Cash America 2010 Annual Report Download - page 13
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Of course, the concept of pawn
loans isn’t new – pawn lenders have
been around for as long as 3,000 years.
The word “pawn” derives from the
Latin pignus, meaning “pledge,” and
pawning has long been a source of
capital for people, as well as a way to
finance business ventures. According to
the National Pawnbrokers Association,
even Queen Isabella of Spain pawned
her royal jewels to finance Christopher
Columbus’ voyage to the New World.
But Cash America was the first
to develop brightly lit, customer-
focused stores staffed with friendly
customer service representatives who
deliver consistent, knowledgeable
appraisals. This has been key
to our success. As the first
publicly owned national
pawn chain, we’ve established
a high-end, customer-centric pawn
business, and we’re proud to say
that our traditional pawn business –
now more than 950 lending locations
strong – remains a reasonable
alternative to traditional financial
institutions for millions of families.
We’ve made great strides in
expanding and upgrading our industry’s
operations practices and updating
public perception of pawn loans.
Whether we’re dealing with customers,
regulators, law enforcement, co-workers,
the media or investors, we continue
to define a new kind of pawn industry.
We’ve pinpointed what customers
need to successfully meet financial
challenges, and our commitment
to their success has made all the
difference.
We had hundreds of years of
negative perceptions about the
pawn business to overcome, but our
success has raised the bar for the
entire industry. We were the
first company to raise capital,
including public equity, to
build a chain of pawn lending
locations; the first to develop formal
training systems for our employees;
and the first to network stores with a
centralized customer database. We
also created a centralized jewelry
processing center, including
sophisticated practices to
verify gold content and confirm
genuine quality of diamonds,
and we developed an asset
protection/loss prevention group to
protect the assets of our investors
and monitor operational compliance.
In addition, we formalized operating
practices and inventory control
systems that remain unmatched
in our industry – all because we’ve
challenged ourselves to pursue the
highest standards of success.
9