In 2001 Dan Feehan, who had succeeded Jack Derica’s decisive return to its core lending activities, along with the company’s assured withdrawal from both its Rent-a-Tire and innoVentry business segments
In : selected independent pawnshops would be franchised under the Cash America brand name starting later in 1997. “By joining forces with hundreds of other quality and service-minded pawnbrokers, we will be able to reach markets beyond those served by our existing and planned company-owned stores,” COO Daniel Feehan explained. According to Mike Rapoport, an analyst with Dabnehy/Resnick, in addition to Cash America’s successful pawn business, the company was among the nation’s largest gold producers. It sold gold melted down from unredeemed, unsold jewelry on the metals exchange as bullion. “This thing makes money,” Rapoport told the Sun Sentinel.
By 1998, however, with the explosive growth of Internetrelated businesses and the U.S. economic boom taking a bite out of demand for short-term loans, Cash America began to secondguess its longstanding reliance on its core business activities. Jumping on the high-tech bandwagon, the company launched innoVentry, a strategic joint venture with Wells Fargo Bank aimed at providing a broad range of e-based financial products and services to a larger, more diverse, group of customers. Expanding on the idea of Mr. Payroll’s automated checkcashing machine, innoVentry harnessed Internet and biometric technologies to create its own signature “Rapid Payment Machine” (RPM) cash management and information access machines, to be installed in retail outlets such as Albertson’s, Kmart, Kroger, Circle K, and Wal-Mart.