Cash America 2009 Annual Report Download - page 13
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Traditional banking penetration in Mexico varies
widely among income segments, with a clearly underserved
low-income bracket. Of the approximately 14.5 million
households included in lower-income segments, an
estimated 10.2 million, or 75 percent, are not served by
banks. Therefore, the opportunity for continued expansion
in Mexico is significant. The resulting advantages for Cash
America are momentous, with the potential to reap
substantial benefits, and illustrate once more how Cash
America fills the void created when traditional banks don’t
meet customer needs. As we see continued success with
Prenda Fácil, we have the opportunity to leverage our
experience in Mexico to pursue expansion into Central and
South America, where markets and cultures are similar.
But our growth potential isn’t limited to geographic
boundaries; we also remain focused on growing customer
interest and demand within the markets we already serve.
Our domestic pawn business is expected to experience
continued growth – a sagging economy, high gold prices
and the tightening of credit by banks have created additional
demand for the core products on which we’ve retained focus.
In addition, our new consumer marketing campaign with a
“why pay retail” message was a success targeting the
Las Vegas market. In 2010, we hope to generate increased
consumer traffic among a value-conscious audience as we
expand the campaign into additional markets.
9
Pawn Service Charges 35%
Profit on Merchandise 27%
Cash Advance Fees,
Net of Loan Losses 36%
Check Cashing/Other 2%
Pawn-
Related
Total
62%
Composition of Net Revenue,
Net of Loan Loss Expense
(12 months ended December 31, 2009)