiple stores and currently serves as Vice President of Operations. With 33 years of experience in the rent-to-own industry, he has spent the past 20 years working closely with franchisee owners and previously spent 12 years in Corporate RTO, gaining a strong foundation in the business.

For the past five years, Mike has been sharing his knowledge by teaching managers and franchisees at the company’s Training Center.

Outside of work, he enjoys time with his family, kids, and grandkids, and appreciates the simple things in life – especially riding his Harley Davidson with the sun on his face. If you know, you know!

Lauren Talicska

Arona Corporation dba Arona Home Essentials

Lauren Talicska is an experienced multi-channel marketing specialist and the Vice President of Marketing & Communications at Arona Home Essentials. She has found her home in the RTO community, supporting stores in branding, growth, and increasing traffic.

You may recognize Lauren as a former RTO vendor, including her time as a partner for Nationwide RentDirect, or her previous participation in the APRO Vendor Advisory Committee. Lauren calls Columbus, Ohio, home and spends her workday crafting and executing marketing promotions from inception to realization, all while supporting the branding and social media needs of all the Arona stores in 12 states (plus Puerto Rico!).

Charles Smitherman

APRO

Charles Smitherman, JD, PhD, CAE, became CEO of APRO in 2023, bringing years of legal and executive experience in the rent-to-own industry. 

Prior to joining the association, Charles served as COO, General Counsel, and Vice President of PTS Financial Services, where he played an active role in the rent-to-own industry by representing his company through PTS’s club program offering with APRO member dealers. Charles is an attorney with two decades of experience across a wide variety of areas, including RTO, consumer financial services, antitrust, corporate law, mergers and acquisitions, litigation, franchise law, and privacy law. Following law school at the University of Georgia, Charles earned a Master of Legal Studies and PhD in Law from the University of Oxford in England.

Charles is credentialed as a Certified Association Executive (CAE) with the American Society of Association Executives, a Certified Franchise Executive (CFE) with the International Franchise Association, and a Certified Information Privacy Professional (CIPP/US) and Certified Information Privacy Manager (CIPM) through the International Association of Privacy Professionals. As APRO’s sixth CEO in its 45-year history, he brings a collaborative, member-focused approach to association leadership, emphasizing transparency, advocacy, and value creation. Outside of work, Charles is an active ultra runner and open water swimmer.

Mike Kays

Ashley Furniture Industries

As VP of Rental Sales for Ashley Furniture Industries, Mike thrives on building relationships with our RTO industry veterans, and helping businesses grow through new product, new marketing, and new supply chain options.

Mike works to leverage a wide breadth of relationships and influence, intimate knowledge of market trends, and unique knowledge of what RTO dealers need from a supplier to be successful.

The saying goes that a high tide raises all boats, and our goal is to leverage the world’s largest furniture manufacturer to drive the continued growth of the RTO industry and all the suppliers.

Mike Tissot

Countryside Rentals Inc., dba Rent-2-Own

Mike grew up in the rent-to-own industry under the guidance of his father, former APRO President and RTO legend Darrell Tissot. For nearly 25 years, Mike’s innovative leadership has helped expand the family business to more than 40 stores across Ohio and Kentucky while also shaping the industry as a whole.

He has served as President of the Ohio Rental Dealers Association, an APRO board member and Treasurer, and President and Treasurer of the TRIB Group. His contributions have earned him the APRO President’s Award of Excellence and the title of APRO Rental Dealer of the Year.

Outside of RTO, Mike enjoys time at the lake house or in Orange Beach, Alabama, with his girlfriend, Angela Strong McCool. A passionate Cincinnati Reds fan, he rarely misses a game, whether watching or listening alongside his parents. He also takes every opportunity to visit Arizona, where his daughter is currently attending Arizona State University.