RTOHQ: The Magazine, Winter 2017

Winter 2017 5 Inc Magazine Names RNR Tire Express One of Americas Fastest Growing Companies RNR Tire Express a leader in rent to own custom wheels and tires recently was named one of the nations fastest growing private companies in 2017 by Inc Magazine RNR was the highest ranked rent toown company on the list which recognizes the most successful small to midsized businesses in the American economy It is quite an honor to not only be recognized for a third time but to also be ranked among some of the largest most successful companies in America says Larry Sutton founder and president of RNR Tire Express Our continuous growth is directly related to two things the hard work and determination of our franchisees and our offering of quality products and services at an affordable price RNRs 2017 ranking 4553 among 5000 is the companys third appearance on the magazines Inc 5000 list which is known as the gold standard of entrepreneurial success Distinguished companies are ranked according to the growth percentage of their annual revenue over a three year period To be featured on the list applicants must have proven their strategies to be successful demonstrating increased growth revenue and reputation This years Inc 5000 list is the most competitive crop in the lists history Founded by Sutton in 2000 RNR currently has 100 locations operated by 19 franchisees in 22 states Illinois Tax Bill Signed into Law n late August Illinois Governor Bruce Rauner signed the Rental Purchase Agreement Occupation and Use Tax Act into law The bill sponsored by State Senator Tom Cullerton potentially could save Illinois rental dealers millions of dollars in use tax obligations The new law which takes effect on January 1 2018 means that rental dealers will no longer pay a use tax on wholesale purchases which aligns with other states where consumers pay a sales tax on rental payments It shifts the manner in which rental property is taxed helping to reduce the final taxation and saving RTO dealers money Illinois rental dealers have been trying to get this issue addressed for two decades but faced continuous hurdles both in the political arena and from the Illinois Department of Revenue I told the IRDA board that passage of this bill was 25 percent to 30 percent at the outset of the spring session says Michael Houlihan the associations lobbyist He observes that the effort succeeded this time because of IRDAs grassroots efforts which helped generate a good bipartisan push for the bill among the leadership and rank and file members in the legislature The effort also required explaining the nuances of the bill as many lawmakers thought that it increased taxes This particular bill is tricky to explain in an elevator pitch Houlihan adds This was a challenging yet exhilarating effort says Casey Pristou president of the Illinois Rental Dealers Association Weve been trying to help pass this bill for years Now that it will finally become law its a very rewarding feeling I want to thank all of our IRDA members for uniting in this team effort I remember working with then lobbyist Herman Bodewes on this issue 20 years ago and him saying it will never happen says Rent Ones Larry Carrico a longtime IRDA member But we finally got it done There are more than 200 rent to own stores in Illinois representing an estimated 200 million dollars in annual revenue