Computer business in 1969
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IBM started offering the "lease" option in the late 1960s, when leasing became popular in other industries. It seemed like a way to segment the market, but in so doing, IBM opened a window into their business that weakened what had up to that time been a quasi monopoly.
There are quite a few examples of firms that bought IBM computers for re-leasing to others, thereby competing with IBM's leasing business. One of them was a firm called Comdisco, (Computer Discount Corp.) started in 1969 by Ken Pontikes a former IBM salesman. Comdisco competed successfully with IBM by offering "better" prices and terms, because they were better at guessing the "residual" values of the equipment.
I am writing as a former stock analyst who covered Comdisco stock for Value Line.
Upvote:1
Fascinating history!
There was a first generation of computer lessors, Saul Steinberg's Leasco, Itel, OPM, most of which underpriced IBM by way too much and paid the price.
Then a new generation, led by Ken Pontikes of Comdisco, followed a more disciplined model and prospered. Sadly, After Ken's untimely death at 52, his son ran the company into the ground.
(I was an investor in Comdisco starting in late 70's)
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