July 31, 2014 – International business leader Irwin Katsof has launched Katsof Financial, an outgrowth of Global Capital Associates, founded by Irwin Katsof in 2005 and Katsof Consulting, founded in 2012.
July 24, 2014 – The Equipment Leasing and Finance Association’s (ELFA) ‘Monthly Leasing and Finance Index’ (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $827 billion equipment finance sector, showed their overall new business volume for June was $9 billion, up five per cent from new business volume in June 2013.
July 11, 2014 – Signature Financial’s franchise business will provide financing to franchise operators across a variety of national and regional restaurant concepts and chains, such as those engaged in fast-casual and family-oriented restaurant businesses.
July 10, 2014 – BB&T Equipment Finance Corporation and Wells Fargo Equipment Finance, Inc. are the recipients of the Equipment Leasing and Finance Association (ELFA) ‘2014 Operations and Technology Excellence Award’.
July 9, 2014 – Big banks are now approving one-in-five small business loan applications, a post-recession high, says the ‘Biz2Credit Small Business Lending Index’. Meanwhile, small banks, though down by two-tenths of a per cent, are granting more than half of requests they receive from entrepreneurs.
July 2, 2014 – Investment in equipment and software is expected to grow 2.6 per cent in 2014, says the Q3 update to the ‘2014 Equipment Leasing & Finance U.S. Economic Outlook’ released by the Equipment Leasing & Finance Foundation (ELFF).
June 27, 2014 – The CEO of Lease Group Resources, Inc. was arrested on June 24th for allegedly orchestrating a large scale check-kiting scheme that caused $8.8 million in losses to three banks in New Jersey, says U.S. Attorney Paul J. Fishman.
June 27, 2014 – The Securities and Exchange Commission announced fraud charges against three former senior managers of Regions Bank for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. As a result, the bank’s publicly-traded holding company overstated its income and earnings per share in its financial reporting.
June 25, 2014 – Bombardier Transportation and leasing company Railpool have signed a framework agreement for the delivery of 65 BOMBARDIER TRAXX locomotives, with a first call-off of 35 locomotives and an option of up to 30 additional locomotives. The total potential contract value is up to 250 million euro ($340 million). The value of the call-off based on the list price is approximately 135 million euro ($184 million).
June 25, 2014 – The Equipment Leasing and Finance Association’s (ELFA) ‘Monthly Leasing and Finance Index’ (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $827 billion equipment finance sector, showed their overall new business volume for May was $6.9 billion, down eight per cent from new business volume in May 2013. Month-over-month, new business volume was down 14 per cent from April. Year to date, cumulative new business volume increased three per cent compared to 2013.
June 23, 2014 – The Equipment Leasing & Finance Foundation (ELFF) June 2014 ‘Monthly Confidence Index’ for the Equipment Finance Industry (MCI-EFI) reports confidence in the equipment finance market is 61.4, an easing from three consecutive months of two-year high levels, which topped at 65.4.
June 23, 2014 – As the U.S. economy continues to improve and new technology solutions enter the marketplace, equipment finance companies are modernizing their IT systems and using technology in new ways to solve problems and create opportunity, says t he ‘ 2014 Software Guide ’ by the Equipment Leasing and Finance Association.
June 17, 2014 – Patrick McMullan, commercial lending expert, has launched ALCS Capital to provide business owners with alternative sources for the capital they need to grow or run their businesses. The company leverages his 25 years of industry experience and keen understanding of the financial lending market to provide alternatives to traditional bank financing, through financing solutions that include private equity, consumer based financing for businesses, creative leasing options, and other long term value services.
June 13, 2014 – Aveda Transportation and Energy Services has received commitment letters from a syndicate of lenders led by PNC Bank Canada Branch, including Royal Bank of Canada, pursuant to which the availability under its current asset-based lending facility will be increased from $75 million to between $115 million to $125 million 014. The commitments are subject to customary conditions related to completion of appropriate legal documentation and due diligence. The company will pay customary fees on closing.
June 11, 2014 – Manufacturing production continues to outpace overall economic growth and will be led more by investment than by consumer-driven advances over the next 18 months, says the ‘Manufacturers Alliance for Productivity and Innovation (MAPI) Quarterly Economic Forecast’. It predicts that inflation-adjusted gross domestic product will expand 2.5 per cent in 2014 and 3.2 per cent in 2015. The former is a decrease from 2.8 per cent and the latter equal to the 3.2 per cent from MAPI’s March report.
June 10, 2014 – Ritchie Bros. Auctioneers, an industrial auctioneer, will be conducting a massive, multi-million dollar, unreserved public auction in Thunder Bay, ON, on June 17. More than 450 heavy equipment items and trucks will be sold in the auction, including excavators, articulated dump trucks, crawler tractors, truck tractors, wheel loaders, as well as trailers, attachments, and more. This auction is also being filmed for an episode of the television series ‘Selling Big’. Bids can be made live in-person at the auction site, online in real-time at www.rbauction.com, and by proxy.
June 6, 2014 – With the proposed changes to FASB/IASB standards for lease accounting, many companies will report net income results which will be worse under the new rules than under the current rules, says a report by commercial real estate tenant representation firm, Cresa, and the Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International.
June 3, 2014 – Small business investment is gatherine steam says the ‘Thomson Reuters/PayNet Small Business Lending Index’. The index registered 126.5 in April, an 18 per cent increase year-over-year. It increased 10 per cent compared to March, which had a minor revision from 115 to 115.3. The three-month trend line has risen to 14 per cent and indicates the economy is likelier to expand in the second quarter after a troubled first quarter. “When small businesses invest and maintain strong finances, the national economy is likely to grow,” says William Phelan, president of PayNet, Inc. ”This latest report of small business trends bodes well for more economic expansion of U.S. GDP in 2014.”
May 21, 2014 --Ritchie Bros. Auctioneers will sell more than 1,700 equipment items and trucks at an unreserved public auction in Chilliwack, B.C. on May 28, 2014. Highlights in the auction include a large selection of late model crushing equipment, as well as construction, transportation, forestry, and agriculture equipment. Every item in the auction will be sold without minimum bids or reserve prices. Bids in the auction can be made live in person at the auction site, online in real time at www.rbauction.com and by proxy.
May 20, 2014 – The Equipment Leasing & Finance Foundation (ELFF) ‘Monthly Confidence Index for the Equipment Finance Industry’ (MCI-EFI) is 65.4, relatively unchanged from 65.1 in April, peaking at the highest index level in two years for the third consecutive month. When asked to assess their business conditions over the next four months, 31.4 per cent of executives said they believe business conditions will improve over the next four months, down from 37 per cent in April; 68.6 per cent of respondents believe business conditions will remain the same over the next four months, up from 60 per cent in April. No one believes business conditions will worsen, down from 2.9 per cent the previous month. As well, 34.3 per cent of survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, down from 37 per cent in April; 65.7 per cent believe demand will “remain the same” during the same four-month time period, up from 60 per cent the previous month. No one believes demand will decline, down from 2.9 per cent who believed so in April.
May 3, 2013--April data pointed to another positive month for the Canadian manufacturing sector, with the latest survey pointing to higher levels of output, new business and employment, according to the RBC Canadian Manufacturing Purchasing Managers' Index™ (RBC PMI™). A monthly survey, conducted in association with Markit, a leading global financial information services company, and the Supply Chain Management Association (SCMA), the RBC PMI offers a comprehensive and early indicator of trends in the Canadian manufacturing sector.
April 30, 2014--GE Capital Canada, a long-time provider of wholesale and retail financing for commercial trucking, construction and office imaging equipment manufacturers, announced an agreement with Life Fitness International Sales, Inc. to offer financing to health clubs and gyms across the country that want to buy Life Fitness equipment. The relationship with Life Fitness marks GE Capital Canada's first vendor program in the fitness equipment industry.
April 28, 2014--Ritchie Bros. Auctioneers, the world's largest industrial auctioneer, sold more than CA$143 million (US$129+ million) of trucks and heavy equipment in Edmonton, AB on April 23 - 25, 2014, making it the largest Canadian auction in Company history.
April 24, 2014--Vicwest Inc. has negotiated a five year, $120 million revolving senior secured asset-based lending facility including a $25 million accordion feature, with a syndicate of lenders, co-led by Canadian Imperial Bank of Commerce and National Bank of Canada, that includes Royal Bank of Canada and the Bank of Nova Scotia. CIBC will serve as the administrative agent.
April 23, 2013--Shell Canada Products has launched a new joint commericial fleet card program in Canada, in partnership with Electronic Funds Source LLC (EFS), a leader in innovative and customized payment solutions. The Shell Fleet NavigatorTM/mc commercial card, leveraging the EFS payments platform, offers broader acceptance for Canadian fleets with more than 1,200 Shell branded retail locations across Canada, combined with over 800,000 Canadian MasterCard acceptance locations, all on a single card powered by EFS' payments platform.
April 23, 2014--Companies that design information technology (IT) solutions for commercial customers are facing significant changes to their business model as they adapt to the growing interest in cloud computing, according to GE Capital, Commercial Distribution Finance (CDF), a major provider of financing to IT solution providers.
April 22, 2104--Veridian Corporation, which manages a large "green fleet" initiative, has been named one of Canada's Greenest Employers for a fifth consecutive year. This special designation recognizes Veridian as a workplace that leads the nation in creating a culture of environmental awareness, has developed earth-friendly initiatives and is attracting people to the company because of its environmental leadership.
April 22, 2014--Coast Capital Equipment Finance Ltd., a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) announced today that the assets of the prime equipment and vehicle finance business of TFC will become part of the Coast Capital Group of Companies.
April 17, 2014--Aureus Mining Inc. will engage in owner mining at its New Liberty Gold Project, located within the Southern Block of the Company's 100% owned Bea Mountain Mining licence in Liberia. MonuRent (Liberia) Limited has been awarded a contract to provide and fully maintain a new mining fleet in support of the owner mining operations over the life of mine at New Liberty.
April 12, 2014--Marlin Business Services Corp., Union Bank, N.A., and Seika Machinery, Inc (SMI), have formed a strategic alliance that will provide financing solutions for SMI’s advanced machinery customers.
April 10, 2014--The Equipment Leasing & Finance Foundation (the Foundation) releases the March 2014 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $827 billion equipment finance sector. Overall, confidence in the equipment finance market is 65.1, the highest index in two years and an increase from the February index of 63.3. The first quarter MCI levels are the three highest since April 2011.
April 14, 2014--Stornoway Diamond Corporation has entered into a binding financing commitment agreement with Orion Co-Investments I Limited, Ressources Québec, a wholly-owned subsidiary of Investissement Québec, and the Caisse de dépôt et placement du Québec for the construction of the Renard Diamond Project.
April 11, 2014-Ritchie Bros. Auctioneers, the world's largest industrial auctioneer, sold more than CA$40 million (US$37+ million) of equipment items and trucks at an unreserved public auction in Grande Prairie, AB on April 9 - 10, 2014.
April 4, 2014--AutoCanada Inc has increased its existing syndicated credit agreement by $60 million, bringing total availability to $190 million. The facility now includes HSBC Bank Canada, Alberta Treasury Branches and Royal Bank of Canada, with HSBC acting as administrative agent to the Credit Agreement.
April 4, 2014--Export Development Canada (EDC) has provided a USD $10 million line of credit to Turkish leasing company Ak Finansal Kiralama (AkLease), which will be used to provide financing to Turkish companies leasing equipment from Canadian manufacturers.
April 3, 2014--Investment in equipment and software is expected to grow 4.2 percent in 2014, according to the Q2 update to the 2014 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation. The Foundation increased its 2014 equipment and software investment forecast to 4.2 percent, up from 3.1 percent growth forecast in its 2014 Annual Outlook released in December 2013.
April 2, 2014-U.S. construction contractors and equipment distributors are optimistic that local non-residential construction activity will improve in 2014, according to a recent survey by Wells Fargo Equipment Finance, a subsidiary of Wells Fargo & Company. As part of its 2014 Construction Industry Forecast, Wells Fargo’s construction Optimism Quotient (OQ) – the survey’s primary benchmark for measuring contractor and equipment distributor sentiment – is at a historic high of 124, up 18 points from 106 in 2013 and up from the survey low of 42 in 2009.
March 20, 2014--Ritchie Bros. Auctioneers, the world's largest auctioneer of farm, construction and other equipment, will conduct more than 60 unreserved public agricultural auctions in Canada in March and April 2014. Four auctions feature equipment from multiple sellers—Saskatoon, SK (March 25); Lethbridge, AB (March 27); Regina, SK (April 7); and Grande Prairie, AB (April 9 - 10).
March 18, 2014--Securefact Transaction Services, Inc., a trusted provider of both on-demand and managed services for secured lending, know-your-customer (KYC) requirements and regulatory compliance, has signed an agreement with First West Leasing Ltd. of Langley, BC to manage their lien registrations, including PPSA and RDPRM registrations, amendments and discharges.
March 13, 2014--RouteOne Canada has completed integration with CU Dealer Finance Corporation, a Saskatchewan-based network of Credit Unions with an extensive dealer network across Saskatchewan. CU Dealer Finance Corp. dealers will be able to send credit applications electronically through the RouteOne Canada platform, as well as manage the entire scope of the credit application process.
March 6, 2014 --CN recently revealed a 2014 plan to invest approximately C$2.1 billion to continue to raise network safety and efficiency, improve service and grow the business. Claude Mongeau, president and chief executive officer, said: “CN is committed to making continued improvements in its safety performance – infrastructure investments are critical to this, as well as to driving improvements in customer service and taking advantage of freight opportunities to grow the business at low incremental cost.
March 5, 2014--UPS plans to purchase 1,000 propane package delivery trucks and install an initial 50 fueling stations at UPS locations. The investment in propane vehicles and infrastructure is approximately $70 million. UPS currently operates nearly 900 propane vehicles in Canada.
March 3, 2014--Construction contractors and equipment distributors are optimistic that local non-residential construction activity will improve in 2014, according to a recent survey by Wells Fargo Equipment Finance, a subsidiary of Wells Fargo & Company that includes Canadian data.
March 3, 2014--February data signalled that the Canadian manufacturing sector remained in expansion mode, with output, new orders and employment all rising during the month. That said, the latest increase in new work was the slowest since August 2013, according to the RBC Canadian Manufacturing Purchasing Managers' Index™ (RBC PMI™). A monthly survey, conducted in association with Markit, a leading global financial information services company, and the Supply Chain Management Association (SCMA), the RBC PMI offers a comprehensive and early indicator of trends in the Canadian manufacturing sector.
•Equipment Obsolescence Driving the Replacement Cycle in 2014
•Automotive, Energy and Industrial Sectors Seeing Growing Demand
•Forecast for the Equipment Financing Sector Calls for Steady Growth
•Regulatory Environment Could Impact Equipment Purchases
February 28, 2014--The uncertainty surrounding the US federal budget last year resulted in a delay in hiring and large capital equipment purchases among many middle market companies, according to Vince Belcastro, Managing Director and Group Head of CIT Capital Equipment Finance at CIT Group Inc. a major provider of financing and advisory services to small businesses and middle market companies.
February 28, 2014--Ritchie Bros. Auctioneers sold more than CA$57 million (US$51.5+ million) of equipment and trucks at its first Canadian auction of 2014, held at its permanent auction site in Edmonton, AB on February 26 - 27, 2014. Close to 3,800 equipment items and trucks were sold in the two-day auction, including a large selection of oilfield hauling equipment, as well as construction, transportation and other heavy equipment items. Every item was sold unreserved, without minimum bids or reserve prices. Bids were made in person at the Edmonton auction site, online in real time at rbauction.com and by proxy.
February 28, 2014--Avis Budget Group, Inc. has agreed to acquire its existing Budget Car & Truck Rental licensee in Edmonton, Alberta, Canada, comprising 26 rental locations in seven cities in total. This investment of approximately $30 million, plus the cost of acquired fleet, will enable the Company to expand its footprint of Company-operated locations while offering Budget customers a consistently outstanding rental experience and capturing a larger share of Canada's domestic, international-inbound and truck rental spend.
February 18, 2014--Chesswood Group Limited has completed the purchase of all of the outstanding shares of Northstar Leasing Corporation a long-standing non-prime commercial equipment finance company, located in Barrie, Ontario.
February 18, 2014--Equipment financing executives have a new option in Canada.
PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. received approval today from Canada's Office of the Superintendent of Financial Institutions (OSFI) for a license to expand commercial banking services across Canada.
February 18, 2014--Agri-Trend Data Corp and John Deere are creating connectivity conduits between MyJohnDeere and The AGRI-DATA Solution. Using John Deere's Wireless Data Transfer technology, the firms are linking data from field equipment into The AGRI-DATA Solution Platform to save growers time and let them analyze their data to make decisions more efficiently, including carbon credit transactions.
February 11, 2014--Ritchie Bros., the world's largest seller of used industrial equipment (Ed. note--and the subject of our cover story in the Jan/Feb issue of CEF) recently celebrated the one year anniversary of Ritchie Bros. EquipmentOne, the secure online marketplace launched by the company in early 2013. In its first year, EquipmentOne welcomed 580,000 unique visitors to the site and sold equipment and materials for both large corporate customers and private sellers.
February 11, 2014--Plug-in hybrids are forecasted to win the race among e-vehicles to produce cleaner, more efficient vehicles, according to the 15th annual Global Automotive Executive Survey. The Global Automotive Executive Survey is KPMG International's annual assessment of the current state and future prospects of the worldwide automotive industry.
February 3, 2014--January data pointed to a setback for the manufacturing sector at the start of 2014, according to the RBC Canadian Manufacturing Purchasing Managers' Index™ (RBC PMI™). A monthly survey, conducted in association with Markit, a leading global financial information services company, and the Supply Chain Management Association (SCMA), the RBC PMI offers a comprehensive and early indicator of trends in the Canadian manufacturing sector.
January 27, 2014 --To help the Canadian Finance & Leasing Association (CFLA) members benchmark their business and to provide industry leadership, PayNet Canada, the premier provider of risk management tools and market insight to the commercial credit industry announces a joint initiative with the CFLA to provide Canadian equipment finance companies with customized industry performance information.
January 23, 2014--Linedata, the global solutions provider dedicated to the investment management and credit industries, has expanded its lending & leasing platforms with 40 major projects managed during the last year for 34 financial institutions in Europe, Africa, North and South America. The projects included new client signings and existing clients who further extended their relationship with Linedata, engaging in additional product coverage, services and consulting.
January 17, 2014--Element Financial Corporation expects to organically originate more than $3.8 billion of new equipment loans and leases during 2014 across the Company's five North American market verticals representing an increase of 80% over the $2.1 billion Element estimates it originated in 2013.
January 15, 2014 --GE Capital's Commercial Distribution Finance (CDF) business announced today that it's providing inventory financing to Canada Motor Import Inc. (CMI), the country's exclusive importer of CFMOTO products.
December 18, 2013--Improved credit availability is set to drive momentum in the mining and metals sector in the year ahead, according to EY's Capital Confidence Barometer: Mining & metals sector. Fifty-five percent of companies are already focused on growth — compared to 38% in 2012.
December 18, 2013--One of the most critical challenges facing Canada is invisible. It's the steady deterioration of the public infrastructure - roads, water mains, sewers, bridges - that allow people to do business and live well. Confronting the major costs facing governments at all levels will test the foresight and cooperation of political leaders and officials.
December 16, 2013 --Investment in equipment and software is expected to grow 3.1% in 2014 as economic conditions solidify and business confidence continues to recover, according to the Annual 2014 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation. Equipment investment is expected to grow across most verticals, as underlying economic fundamentals continue to improve. Overall in 2014, growth is forecast to be mixed, with some sectors outperforming others. The Foundation’s report, which is focused on the $827 billion equipment leasing and finance industry, forecasts 2014 equipment investment and capital spending in the United States and evaluates the effects of various related and external factors in play currently and into the foreseeable future. The report will be updated quarterly throughout 2014.
December 9, 2013--GE Capital is providing a $10 million senior credit facility to a group of investors to purchase and operate Universal Helicopters Newfoundland and Labrador, a regional helicopter services company. The new owners, through a limited partnership formed by Nunatsiavut Group of Companies, Tasiujatsoak Trust and CAPE Fund LP, are acquiring UNHL from its majority shareholder, Harry R. Steele, and minority shareholder, Norman Noseworthy.
December 9, 2013 --LeasePlan Corporation N.V., the world's leading fleet management and driver mobility company, announced today that it will expand its North American service offering to include Canada in January 2014. LeasePlan and the Canadian fleet management company Foss National Leasing Ltd. (FNL) have entered into a licensing agreement whereby FNL will operate its newly-formed subsidiary LeasePlan Canada. With this agreement and formation of the new company, LeasePlan's North American reach now consists of LeasePlan USA, LeasePlan Mexico and, in 2014, LeasePlan Canada.
December 5, 2013 --The Equipment Leasing & Finance Foundation (the Foundation) releases the November 2013 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $827 billion equipment finance sector. Overall, confidence in the equipment finance market is 56.9, an increase from the October index of 54.0, demonstrating an overall steady industry outlook despite continuing concerns about the U.S. economy and the negative impact of federal government fiscal policies.
December 1, 2013 --The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $827 billion equipment finance sector, showed their overall new business volume for October was $7.6 billion, unchanged from new business volume in October 2012. Month-over-month, new business volume was down 1 percent from September. Year to date, cumulative new business volume increased 5 percent compared to 2012.
November 21, 2013 --First Financial Corporate Services (FFCSI), a provider of medical, material handling and IT equipment leasing solutions, recently announced its expansion into Canada and the formation of FF Canadian Leasing, Inc. (FFCLI). Cassels Brock is proud to have successfully represented First Financial in its cross-border expansion.
November 9, 2013 --Element Financial Corporation, one of North America's leading independent equipment finance companies, has entered into an agreement to acquire a $250 million portfolio of finance assets secured by individual helicopters operated by a diversified base of customers across a variety of industries in the U.S.
September 30, 2013--Element Financial Corporation's aviation finance business unit, acting as lessor, lender or lead arranger, has successfully leased or financed more than 100 aircraft since the inception of this business unit in the first quarter of 2012.
September 30, 2013 --Element Financial Corporation, one of North America's leading independent equipment finance companies, today announced that it has entered into a North American vendor finance agreement with Lion Buses Inc. of St. Jerome, Quebec, one of North America's leading manufacturers of the most innovative school buses in the industry.
September 23, 2013 --At its 40th Anniversary conference, CFLA Chairman Jeffery Hartley announced that Paul Zalesky,CEO of AllWest Insurance Services, as the CFLA Member of the Year 2012-2013.
This Award recognizes individuals, volunteers from members, who work quietly for the Association, committed to its goals.
September 20, 2013 --The Equipment Leasing & Finance Foundation (the Foundation) releases the September 2013 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $725 billion equipment finance sector. Overall, confidence in the equipment finance market is 61.3, steady with the August index of 61.0.
September 9, 2013 --Ritchie Bros. Auctioneers, the world's largest auctioneer, will conduct six unreserved public auctions in Eastern Canada in September. In total, more than 6,500 equipment items and trucks will be sold in the six auctions, located in St. Johns, NL (September 10); Toronto, ON (September 17 - 18); Oakville, ON (September 19); Truro, NS (September 20); Rapides-Des-Joachims, QC (September 23); and Montreal, QC (September 25 - 26). The Company will conduct another unreserved public auction in Eastern Canada in Ottawa, ON on October 17. Bids in all auctions can be placed in person at the auction sites, online in real time at rbauction.com or by proxy.
September 9, 2013 --William G. Sutton, CAE, President and CEO of the Equipment Leasing and Finance Association, released the following statement highlighting recent developments that add to mounting evidence that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) should reevaluate their proposal to overhaul lease accounting.
September 4, 2013 --Intelligent Mechatronic Systems (IMS), a leading Connected Car™ company, is previewing a next-generation IMS Fleet Intelligence solution. The produce was shown this week at Insurance Telematics USA 2013.
September 4, 2013--After 3 years of developing trusted dealer relationships, building solid infrastructure and backed by Sun Life Financial, Canadian Title Loan Corporation (CTL) is migrating its loan origination process to the Dealer Track Network.
September 4, 2013--Canada's manufacturing expansion was sustained for a fifth consecutive month in August, but the rate of growth was modest and below average, according to the RBC Canadian Manufacturing Purchasing Managers' Index™ (RBC PMI™). A monthly survey, conducted in association with Markit, a leading global financial information services company, and the Purchasing Management Association of Canada (PMAC), the RBC PMI offers a comprehensive and early indicator of trends in the Canadian manufacturing sector.
August 21, 2013 --The Equipment Leasing & Finance Foundation (the Foundation) releases the August 2013 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $725 billion equipment finance sector. Overall, confidence in the equipment finance market is 61.0, an increase from the July index of 59.4, and the fourth consecutive increase of the MCI-EFI.
August 20, 2013--GE Capital’s Commercial Distribution Finance (CDF) business said it has seen positive trends in the Canadian marine, motorsports and recreational vehicle (RV) industries through the first half of the year. It expects favorable conditions to continue into 2014.
August 19, 2013--Davis + Henderson Corporation has completed the US$1.2 billion acquisition of Harland Financial Solutions, a leading U.S.-based provider of strategic technology, including lending and compliance, core banking, and channel management technology solutions.
August 14, 2013--Element Financial Corporation, one of North America's leading independent equipment finance companies, today reported financial results for the three and six month periods ending June 30, 2013 showing strong growth in origination volumes across all of the Company's business verticals. New originations increased 34% to $397.9 million for the three month period versus $296.3 million in the previous period.
July 29, 2013 --Contrans Flatbed Group LP and Travelers Financial Corporation announced a new program to assist Contrans drivers to become new owner/operators. The 'Contrans Flatbed Group Owner Operator Development Program' (OODP) program makes acquisition of new tractors and flatbeds a reality for drivers who want to take the next step in sharing in the success and growth of the company.
July 25, 2013 --The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $725 billion equipment finance sector, showed their overall new business volume for June was $8.6 billion, up 8 percent compared to volume in June 2012. Month-over-month, new business volume was up 15 percent from May. Year to date, cumulative new business volume increased 10 percent compared to 2012.
July 24, 2013 --Transat A.T. Inc. announces the signing of an agreement with the U.S.-based International Lease Finance Corporation (ILFC) for the long-term (eight-year) leasing of four Boeing B737-800 aircraft. These planes will be introduced in summer 2014 and become the core of Air Transat's permanent narrow-body fleet. They will be used on sun-destination routes to Mexico, the Caribbean and Florida. The agreement also includes the renewal through 2020 and 2021 of the leases on six Airbus A330 aircraft—three A330-200s and A330-300s—with improved terms.
July 22, 2013--The Equipment Leasing & Finance Foundation (the Foundation) released the July 2013 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). Overall, confidence in the equipment finance market is 59.4, an increase from the June index of 57.3, reflecting industry participants’ increasing optimism despite continued moderate demand for equipment.
July 10, 2013 --U.S. Investment in equipment and software is expected to grow 4.8 percent in 2013, according to the Q3 update to the 2013 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation.
June 18, 2013--How best to maintain auditor independence and enhance professional skepticism are among the key recommendations emerging from a Canadian consultation effort that examined proposed international reforms aimed at adding value to financial reporting.
May 14, 2013 --IRON Solutions will supply its IRON Index data to J.P. Morgan Equity Research for the J.P. Morgan quarterly report on the North American used agricultural equipment market.
Ann Duignan, Machinery Equity Analyst at J.P. Morgan, will publish the information from the IRON Index, which is IRON Solutions' measurement of pricing levels in the used agricultural equipment market. This information is aggregated by IRON Solutions from dealer, auction, private party, and manufacturer-owned used equipment sales transactions.
May 4, 2013--Element Financial Corporation, one of North America’s leading independent equipment finance companies, has commenced rebranding the operations of the recently acquired CoActiv Capital Partners under Element’s North American identity. Effective immediately, the legal name of CoActiv Capital Partners, Inc. has been changed to Element Financial Corp. doing business as Element Financial (USA).
April 25, 2013 --GE Capital's Commercial Distribution Finance (CDF) business is adding resources to support Canadian manufacturers and dealers of agricultural equipment. Through increased credit capacity and an expanded, experienced sales force, CDF plans to significantly grow its presence in this important sector of the economy.
April 25 --Ontario Teachers' Pension Plan (Teachers') acquired SeaCube Container Leasing Ltd. (SeaCube) following approval of the transaction by shareholders of SeaCube at a special general meeting held on April 23, 2013.
April 22--Cat Financial reported first-quarter 2013 revenues of $680 million, an increase of $12 million, or 2 percent, compared with the first quarter of 2012. First-quarter 2013 profit after tax was $141 million, a $21 million, or 18 percent, increase from the first quarter of 2012.
April 19, 2013 –-The Equipment Leasing & Finance Foundation (the Foundation) released the April 2013 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $725 billion equipment finance sector. Overall, confidence in the equipment finance market is 54.0, an easing from the March index of 58.0, reflecting industry participants’ continuing concerns over the economy and the impact of federal policies on capital expenditures.
April 18, 2013--Ritchie Bros. Auctioneers, the world's largest industrial auctioneer, will conduct a massive three-day heavy equipment auction in Edmonton, AB on April 24 - 26, 2013. More than 5,000 heavy equipment items and trucks will be sold in the auction—every item will be sold to the highest bidder, regardless of price—without minimum bids or reserve prices.
At the turn of the year, I wrote that the global auto market looked set for a year of subdued growth outside of hotspots such as China and India, but in the US the sector would certainly see a continued rise in sales. Since then, the US auto market has indeed continued to perform well, aided by modest economic recovery and greater availability of credit. The hazard of the ‘fiscal cliff’ has been sidestepped, if only for the short term, and the stock market has outperformed expectations, indicating that confidence is growing and that perhaps the economy really is on the mend.
April 4, 2013--Small U.S. businesses cut back on borrowing in February for a second straight month, hinting at slower growth ahead even as other economic data shows the recovery picked up in the early part of the year.
April 3, 2013--Profits in Canada's computer and electronic product manufacturing industry slipped to a nine-year low in 2012. In 2013, the industry is counting on a revival in Blackberry's fortunes for a rebound in its bottom line, according to the Winter 2013 outlook for the industry, part of the Canadian Industrial Profile.
April 3, 2013 –-Investment in equipment and software in the US is expected to grow 5.6 percent in 2013, according to the Q2 update to the 2013 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation.
The ADESA Canada Used Vehicle February Price Index has been updated through February. The index was up slightly after being adjusted for seasonality. Wholesale prices rose on average by about 0.1% M-o-M.
March 28, 2013 —Forest, paper & packaging (FPP) CEOs are less confident about revenue growth over the next 12 months than their peers in other sectors, but are more optimistic about their company’s revenue prospects in the next three years, according to PwC’s 16th Annual Global CEO Survey released recently in Davos, Switzerland.
March 25, 2013 --The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $725 billion equipment finance sector, showed their overall new business volume for February was $4.7 billion, down 6 percent from volume of $5 billion in February 2012. Month-over-month, new business volume was down 20 percent from January. Year to date, cumulative new business volume was up five percent compared to 2012.
March 21, 2013 --Canadian Tire today opened its new digital development lab in Silicon Valley North, joining nearly 1000 companies as the first retail partner in Communitech which supports tech companies at all stages of their growth and development — from startups to rapidly growing SMEs, to large global players — in the commercialization of innovative technologies.
March 21, 2013 --The Equipment Leasing & Finance Foundation's March 2013 Monthly Confidence Index for the U.S. Equipment Finance Industry (MCI-EFI) shows a slight decrease in March compared to February.
March 20, 2013 --Non-residential construction growth in Saskatchewan has been leading the country and other industries over the past decade, and that is not about to change - at least for the next couple of years.
March 20, 2013 --A new joint marketing program aimed at heavy-duty trucking customers may mean investment opportunities for lenders. The program by Westport Innovations Inc and Clean Energy Fuels Corp helps firms implement new on-board fuel storage, high-performance natural gas engines, and reliable fueling options for natural-gas trucking.
March 18, 2013 --Each year, U.S. businesses, non-profits and government finances more than $600 billion in capital goods or fxied assests, which means trends in those sectors has an impact on the North American economy. The Equipment Leasing & Financing Association examines the top trends impacting those markets, to to help businesses with their strategic equipment
March 14, 2013 --With a goal to balance the books by 2015, the Conservative government is expected to stay the course in its approach to the federal budget this year, KPMG predicts. However, the firm also expects the budget to explore expanding the accelerated capital cost allowance to encourage construction of domestic infrastructure in the oil and gas sector.
March 12, 2013 --Odessa Technologies, Inc. the developer of the LeaseWave suite of products, a fully integrated end-to-end lease and loan management solution, announced the introduction of a new product for companies looking to better manage their end of lease processes.
March 11, 2013--Maaco, part of the Driven Brands family of automotive brands, is re-launching the Maaco fleet services as Maaco Fleet Solutions. The company has a ten-year track record as a market leader in fleet auto body repair with a national network of over 250 certified locations providing flexible options for fleet managers.
March 8, 2013 —Construction contractors and equipment distributors are optimistic that local non-residential construction activity will improve in 2013, according to a survey by Wells Fargo Equipment Finance, Inc. As part of its 2013 Construction Industry Forecast, Wells Fargo’s Construction Optimism Quotient (OQ) – the survey’s primary benchmark for measuring contractor and equipment distributor sentiment – is at 106 for 2013, marking the second consecutive year with an optimistic reading.
March 7, 2013--For decades International AutoSource has been providing expat car financing and leasing to foreign expats in the United States. Through their new partnership with Corporate Fleet Services, International AutoSource is now able to assist foreign expats in Canada with the financing or leasing of a vehicle without a Canadian credit history.
March 10, 2013--Ritchie Bros. Auctioneers , the world's largest industrial auctioneer, sold more than CA$57 million (US$55+ million) of heavy equipment and trucks during an unreserved public auction at its permanent auction site in Edmonton, Alberta last week, on March 7 & 8, 2013.
February 28, 2013--Commercial borrowing by small and medium-sized businesses in Canada hit its highest level since 2008 in the last three months of 2012, and a much smaller percentage of the businesses were behind on their payments, according to a PayNet survey released on Thursday.
February 26, 2013 --The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $725 billion equipment finance sector, showed their overall new business volume for January was $5.9 billion, up 16 percent from volume of $5.1 billion in the same period in 2012. Volume was down 49 percent from December, following the typical end-of-quarter, end-of-year spike in new business activity.
February 21, 2013--Petrowest Corporation announced it has entered into a new three-year, Canadian $50 million syndicated credit facility with GE Capital Canada. The new facility is comprised of two sub-facilities: a $45 million, six-year, term facility which has been fully drawn and a $5 million capital expenditures facility which is available for one year.
February 17, 2013--Element Financial Corporation reported that record origination levels of $689.3 million contributed to revenue of $57.9 million, operating income of $14.9 million and operating income per share of $0.14 on an after-tax basis for the twelve month period ended December 31, 2012.
February 11, 2013 --hmv Canada, a music and entertainment retailer, announced the signing of a new three-year $25 million credit agreement with Wells Fargo Capital Finance that will provide additional working capital support for the daily operations of the business.
January 15, 2013 --The Alta Group, a global equipment leasing and finance consultancy, announced the development of a new vertical industry focus, Diversified Industries, to be headed by Paul W. Frechette, a senior managing director. Alta also appointed Valerie L. Gerard to head its Management Consulting Practice.
November 8, 2012--The sentiment of Canadian chief financial officers (CFOs) of middle-market companies on the state of their own industry and the strength of the national economy remained steady and positive in the third quarter, according to the latest GE Capital Mid-Market CFO Survey. CFOs' view of the world economy was unchanged and remains less optimistic than about the national economy.
February 7, 2013- The growth in the use of electronic payment products, such as credit and debit cards, added US$9.7 billion to the Gross Domestic Product (GDP) of Canada over the past four years, according to a study conducted for Visa by Moody's Analytics, a leading independent provider of economic forecasting.