"It Was Destiny"
Audio interview with Dpi Teleconnect CEO and former RAC VP,  Dave Dorwart
RTO Online originally published this streaming audio interview with Dave in June, 2002. It's as educational today as it was then...more

Growing BOR
By Rufus Mudsucker (bio)
Rent to Own Maven
My 8 year old son called me at work to ask if he could shave the cat. I explained the dangers inherent in such a maneuver, and convinced him that playing basketball would be a better use of his time. He seemed satisfied and asked what I was doing. I told him I was writing an article about "Growing BOR". He laughed and told me he had learned all about this in school...more

Top Ethics Officers Say They Don't Train Their Boards in Ethics
...While 81 percent of firms have conducted ethics and compliance training among their employees, only 27 percent have held any training sessions for their directors...more

Rent-A-Center to Redeem $84.4 Million in 11% Notes
Rent-A-Center announced today that its wholly-owned subsidiary, Rent-A-Center East, Inc., has given notice to the trustee of its 11% Senior Subordinated Notes due 2008...more

Furniture Buying Index Up One Point
Buying furniture is on consumers’ minds, but not a top priority
Britt Beemer
Chairman of America’s Research Group
“As the Furniture Buying Index inches its way upward consumers are considering a furniture purchase, but they have not broken free from their concerns with the economy.”...more

Louisiana Rent a Center MM James Hashimoto Coordinates Donation of "Houseful of Furniture" For Fire Victims
Myrna Lockwood fought tears Friday as she watched the unloading of two truckloads of home furnishings...more

RTO Pro Launches New Website
'Updated' hardly begins to describe rtopro.com. The site was designed by Ron Ganus, president of FutureWare...more

Former Kimball VP Roy Templin Named Whirlpool  Vice President and Controller
Templin, 42 years old, comes to Whirlpool from Kimball International, Inc., the Jasper, Indiana-based manufacturer of furniture and contract electronic products...more

2004 Consumer Electronics Show To Surpass 1.1 Million Square Feet Of Space
The 2004 International CES focuses on more than 20 product areas from more than 2,000 exhibitors spread throughout both the inside and outside of the Las Vegas Convention Center, the Las Vegas Hilton...more

Legislative Update
6 New House Cosponsors HR996; Total at 63
HR 996: Consumer Rental Purchase Agreement Act
6 more Representatives signed on as co-sponsors of HR996, the Consumer Rental Purchase Agreement Act, bringing the grand total to 64, including main sponsor Rep. Walter Jones (R -SC)...more

CORT Announces Expanded Relocation Services to Renters with RelocationCentral
RelocationCentral by CORT was spun off from CORT Furniture Rental, a Berkshire-Hathaway Company, in February 2001...more

Ideal Software Users Conference Scheduled
Dan Petersen
Ideal Software Director of Operations
"Perhaps the best part of the conference will be a sneak preview of our new Windows version, currently under development"...more

Bestway Rentals Reports Same Store Revenues Up 11.3%: Net Income Down
Bestway has seen 3 continuous quarters of double digit growth in same store sales since David Kraemer left Rent a Center to become CEO in July, 2002.
David A. Kraemer
President and CEO
"...we are pleased that [programs he introduced 9 months ago] have enabled us to produce three consecutive quarters of double digit increases in same store revenues, in light of intentionally eliminating a number of low margin product lines..."...more

New Study
China expected to capture 77% of developing world production increase;
China's share of global production will exceed Western Europe
More than three-fourths (77%) of the growth in developing countries will be in China, increasing its share of global electronics production from 8% to 14%...more

Editorial
Annie E. Casey Foundation Joins the RTO Bashing Bandwagon
Excerpt from publication released by the Foundation "... low-income neighborhoods are flooded with “rent-to-own” outlets that have prospered in the marketplace by targeting families at the bottom third of the economic ladder."...more

Legislative Update
Trent Lott (R-MS), Chuck Hagel (R-NE) Bring Senate Cosponsor Count to 14
Lott, who stepped down as incoming Majority Leader in December after commenting that the US would have been better off had Strom Thurmond been elected President in 1948, chairs the powerful Rules Committee...more

Visalia Times
Visalia California Rent a Center aids Fire Victim
RAC customer and single mom Dawn Twing's apartment burns. Rent-A-Center manager Kevin Osborn has designated his store on Ben Maddox Way as a drop-off center for any items the public would like to donate...more

hot
Five Traits of a World Class RTO Store Manager
By Samantha Whitten
A good manager understands that six months of steady growth is a greater accomplishment than two months of stellar performance and four months of mediocrity...more

06-12-03
Class Action Sought in Rent Way Wage Case
The suit, brought by 2 former employees, Justin Badgett and John P. Leasha, alleges that Rent Way instructed store managers to reduce the number of hours logged by non-salaried workers...more

Anthony Robinson and daughter T’shinae

Robinson a father to many
By Jay Dedrick, Rocky Mountain News
Lakewood Colorado Rent a Center Account Manager is hero to his family and community. 12 year old daughter writes essay. Snippet: ...My dad is my hero because he has been taking care of me alone since my mom passed. I was 2 years old at that time...more

Study Finds Forced Turnover of CEOs Has Reached a Record High
The study comprehensively examines the linkages between CEO tenure and corporate performance, comparing CEO turnover in major regions and in specific industry sectors. Among the findings...more

hot
Canada
Exclusive
RTO Enterprises Launches "Next Generation" Website to Go With The New Name; easyhome
Brent Atkinson
RTO Enterprises Marketing Manager
"...The response has been phenomenal" said Mr. Atkinson. "The new website is generating 35% of call center orders...more

Jennifer Convertibles to Be Listed on the AMEX
Harley Greenfield
Jennifer Convertibles' CEO
"We are very pleased to be trading on a National Exchange...more

N.J. Rent A Center  Gets Renovation Award
The Newark New Jersey Rent-A-Center on West Main Street was named the state's best facade improvement under $5,000. It marked the third consecutive year Newark has captured a first-place award...more

FLASH
HR996 Sponsorship...
What's The Real Number?
RTO Online monitors HR996 co-sponsorship through the Library of Congress (LOC). The LOC notified us of 9 new cosponsors on 6-4. We believe this list is inaccurate...According to Jo Bonner's Washington DC office, Rep. Bonner was "unaware of the bill" and is not a co-sponsor. We have confirmed that another Rep listed as co-sponsor by LOC, Anthony Weiner (D-NY) is not actually a co-sponsor...more

Flash
Rent a Center Increases Purchase Price;
Extends the Stock Buyback Expiration Date
As of June 5, only 270,733 shares had been tendered for re-purchase under the existing offer. The company is authorized to re-purchase 2.2 million shares...more

Ideal Software Introduces Bar-coding
David Goldman
President, Ideal Software
"Rock solid inventory control in a Rent to Own environment is critical. Implementing a bar-code system will eliminate human error, insure an accurate transaction history, and reduce inventory audit time by a factor of 10"...more

Rent USA Launches Website
The site was designed by Imagery Marketing Consultants, the same company that brought us www.rentone-rto.com named "Best of the Web" by RTO Online in March of this year...more

Bassett to Acquire Preview Furniture
Robert H. Spilman
Bassett's president and chief executive officer
"The Preview product line is a perfect fit with Weiman's strategy of manufacturing high-end contemporary upholstered furniture...more

Senate Legislative Update
Thomas Carper (D-DE) Becomes 12th Senate Cosponsor of RTO Legislation
The Delaware Democrat's support brings the Senate cosponsor count to 12; 7 Democrat and 5 Republican...more

Applying for a Business Loan
Putting Your Best Foot Forward
By John Day
There is a good chance the bank manager will not be familiar with the RTO industry. Therefore, be prepared to explain the unique features of your RTO business. Bank officials can sense whether a loan applicant is solid or shaky...more

S&P Raises Rent Way's Credit Rating
"The rating action is based on the successful refinancing of the company's bank loan that was to mature in December 2003, eliminating a significant near-term concern,"...more

Aaron Rents Elects David L. Kolb Director
Aaron Rents announced that David L. Kolb has been elected to fill a vacancy on its Board of Directors...more

Furniture Brands International Expects Weak Quarter
Mickey Holliman
Chairman, President and CEO
"...Business in the second quarter has been modestly weaker than we expected ...more

La-Z-Boy Announces Major Reorganization; Plant Closings
Gerald L. Kiser
La-Z-Boy president and CEO
"We deeply regret the need to close additional plants and disrupt the lives of our employees at the affected locations..."...more

Poll: Only One Third Satisfied With Current Job
JillXan Donnelly
Career Exposure Network
"We asked the question about job satisfaction to take a real-time pulse on the condition of the workforce. From the results, we've found that only one-third of employees are inspired or satisfied with their current jobs and a lot of employees are looking for new positions"...more

RTO Pro Going Paperless!
Ron Ganus
President
FutureWare Enterprises
"Our goal is to be completely paperless. In future versions, rental applications, contracts, even customer signatures will be captured electronically. The efficiency gains will be enormous"...more

Albany Democrat
Oregon Rent a Center Gets Unwanted Visitor
Car crashes through front window of RAC store in Albany Oregon...more

Breaking News
NCLC Accuses RTO Industry of "Preying on Military Families"
update: See Steve Tripoli's response to our story here
Lie Exposed at the National Consumer Law Center
....Report Makes New York Times Look Informed
The National Consumer Law Center (NCLC) published a misleading report Tuesday entitled "In Harm’s Way – At Home: Consumer Scams and the Direct Targeting of America’s Military and Veterans". The report attempts to link the Rent to Own industry with Pay-Day lending/Cash Advance and claims military personnel are "ripe targets for consumer predators" like the rent to own industry...more

Rent-Way Completes Refinancing;
...$205 million bonds, $60 million Revolving, $15 million preferred stock in private placement
Bill Morgenstern
Chairman and CEO of Rent-Way
"...Over the next 18 months, our focus will be on growing store revenues and profits. We also expect to begin opening new stores in profitable markets in fiscal 2004"...more

Help Wanted Index Declines
Ken Goldstein
Conference Board Economist
“Clearly, businesses have been busy laying off workers and scaling back already greatly reduced plans to hire...more

Rent to Own Store Safety
"Armed Robbery at local rent to own..."
How to keep a terrifying event from becoming a tragedy
For rent to own companies, store location, merchandise mix, and cash flow combine to make the potential of an armed robbery very real. Many injuries, and at least one death have been reported during robberies of rent to own stores in the past 4 years...more

Foster Named Pennsylvania House President
Jerry Kiser
La-Z-Boy President and CEO
"We are very pleased to have Mike join us to lead the outstanding team we have at Pennsylvania House. Mike has very broad experience in the furniture industry in sales, manufacturing, merchandising, product development...more

Rent-A-Center Announces Refinancing of Its Senior Debt
The new $600 million senior credit facilities consist of a $400 million term loan, a $120 million revolving credit facility and the right to obtain an additional term loan of up to $80 million...more

Recommended Reading
Jeffrey Gitomer
Cold calls can teach
Cold calling is not a way to make sales. It's an opportunity to fail-your-way-to-success.

Consumer Confidence Up in May
Lynn Franco
Director of The Conference Board’s Consumer Research Center
“The post-war euphoria experienced last month has quickly given way and consumers’ focus has returned to matters on the home front...more