CIT Group Inc., a Delaware corporation,'is a leading global'commercial and consumer
finance'company.'Founded in 1908, we provide'financing'and'leasing'capital'for'
companies'in a wide'variety of industries,'including'many'of'todays'leading'industries'
and'emerging businesses.'We offer vendor,'equipment,'commercial,'factoring,'consumer
and structured financing products.
We have broad'access to'customers'and markets'through our'"franchise"
businesses.'Each'business'focuses on'specific'industries,'asset'types and markets,
with portfolios diversified by client, industry and geography.
We'provide a wide'range of'financing'and'leasing'products'to small, midsize
and larger'companies'across a wide'variety of'industries,'including manufacturing,'
retailing, transportation,'aerospace, construction, technology, communication,'
and various'service-related'industries.'Our secured'lending, leasing and'factoring'
products'include'direct'loans and'leases,'operating leases,'leveraged and single
investor leases, secured revolving lines of credit and term loans, credit protection,'
accounts receivable'collection,'import and export financing, debtor-in-possession
and turnaround financing, and acquisition and expansion'financing.'Consumer
lending,'conducted in our Specialty Finance segment,'consists'primarily'of home
equity'lending to'consumers'originated largely through a network of brokers
and correspondents.
Transactions are generated'through direct calling efforts with borrowers, lessees,'
equipment'end-users,'vendors,'manufacturers'and'distributors'and through referral
sources and other'intermediaries.'In addition,'our strategic business'units
work'together in referring'transactions'to other CIT units to best'meet'our'
customers'overall'financing'needs.'We also'buy'and'sell participations'in and'
syndications'of'finance'receivables'and/or'lines of credit. From time to time,
in the normal course of business, we purchase finance receivables on a wholesale
basis to supplement our'origination'volume and sell certain'finance'receivables'
and equipment'under'operating'leases to reduce concentrations,'for other'balance'
sheet'management'purposes,'or to improve profitability.
We conduct our'operations'through'five'strategic'business'units that market'
products'and'services'that'satisfy the'financing'needs of specific customers,'
industries,'vendors/manufacturers,'and markets.'Our five business segments are
as follows:
o'Specialty'Finance'--'vendor'programs,'small-ticket'commercial lending and
leasing,'consumer'home equity'lending and U.S.'Small Business Administration
lending;
o'Commercial'Finance'-- mid- to'large-ticket'asset-based'lending, factoring;
o'Equipment'Finance -- diversified,'middle market equipment'lending and leasing;
o'Capital'Finance -- commercial'aircraft and rail equipment'leasing and lending;
and
o'Structured'Finance'--'advisory'services,'including'transaction structuring,'
other'specialized'investment'banking'services'and project and other large ticket
asset-based financing.
We compete'primarily on the basis of pricing,'terms and structure.'From time
to time, our competitors seek to compete aggressively on the basis of these
factors and we may lose'market'share to the extent we are'unwilling'to match
competitor pricing and terms in order to maintain interest margins and/or credit
standards.
Other primary'competitive'factors include'industry'experience,'client service
and relationships.'In addition, demand for our products with respect to certain'
industries will be affected by demand for such industrys'services and products
and by industry regulations.
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