Business
Element signs North American vendor finance agreement with Quebec-based Lion Bus
TORONTO , Sept. 30, 2013 /CNW/ - Element Financial Corporation (TSX: EFN) ("Element" or ...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nTORONTO, Sept. 30, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)\n (\"Element\" or the \"Company\"), one of North America's leading\n independent equipment finance companies, today announced that it has\n entered into a North American vendor finance agreement (the \"Agreement)\n with Lion Buses Inc. (\"Lion\") of St. Jerome, Quebec, one of North\n America's leading manufacturers of the most innovative school buses in\n the industry.\n\n\nUnder the terms of the Agreement, Element will act as a preferred\n provider of manufacturer-sponsored financing for Lion's customers in\n Canada. The demand in North America for Type C buses is comprised of\n regional and local school boards that contract with bus operators to\n provide transportation services for their students. Annual expenditures\n by these customers for new and used equipment amount to approximately\n $300 million in Canada and US$2.7 billion in the United States.\n\n\n\"All of the criteria that we look for in a manufacturing partner -\n established market presence, financial durability, competitive product\n advantage and strong management - were easy to check off as we\n developed this Agreement with Lion Bus,\" said Todd Hudson, Element\n Financial's Executive Vice President. \"We look forward to working with\n Lion to provide comprehensive financing solutions for their customers\n as they continue to penetrate the North American market with their\n industry leading innovative products.\"\n\n\nIn the school segment of the Type C bus market, both the manufacturers\n and operators are consolidating as school boards look to find ways to\n reduce costs and manufacturers look to add scale to leverage technology\n innovations that improve operating efficiency and increase safety.\n\n\n\"Lion Bus was founded in 2008 to capitalize on these converging market\n forces,\" said Marc Bedard, President of Lion Bus. \"Using composite\n materials, Lion manufactures buses that are more durable, less\n expensive to operate and offer added safety features over the legacy\n equipment that operators are retiring from service.\"\n\n\nAbout Element Financial Corporation\n\n\nWith total assets of approximately C$2.5 billion, Element Financial\n Corporation is one of North America's leading independent equipment\n finance companies.  Element operates across North America in th...