Interstate Capital reported it purchased over $64 million of receivables during the month of October 2013, a 12% year-over-year increase for the month. Tony Furman, President of the Interstate Capital Group of Companies, explained, “October is an historically strong month for us, but until October 2013, we had never exceeded $60 million of purchases during any October on record. Year to date, Interstate is running approximately 14% ahead of last year.
Separately, Furman announced the promotion of Ernest Eisenberg to President of BidPay, Inc. BidPay is an Interstate subsidiary that provides an “Active Payable Discounting” service for Fortune 500 companies. Through BidPay, any supplier or vendor may obtain prompt payment from BidPay’s clients by submitting discount bids on their approved invoices through the BidPay payable auction site. Furman, who also serves as CEO of BidPay, projects BidPay will auction over $1 billion of trade payables in its first twelve months of operations and $25 billion of payables annually within five years. “I am extremely excited to have Ernest on board for this ambitious project.” Ernest has served as a Vice President of Interstate Capital for over a year and previously was a senior executive with an Austin, Texas based commercial real estate development and management firm.
Check Freight Broker, LLC (“CFB”), operator of the world’s largest free internet load board, CheckFreightBroker.com, announces the site’s visitor traffic has more than doubled in the past 12 months. CFB attracts 15,000 returning motor carrier fleet visitors per month, of which 9,000 are unique (new) visitors each month. Visitors view over 5 pages per visit, making CFB one of the trucking industry’s best advertising values, measured by cost per impression and quality of targeting. Nearly 100% of site visitors are small fleet owners or dispatchers of 15,000 fleets operating an estimated 60,000 over-the-road trucks.
Tony Furman, CEO, and developer announced, “We could not be happier with our growth rate in site visitors. We are well ahead of plan to build CFB into the dominant freight matching site on the internet and we are already the industry’s best advertising value.” Despite its rapid growth in loads posted, new members, and site visitors, CFB is holding its advertising rates steady at 2010 prices–doubling the value for it’s valued advertisers.
Check Freight Broker is a wholly owned subsidiary of Interstate Capital, North America’s leading transportation factoring company. With offices in New Mexico, Texas, California, and Arkansas, Interstate has provided billions of dollars of growth capital to over 5,000 motor carriers for over 20 years.
Interstate Capital president, Tony Furman, announced record operating results for the Interstate Capital Group of Companies’ fiscal first quarter, ended September 30, 2013. Interstate added 117 new clients during the quarter, representing a net gain of 58 clients, bringing to 729 the total number of actively funding clients at September 30, 2013.
Interstate generated nearly $180 million of receivable purchases during the quarter, or $720 million on an annualized basis. For the month of September 2013, Interstate posted a 15% year-over-year increase in fee income and 16% year-over-year increase in receivables purchased.
Interstate’s five-year plan, drafted in 2012, calls for Interstate to purchase over $1 billion of receivables annually by fiscal year 2017. Furman reports, “Interstate is ahead of plan. I fully expect we will meet or exceed our five-year plan, assuming maintenance of our 3-year average annualized historical rate of growth. Our five-year plan was written prior to two recent material events. We expect the recent (September) opening of our Arkansas office to account for as much as 20% of company production within the next 12 months; and I project our new wholly-owned subsidiary, BidPay, Inc., could add as much as $1 billion of annual production within the next 24 months.” BidPay is a trade payable auction site powered by a proprietary, patent-pending technology. Bidpay expects to begin marketing to Fortune 500 firms in mid-2014.