Dana Commercial Credit to Administer U.K. Lease Programs for Mitsubishi Electric's PC Division and Cable & Wireless Communications Services

Dec 9, 1997

    TROY, Mich., Dec. 9 /PRNewswire/ -- Dana Commercial Credit Corporation
(DCC), one of North America's leading commercial leasing companies and an
indirect, wholly owned subsidiary of Dana Corporation (NYSE: DCN), is
strengthening its presence in the United Kingdom by administering
private-label, vendor lease programs for Mitsubishi Electric's PC Division and
Cable & Wireless Communications Services Limited.
    U.K.-based Dana Commercial Credit Limited (DCC Limited) will manage the
Mitsubishi Electric PC finance lease program and the Cable & Wireless Finance
Solutions telecommunications lease program.
    The announcement was made today by J. Stephen Gagne, DCC's president and
chief operating officer.  Gagne also reported that DCC's U.K. operation posted
10 percent increases in both pre-tax profits and assets for the first nine
months of 1997, compared to the same time period last year.
    "We have enjoyed a strong year and, with 1998 right around the corner, DCC
Limited will continue to build momentum in the U.K. marketplace through the
Mitsubishi Electric and Cable & Wireless programs administered by our dealer
products group, as well as new product offerings from our capital markets,
diversified capital and asset/technology management groups," Gagne said.
    "They all will play key roles in helping us meet our growth expectations
next year and further strengthen our position in the U.K. leasing market over
the next several months.
    "Key to winning the Mitsubishi and Cable & Wireless business was DCC's
in-depth understanding of the microcomputer and telecommunications industries,
respectively, and our consultive approach to identifying the business
objectives of each company and the leasing needs of their customers, and then
developing customized lease products that meet everyone's needs."
    According to Michael Sims, DCC Limited's managing director, Mitsubishi
Electric PC Finance will target small- and medium-sized businesses in the
U.K., offering two- and three-year residual lease financing on Mitsubishi
personal computers (PCs), laptop computers, servers and monitors.
    The lease program will be marketed through DCC Limited's existing field-
and inside-sales teams, as well as through advertising and Mitsubishi's
Internet website.  To date, more than 75 Mitsubishi resellers in the U.K. have
agreed to participate in the program.  Sims added that special promotions will
be introduced every quarter, designed to keep Mitsubishi Electric PC Finance
top-of-mind among resellers.
    Approximately 12 percent of the microcomputer equipment acquired by small-
and medium-sized companies in the U.K. is leased and this percentage is
growing rapidly, Sims said.  Next year, DCC Limited plans to launch Mitsubishi
Electric PC Finance in Germany and France.  Lease programs also are being
considered for Austria, Switzerland and North America.
    Mitsubishi Electric's PC Division, headquartered in the United Kingdom, is
one of the world's leading suppliers of information technology products and
services.  It manufactures a range of personal computers and servers
addressing the home, small business and corporate user markets under the
Apricot brand.  As a PC vendor and Internet access provider, Mitsubishi
Electric's PC Division offers the most comprehensive Internet solution of any
PC manufacturer.  Mitsubishi Electric is part of Mitsubishi Electric
Corporation, one of the world's largest companies, with 1996 revenues of $30
    Cable & Wireless Finance Solutions will offer lease financing products
through 30 authorized telecommunications dealers, Sims said.  Cable & Wireless
Finance Solutions has limited the number of authorized dealers to better focus
its leasing resources on the most profitable telecommunications dealers in the
country, he added.
    The sales volume in the growing U.K. telecommunications market now exceeds
500 million pounds sterling annually.  Sims attributed this growth to the
introduction of integrated services digital network (ISDN) technology.  Unlike
analogue technology, ISDN technology enables companies to integrate
microcomputer data lines with telephone lines.  To launch the new program,
Cable & Wireless Finance Solutions will provide customers with a 100 pounds
sterling discount per telecommunications line connected into its network, to
be credited against the cost of the equipment on lease over a five-year term.
    Cable & Wireless Communications plc is the U.K.'s leading provider of
integrated telecommunications, information and entertainment services.  The
company is one of the largest carriers of wholesale telecommunications traffic
in the U.K. and the 13th-largest carrier of international traffic in the
world.  Cable & Wireless Communications Services was formed earlier this year
through the merger of Mercury Communications Limited and three cable
companies, NYNEX CableComms, Bell Cablemedia and Videotron.  DCC Limited
previously managed the Mercury Assist lease financing program.
    Cable & Wireless Communications provides local, national, international
and data telecommunications, together with multi-channel television and
Internet services.  In the United Kingdom, the company provides direct
connections in approximately 138 cities and towns.
    Dana Commercial Credit provides leasing and financing services to a broad
range of business customers in selected markets.  Activities range from
capital market transactions valued up to $250 million each to sales-aided
vendor programs with an average ticket size of $25,000 for the microcomputer
industry.  DCC has an international network of offices throughout the United
States, Canada, United Kingdom, France, Germany and Switzerland.  In 1996, DCC
received the Malcolm Baldrige National Quality Award from the U.S. Department
of Commerce.  DCC has assets owned and under management of more than $4
    Dana Corporation is a global leader in the engineering, manufacturing and
distribution of products and systems for the vehicular, industrial and
off-highway markets.  Founded in 1904, Dana Corporation is based in Toledo,
Ohio, and operates facilities in 30 countries with 50,000 people.  In 1996,
Dana Corporation reported sales of $7.7 billion.

SOURCE Dana Commercial Credit Corporation