Idealease has selected Accruit as its exclusive preferred provider of 1031 Like-Kind Exchange services for its network of more than 400 affiliate locations. Accruit also will be providing LKE services for the truck fleet of Idealease, which serves the transportation industry in the United States, Canada and Mexico and is one of North America’s largest full-service transportation companies.
“To keep our competitive edge, it is critical that Idealease take advantage of every best practice in our industry, and Like-Kind Exchange is clearly a best practice for the transportation industry,” says Dan Murphy, chief operating officer of North Barrington, Ill.-based Idealease. “Using Like-Kind Exchange to defer taxes and increase cash flow will help Idealease and its affiliates operate more profitably and reinvest in our growing businesses. We selected Accruit because their one-stop end-to-end LKE management service fits the needs of Idealease and its affiliates perfectly, and their proven commitment to superior client service closely mirrors that of Idealease.”
Scalable to meet the needs of truck rental and leasing companies with a small fleet or a fleet of thousands, Accruit provides full-service management of the entire 1031 Like-Kind Exchange process. Accruit says it manages more than 105,000 LKE transactions each year, and their clients have more than $3.2 billion of assets under Accruit’s management. Accruit’s clients added an average of $6 million to their cash flow last year using Accruit’s LKE services, according to the company.
“Accruit is deeply honored to receive this coveted designation from Idealease,” says Craig McSavaney, president and chief executive officer of Denver-based Accruit. “Accruit’s comprehensive and fully-integrated LKE services will allow Idealease and its affiliates to focus on their business while still receiving the maximum possible LKE tax deferral.”
