DELRAY BEACH, FL - Michael Sheinson, founder and CEO of FLD, Inc., passed away Aug. 2.

Sheinson began his career in the automotive industry working for a vehicle wholesale company while attending Temple University. In 1979, he founded FLD, originally called Fleet Lease Disposal.

Under Sheinson's leadership, FLD was able to extend its line of credit with Wachovia Bank to $10 million in 2007 - enabling the company to pay more money to fleet clients and adding to the strong portfolio of credit available to FLD Inc.

Sheinson was also the visionary for the basic software utilized by Veretech, LLC, which operates an online vehicle trade-in and sales-lead generation application, according to the company. He served as Veretech's chairman of the board prior to its sale to Hearst Corp.

On behalf of FLD and its customers in 2005, he donated $10,000 to various charities to support the tsunami relief efforts. In 2004, Sheinson also served as a panelist at the Conference of Automotive Remarketing (CAR) on the topic of remarketing technology.

"I am shocked, saddened, and devastated to have lost Michael as a friend, industry colleague, - and as someone who was always a class act all the way. I really, really liked the guy - maybe more appropriately 'loved'," said Chuck Parker, Automotive Information Network, Inc.

"He made a real difference in the way vehicles were remarketed and was always driving for something better - and never hesitated to step up to a commitment to make things happen - whether it was systems, people, or facilities. Even though he had been inactive in the industry in recent years, one always felt he was 'there', watching, coaching, and pushing for more," said Parker.