March 20, 2019--LTi Technology Solutions, formerly LeaseTeam, Inc., a leader in providing software solutions for the equipment finance and leasing industry, is celebrating its 30th anniversary this year. Co-founders Randy Haug and Russ Hallberg set out in 1989 with a vision to give small to mid-size leasing companies an innovative software solution to help them manage and grow their businesses.
February 28, 2019--Inovatec Systems Corp. continues to drive deeper efficiencies for lenders and enhance the customer experience through digital KYC and Income Verification, and Void Cheque solution. Inovatec is very pleased to announce a partnership with Flinks. Flinks is a data company that empowers businesses to provide better financial services to consumers, by connecting users' bank accounts, providing financial insights and credit risk intelligence. Driven by the belief that data should belong to consumers, Flinks connects to over 250 million financial accounts. Trusted by hundreds of world-class companies, Flinks helps them digitalize their processes, improve their user experience and reduce delinquency.
Febuary 6, 2019--The Canadian Lenders Association (CLA) in collaboration with Navigant and the Innovative Lending Platform Association begins to rollout the SMART Box™ program. SMART Box™ is a pricing disclosure model and comparison tool that will enable Canadian small businesses to better assess and compare their debt finance options. In 2018, SMART Box™ was successfully adapted by the CLA for the Canadian market.
February 5, 2019--What are the hottest equipment markets of 2019? A new report from the Equipment Leasing and Finance Association, What’s Hot/What’s Not: Equipment Market Forecast 2019, reveals industry perceptions of 15 equipment markets based on a survey of ELFA members.
February 3, 2018-- Manufacturers in Canada reported another loss of momentum at the start of 2019, with output and new business growth easing further from the peaks seen last summer. Export sales remained particularly subdued in January, with this index pointing to a marginal fall in new work from abroad.
January 29, 2019--The Equipment Leasing and Finance Association (ELFA) which represents the $1 trillion equipment finance sector, today revealed its Top 10 Equipment Acquisition Trends for 2019. Given U.S. businesses, nonprofits and government agencies will spend over $1.8 trillion in capital goods or fixed business investment (including software) this year, financing a majority of those assets, these trends impact a significant portion of the U.S. economy.
January 22, 2019--In what turned out to be one of the fastest implementation projects that LTi Technology Solutions has executed, Bell Bank Equipment Finance has moved operations onto the ASPIRE platform. Looking for an end-to-end solution that would scale with the expected growth of their business, Bell needed a configurable system with modules that would seamlessly integrate with many of their processes. ASPIRE’s open platform offers the independently owned bank opportunities to automate many of their day-to-day activities.
January 21, 2019--BNP Paribas Personal Finance UK has launched an innovative motor finance solution positioning the company as a driving force for change within the automotive market. The consumer finance provider, part of global bank BNP Paribas, has a wealth of motor finance experience globally, and currently works with 1800 dealers in over 11 countries, as well as partnering across a network of 16 OEMs (manufacturers).
October 2, 2018--Ritchie Bros.' latest solution for the market, RB Asset Solutions, is a complete end-to-end asset management and disposition system. The new cloud-based SaaS solution brings together a suite of tools and services to help customers better manage, analyze, and sell their assets. From any internet-enabled device, customers will be able to access a complete inventory management system, data analytics and dashboards, branded e-commerce sites, and multiple external sales channels.
September 27, 2018--Digital disruption is revolutionizing the automotive industry, enabling a value shift from individual consumption to collaborative consumption. As a result, original equipment manufacturers (OEMs) are looking at alternative sources of revenue, such as shared mobility, connected car services, financial services, and logistics services.
September 26 2018--WEX Inc., a leading global provider of corporate payment solutions, is expanding its presence in Canada with its announcement today that it has integrated with Moneris Solutions Corporation, Canada’s largest processor of debit and credit payments. The partnership will allow petroleum-based businesses to accept WEX fleet cards using Moneris’ PetroTrak point-of-sale (POS) and fleet management solution.
September 25, 2018--Rural Municipalities of Alberta (RMA) is partnering with Enterprise Fleet Management, giving its members easier access to the company's fleet management solutions and subsequent cost savings. In fact, by taking advantage of the partnership with Enterprise, RMA members can save a projected 20 to 25 per cent of the holding cost of their vehicles.
September 25, 2018--Fleet Complete, a leading global provider of connected vehicle solutions, announced today a program with Toyota Connected to accelerate the delivery of IoT-enabled services within Toyota vehicles to enhance fleet customer's mobile resource effectiveness and efficiencies. Leveraging big data, powered by Toyota Connected Data Services, Fleet Complete's CONNVEX platform will enable its fleet-owning customers to improve driver and vehicle safety, as well as reduce total cost of ownership and fleet downtime through real-time visibility of GPS, fuel level, odometer readings and tire pressure.
August 3, 2018--Financial leaders continue breaking the mold and expanding their influence throughout their organizations. In a Robert Half Management Resources survey, finance executives in Canada most frequently reported their roles have grown over the past three years to include more human resources (37 per cent) and information technology (36 per cent) efforts.
August 3, 2018--LTi Technology Solutions has announced plans to leverage industry talent and strength to capitalize on strategic market opportunities. Organizational changes, including a realignment of the senior leadership structure under Jeff Van Slyke, LTi’s President and Chief Executive Officer, reflect the company’s focus on its growth objectives.
July 4, 2018--Securefact and PPSA Canada Inc.have a new strategic partnership to provide clients through access to PPSA Canada's best-in-class lien management solutions, and Securefact's digital Know Your Customer (KYC) solutions. Since 1995 Securefact has been a leader in lien management and corporate due diligence, providing solutions for some of the largest lenders in Canada.
June 26, 2018--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 $1 trillion equipment finance sector, showed their overall new business volume for May was $7.7 billion, unchanged year-over-year from new business volume in May 2017. Volume was down 3 percent month-to-month from $7.9 billion in April. Year to date, cumulative new business volume was up 7 percent compared to 2017.
June 20, 2018--Canada Pension Plan Investment Board (CPPIB) announced today a R$ 500 million (C$175 million) equity target for a 20% interest in the newly established Goodman Brazil Logistics Partnership (the Partnership) to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. Launched by Goodman Group, the C$880 million partnership also includes global investors APG, First State Super and GIC.
March 15, 2018--PayNet, the leading provider of small business credit data and analysis, reports that the PayNet Canadian Small Business Lending Index (CSBLI) increased slightly from 110.2 in December 2017 to 110.6 in January 2018. Compared to the same month one year ago, the CSBLI is down 6 percent.
March 14, 2018 --Research recently completed shows that 51 per cent of Canadian automotive consumers are likely to purchase a new vehicle over the next 24 months. Although this number is still strong, those surveyed last year were eleven per cent more likely to buy soon, a number highlighted by a record year for Canadian automotive sales. Perhaps this year's numbers suggest that recent forecasts of diminishing auto sales are looming.
TORONTO--Last week Ritchie Bros. had its strongest start to the year ever in Toronto, selling more than 2,850 equipment items and trucks for CA$37+ million (US$28+ million)—surpassing the Toronto site's previous Q1 sales record by 57 percent. The two-day auction (March 6 – 7, 2018) attracted a site record 5,250+ registered bidders from 58 countries, including 3,100+ online bidders. Approximately 88 percent of the equipment in the auction was sold to Canadian buyers, with buyers from Ontario purchasing 72 percent, while international buyers from countries such as the United States, Australia, and Italy purchased 12 percent of the equipment. Approximately 54 percent of the equipment in the auction was sold to online buyers.
March 9, 2018--After CWB Financial Group’s recent portfolio acquisition from ECN Capital, National Leasing (NL), a subsidiary, connected with LeaseTeam, Inc. (LTi) to license technology that would allow it to service its share of the portfolio without disruption. As Canada’s largest and longest-running equipment finance company, NL knew it needed an innovative solution to accommodate the new business. As a premier technology partner in the equipment finance industry, LTi knew it could help NL accomplish the feat in a timely manner.
February 21, 2018--Avesoro Resources Inc., the TSX and AIM listed West African gold producer, announced that further to the Company's news announcement dated December 12, 2017, its wholly owned subsidiary Bea Mountain Mining Corporation has entered into further equipment finance facility agreements with Mapa İnşaat ve Ticaret A.Ş., a related party of the Company, to facilitate the purchase of heavy mining equipment and additional auxiliary equipment totalling approximately US$10.3 million, as anticipated in the recently updated life of mine schedule announced on October 11, 2017.
February 15, 2018--Chorus Aviation Inc. announced solid year-end and fourth quarter financial results for fiscal year ended December 31, 2017. "I'm very pleased with the significant progress made in 2017 towards our vision of delivering regional aviation to the world," said Joe Randell, President and Chief Executive Officer, Chorus. "The successful launch of Chorus Aviation Capital and its rapid build to a global business has propelled the value of Chorus' portfolio of leased aircraft to over one billion dollars and demonstrated the strength of our growth and diversification strategy. We have been methodical and deliberate in deploying the $200 million gross proceeds from our convertible debt unit financing with Fairfax Financial. Within a relatively short period of time we've concluded leasing agreements with eight well-established regional carriers in eight countries located on six continents. We have strong momentum.
February 14, 2018--In 2019 Volvo Trucks will start selling electric trucks in Europe, and the first units will be put into operation together with selected reference customers already this year. Electric trucks drastically reduce noise and exhaust emissions and open up new ways to manage logistics. More transport assignments can be carried out at night and fewer trucks need to compete for road space during rush-hour.
May 18, 2017 --Ritchie Bros., the world's largest heavy equipment auctioneer and provider of end-to-end services has been granted unconditional antitrust clearance from the U.S. Department of Justice for the proposed acquisition of IronPlanet, a leading online marketplace for heavy equipment and other durable assets. Ritchie Bros. brand and high degree of customer trust, coupled with IronPlanet's digital prowess built on user friendly technology, will provide multiple product and channel offerings to the market, a spokesman said.
May 17, 2017--Toyota Industries Corporation completed the acquisition of LiftCapital Corporation/ Corporation LiftCapital, the Canadian sales financing company which provides financial services and solutions to lift truck dealers and other customers throughout Canada.
May 16, 2017 --Most companies are not on track to comply with new real estate lease accounting rules when they begin to take effect in 2018. The U.S.-based Financial Accounting Standards Board (FASB) will implement new standards on Dec. 15, 2018 and the International Accounting Standards Board (IASB) will follow on January 1, 2019. Many firms are struggling to collect the necessary lease accounting data that must be gathered beforehand. Although the effective dates seem far away, they are rapidly approaching – but few companies have analyzed how the rules will impact their financial statements.
March 1, 2017 -- White Clarke Group has announced the publication of their 20th annual Global Leasing Report and summary video, the world’s only guide to the top 50 leasing markets, summarizes leasing volumes and other market trends.
February 6, 2017 -- DH Corporation is onboarding its first major automotive captive client on CollateralGuard Enterprise (CGe). The client, which boasts significant market share in Canada, will use CGe as part of its standard lending due diligence process.
Janaury 17, 2017 -- JDR Solutions Inc. complies with the American Institute of Certified Public Accountants’ Service Organization Control 1 and 2 standards for financial and operational integrity, following an annual company audit.
January 16, 2017 -- Canadian entrepreneurs have more confidence in the economy and plan to boost business investment to $96.6 billion in 2017, according to a new study from the Business Development Bank of Canada (BDC). Investments are up 1.6 per cent from the totals invested in 2016.
January 3, 2017 -- Integrated Team Solutions ("ITS"), in partnership with the City of Saskatoon, announced that construction of the Saskatoon Civic Operations Centre ("COC") successfully reached substantial completion on December 31, 2016. The new facility relocates the City of Saskatoon's Transit Operations and houses the City's first permanent Snow Management Facility. The facility officially opened its doors with a ribbon cutting ceremony on December 13, 2016 as the project was completed two weeks ahead of schedule and on budget.
December 23, 2016 -- Ritchie Bros. Auctioneers Incorporated, the world's largest industrial auctioneer, sold approximately $4.33 billion of equipment through 356 unreserved auctions and its online equipment marketplace during 2016. This is a new annual record for the Company, and represents a two per cent increase in gross auction proceeds (GAP) compared to 2015.
December 1, 2016 -- Axis Capital, Inc. (Axis), one of North America’s leading commercial equipment finance companies, has unveiled a new company name, logo and website - rebranding as Amur Equipment Finance (AmurEF). As part of the company’s 20 th anniversary celebration, the corporate rebranding initiative reflects Amur Equipment Finance’s vision for the future and affirms the core values which customers have grown to appreciate and trust.
November 22, 2016 -- So far, in 2016 the auto and asset finance industry has coped well with uncertainty. While forecasts have been trimmed during the year, they have not been cut so savagely as to threaten the sector’s recovery, but continued uncertainty seems likely to have an increasingly damaging effect on the outlook for the industry.
November 17, 2016 -- The Independent Community Bankers of America (ICBA) reasserted its challenge to the National Credit Union Administration’s unlawful commercial lending rule with a vigorous response to the agency’s motion to dismiss the case and evade judicial review. In its response, ICBA called on the federal court reviewing the NCUA’s dubious final rule to reject the agency’s motion to dismiss the case.
November 16, 2016--Fleet Complete, a global IoT company, specializing in connecting businesses with their fleet vehicles, mobile assets and in-field workers, and Hub International Limited (Hub), a leading global insurance brokerage, are partnering to introduce a unique transportation risk management service for commercial fleet operators.
November 15, 2016 -- LeaseTeam, the trusted leader in lease and loan management solutions for the equipment finance industry, is pleased to announce that Quality Leasing Co., Inc. (Indianapolis, IN) has selected ASPIRE as its end-to-end lease and loan management solution.
November 14, 2016 -- What is cloud computing and how can a business leverage off-site data storage to its advantage? Those questions and others are addressed in the first JDR Solutions Inc. white paper.
November 7, 2016 -- LeaseTeam, the trusted leader in lease and loan management solutions for the equipment finance industry, is pleased to announce that D&D Leasing, a multinational commercial equipment finance provider, has selected ASPIRE as its end-to-end lease and loan management solution.
October 28, 2016--Steven Hudson, Chief Executive Officer of Element Financial Corporation, a North American leader in fleet management and equipment finance, is this year's Entrepreneur Of The Year Ontario winner. "Steven's originality and innovation shines through in all he does," says Paula Smith, EY partner and Entrepreneur Of The Year Ontario Co-Director. "His entrepreneurial vision helped him navigate his business through tough economic times – by completing daring strategic acquisitions and introducing cutting-edge technology capabilities in the fleet management business."
October 17, 2016 -- Global economic activity remains weak. At roughly three per cent, 2016 represents the slowest year for global growth since the Great Financial Crisis. The reasons for this underperformance are now well known, though they vary by country. They generally involve the following elements: structural adjustments in many countries, efforts to reduce overcapacity in most, recurring natural disasters, repeated geopolitical events such as 'Brexit', and upcoming national elections and potential policy changes in a number of major countries, including the United States.
October 4, 2016 -- Five Arrows Principal Investments, the corporate private equity business of Rothschild & Co, has made a significant equity investment in White Clarke Group, a fast-growing, global provider of specialist technology and software solutions to the automotive, asset and consumer finance markets.
October 4, 2016--MB Financial announced the formation of a new Canadian subsidiary, MB Business Capital Canada and the hiring of Dan Flaro, senior vice president and country executive to lead its efforts in expanding the bank’s middle market asset-based lending platform into Canada.
August 18, 2016 -- The delinquency rate among young millennials (18-25 years) hit 1.8 per cent in the second quarter of this year, an increase of 11.7 per cent from their 1.6 per cent rate in the second quarter of 2015. However young adults didn't add much debt over the past year with the average change at $167, while the debt obligations of seniors (65+ years) increased by $1,134 (8.2 per cent) to $15,001 according to Equifax Canada's Q2 2016 National Consumer Credit Trends Report.
August 8, 2016 –- Managed solution transactions (MST) or MST-like structures are becoming a major new offering of equipment leasing and finance companies and are very likely to continue growing as a proportion of U.S. equipment leasing volumes, according to a new research study released by the Equipment Leasing & Finance Foundation. MSTs combine equipment with services into a single “bundle” that enable customers to make use of third-party service providers in order to avoid the hazards and obligations of equipment ownership, and realize the benefits of aligning their costs more closely with their business demands through more flexible payment, pricing, termination, and re-financing terms.
August 5, 2016 -- Ask the man on the street what blockchain is, and they might tell you about Bitcoin, currently its most well-known and perhaps infamous application. Bitcoin is an electronic payment system which has risen to fame in recent months due to its popularity in certain parts of the dark web, such as Silk Road, a site where criminals can go to buy drugs, weapons, and services which facilitate money laundering, distribution of stolen credit card information and personal identities as well as trading in counterfeit currency, for example.
July 14, 2016 --CLE, a premier equipment financing and leasing provider for Canadian small and medium
businesses, today announced the appointment of François Nantel as President. François Nantel replaces CLE Former President, Luc Robitaille who will remain with the Company as Senior Advisor.
July 4, 2016--CHP Consulting, provider of the ALFA Systems software platform for asset finance, has announced a number of new and recent affiliations in the US auto and equipment finance industry.
As a major player in the space, CHP counts three of the largest and best-performing US auto finance companies among its clients, one of which recently went live.
June 30, 2016--CIT Group Inc, a leading provider of commercial lending and leasing services, has agreed to sell its Canadian equipment finance and corporate finance businesses, with more than US $700 million in assets, to Laurentian Bank of Canada. In addition, approximately 140 employees of CIT Canada will join the Laurentian Bank team.
June 22, 2106-John Thanassoulis, Professor of Financial Economics, will tell the Financial Times’ Festival of Finance that the Capital Asset Pricing Model (CAPM) is still a useful framework for investment despite the bombardment of criticism it has taken in recent years.
May 19, 2016--Wells Fargo named leaders for its Equipment Finance and Commercial Distribution Finance (CDF) Canada divisions following the completed acquisition of GE Capital’s Direct, Vendor and CDF businesses earlier this year. Continuing to deliver the suite of products and services offered in Canada and the U.S, Peter Ringler will lead Equipment Finance and Tim Nixon will lead CDF.
May 2, 2016--Selling more than 10,000 equipment items and trucks in five days is a massive undertaking, and last week Ritchie Bros.' Edmonton team showed that it was up for the challenge. From April 26 - 30, 2016, Ritchie Bros. sold 10,200+ equipment items and trucks for CA$240+ million (US$191+ million) at its 200-acre Edmonton, AB auction site, making it the company's largest Canadian auction ever and the second-largest auction in company history. The five-day auction attracted 16,700+ bidders from 55 countries—a new company record, surpassing the previous record by 19 percent.
April 30, 2016--DH Corporation, a leading provider of technology solutions to financial institutions globally, announced today the launch of its new Commercial Origination & Processing functionality for LaserPro lending solutions. The new enhancement reduces the preparation time needed for lenders to originate and process a commercial lending transaction, offering a seamless, integrated, repeatable, and transparent approach to commercial lending origination. LaserPro is the recognized industry leader for compliant loan origination, processing, and document preparation for mortgage, consumer, and commercial lending.
April 19, 2016 -- The Bank of Nova Scotia (Scotiabank) and Meridian Credit Union Limited announced today that the two companies have reached an agreement under which Meridian will purchase the business operations and assets of Roynat Lease Finance, a division of Roynat Inc. The sale is subject to regulatory approval and is expected to close in the second quarter of 2016. The transaction is not material to Scotiabank.
April 14, 2016 -- Textura Corporation, a leading provider of collaboration solutions for the construction industry, announced that Catamount Constructors is using the Textura Early Payment Program (EPP) to accelerate payments to its subcontractors.
April 1, 2016--Canadian manufacturers indicated a positive end to the first quarter, with production and overall new orders returning to growth after a sustained period of decline, according to the latest RBC PMI survey. Stronger export demand was a key driver behind the rebound in manufacturing conditions, with new work from abroad rising at the joint-fastest pace since November 2014.
March 28, 2016--Dealertrack Technologies have entered into an exclusive partnership with DealerCorp to expand Dealertrack's F&I solution suite in Canada with the addition of a robust desking solution powered by DealerCorp's intuitive technology.
March 16, 2016--As equipment rolled into view and crowds began to gather at Ritchie Bros.' Grande Prairie auction this week, one thing became clear: records would be broken. By auction's end, CA$62+ million (US$46+ million) of equipment had been sold, and more than 7,150 people had registered to bid—both new records for the Grande Prairie site.
February 26, 2016—Ralph Petta, President and CEO of the Equipment Leasing and Finance Association, says they welcome the new standard. “We welcome the release of the new lease accounting standard from the Financial Accounting Standards Board. After many years of anticipating the new standard and attendant uncertainty in the marketplace, companies can now move forward and prepare to adopt it."
February 10, 2016 -- Staying competitive in a digital world is making replacement of front- and back-end systems a top priority for equipment finance firms, reveals the 2015/2016 Business Technology Performance Index (BTPI) released today by the Equipment Leasing and Finance Association (ELFA) and Capgemini, a world leading provider of consulting, technology and outsourcing services.
February 10, 2016 -- CN announced the details of its 2016 plan to invest approximately C$2.9 billion in rail infrastructure and equipment to raise network efficiency, support long-term growth and further strengthen safety.
February 1, 2016 -- The RBC Canadian Manufacturing PMI moved closer to stabilization in January, following a survey-record low at the end of 2015. Measured overall, business conditions deteriorated to the lowest degree for five months, reflecting softer falls in output, new business and employment.
January 25, 2016 -- RouteOne Canada is pleased to announce that Carfinco Inc. has joined its auto financing portal. Participating dealers who have a relationship with Carfinco can now process credit applications and finance contracts through RouteOne.
January 25, 2016 -- Dun & Bradstreet today released D&B Credit, a cloud-based platform designed to provide more efficient credit and risk analytics to CFOs and finance departments in any industry. The platform will help finance professionals manage and monitor trade credit risk and leverages Dun & Bradstreet's global database of more than 250 million business records updated five million times a day.
January 25, 2016 -- After a remarkable three calendar quarters of Unicorns, mega-rounds, and tech bubble chatter in 2015, overall market concerns around valuations, burn rates, and over-funding put the brakes on investment in venture capital (VC)-backed companies in Q4'15, according to Venture Pulse, the quarterly global report on VC trends published jointly by KPMG International and CB Insights. Q4 saw US$27.2 billion invested across 1,742 deals globally marking a 30 percent drop off in funding, and the lowest quarterly deal activity since Q1 2013.
January 25, 2016 -- RouteOne Canada is pleased to announce that Carfinco Inc. has joined its auto financing portal. Participating dealers who have a relationship with Carfinco can now process credit applications and finance contracts through RouteOne.
January 20, 2016--The Bank of Nova Scotia is reportedly looking to divest a C$1 billion-vendor and equipment financing portfolio, currently held at the company’s Roynat unit. According to three sources, Scotiabank is engaged in discussions with various parties, including the Toronto-based rival firm Element Financial Corporation. Notably, both parties cater to small and medium-sized businesses in Canada’s commercial and vendor finance market. Scotiabank’s Roynat unit offers term loans, asset-based lending and leasing to over 1,000 companies across Canada.
January 6, 2016--Successful launch of International Decision Systems, Inc. (IDS) InfoLease 10 portfolio management software is a significant step in helping ImageNet Consulting, LLC (ImageNet) achieve improved efficiencies and streamlined performance to enable its future growth, the company says.
November 24, 2015--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 $1.046 trillion equipment finance sector, showed their overall new business volume for October was $7.7 billion, down eight per cent from new business volume in October 2014. Volume was down eight per cent from $8.4 billion in September. Year to date, cumulative new business volume increased three per cent compared to 2014.
November 24, 2015--The Certified Lease & Finance Professional (CLFP) Foundation recently held its fourth Academy for Lease & Finance Professionals (ALFP) of 2015. The event was hosted by GreatAmerica Financial Services and all twelve of the individuals who sat for the exam at the conclusion of the event passed. . Eleven of the twelve test-takers who took the exam utilized a computer-based platform which was offered for the first time.
November 18, 2015--CIBC has announced it is partnering with Thinking Capital to expand small business lending in Canada. This new online lending solution called Rapid Financing powered by Thinking Capital dramatically shortens the time it takes to apply and be approved for credit to help drive growth for business owners.
November 17, 2015--A survey from TD Bank reveals chief financial officers (CFOs) plan to significantly increase their company's capital spending in 2016, as the economic outlook remains positive despite forecasts of an interest rate increase and uncertainty in government policies heading into an election year.
November 17, 2015--The Equipment Leasing and Finance Association has released a new educational tool that addresses impending changes to the lease accounting standard. The white paper, “Changes in Lease Accounting: The Benefits of Equipment Lease Financing Remain,” is designed to help ELFA members understand what’s expected in the new accounting rules; educate their sales teams, vendor partners and end-users about the rules; and allay any potential customer fears about the forthcoming changes.
November 17, 2016--The Financial Accounting Standards Board voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets. The final accounting standards update is expected to be published in early 2016.
November 11, 2015--FC Business Intelligence has confirmed dates for the second annual Insurance Analytics Canada conference and exhibition. The event will take place on the 12-13 of May at the Old Mill in Toronto.
November 6, 2015--The equipment leasing and asset finance industry in Latin America grew 18.7% in US dollars, or 38% in local currencies, in 2014, according to the latest Alta LAR 100 report. Growth was significant given the negative forces affecting economies in many Latin American countries, said Rafael Castillo-Triana, CEO of The Alta Group Latin American Region (Alta LAR), which has produced the report annually since 2004.
November 6, 2015--On-demand trucking service Convoy has officially launched after it raised $2.5 million in seed funding from an investment group that included Amazon founder Jeff Bezos and other high-profile investors.
November 4, 2015--New research on the U.S. bank and thrift sector from SNL indicates that profitability in the industry will improve but not reach pre-crisis levels. The inaugural edition of SNL’s 2015 U.S. Bank and Thrift Market report also suggests that while loan and security yields are expected to expand from near 10-year lows, banks’ cost of funds will increase by similar amounts, keeping net interest margins from expanding meaningfully from their historic lows.
October 27, 2015--For the first time ever, the equipment finance market is expected to surpass $1 trillion in 2015, according to ‘2015 State of the Equipment Finance Industry Report’ released at the 54th Annual Convention of the Equipment Leasing and Finance Association.
Washington, DC--The Equipment Leasing and Finance Association (ELFA) has named seven industry leaders to the ‘2015 Class of the Equipment Finance Hall of Fame’. ELFA Chairman Robert Rinaldi, Chief Executive Officer of Commercial Industrial Finance, Inc., announced the honorees this morning at the General Session of the 54th ELFA Annual Convention in San Antonio, Texas.
October 26, 2015-- By 2020, the marketplace lending industry will have mushroomed into a global phenomenon that includes more financial institutions, larger loan sizes and longer terms – including mortgage loans that peer-to-peer lenders have thus far primarily resisted.
October 22, 2015--Element Financial announced it has initiated a series of steps that will accelerate the transformation of the company into North America’s leading fleet management and services enterprise with complementary commercial finance operations.
October 1, 2015--General Electric has reached separate agreements to sell its tank car fleet assets and railcar repair facilities to Marmon Holdings, a Berkshire Hathaway company, and its remaining railcar leasing business, General Electric Railcar Services, to Wells Fargo. Terms of the transactions are not being disclosed.
September 22, 2015--According to the Equipment Leasing and Finance Foundation’s September monthly confidence index, confidence in the equipment finance market is 61.1, easing from the sharp rise in the August index of 67.4.
September 4, 2015--ThetaRay, a provider of big data analytics solutions for advanced cybersecurity, financial risk detection, and operational efficiencies, has unveiled a credit risk detection model for online lending banks.
September 1, 2015--The positive beacon of light in July was extinguished this month as the August report of the Credit Managers’ Index (CMI) from the National Association of Credit Management (NACM) showed a nearly two-point drop in the combined score – slipping from 56.0 to 54.2.
September 1, 2015--Leaseurope, the representative body of the European leasing and automotive rental industry, together with Invigors EMEA, the specialist international equipment leasing and asset finance consultancy, have just published the results of the Leaseurope/Invigors European Business Confidence Survey, which was conducted in June 2015.
September 1, 2015--Intelligent Mechatronic Systems (IMS), a leading connected car company, released its Business Center with a powerful suite of program analytics and reporting tools made possible through a technology integration partnership with Pentaho, a leading data integration and business analytics company.
August 17, 2015--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. The 2015 Software Guide by the Equipment Leasing and Finance Association highlights the leading software solutions for the equipment finance industry.
July 29, 2015--Jason Lee Lum has received a prison term of 30 months for using his position at a Freehold, New Jersey, office equipment leasing company to defraud clients out of more than $600,000, U.S. Attorney Paul J. Fishman announced.
July 29,, 2015--New business volume grew by 6.7 per cent in the equipment finance industry in 2014, according to the ‘2015 Survey of Equipment Finance Activity’ from the Equipment Leasing and Finance Association. It marks the fifth consecutive year that business increased spending on capital equipment.
July 24, 2015--The Equipment Leasing and Finance Association’s (ELFA) ‘Monthly Leasing and Finance Index’ (MLFI-25) (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $903 billion equipment finance sector, showed their overall new business volume for June was $9.5 billion, up four per cent from new business volume in June 2014.
July 24, 2015--Element Financial and Quick Bridge Funding will both receive the ‘Operations and Technology Excellence Award’ from the Equipment Leasing and Finance Association. The award will be presented at the ELFA’s Operations Technology Conference in Philadelphia this September.
July 6, 2015--On the Move Systems’ (OMVS) shared economy business model received additional market validation after a respected industry survey revealed truckers are actively looking for ways to increase route optimization, a major selling point of the company’s upcoming “Uber-for-Trucking” platform.
June 24, 2015--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 $903 billion equipment finance sector, showed their overall new business volume for May was $7.1 billion, up one per cent from new business volume in May 2014.
June 16, 2016--LeaseTeam, Inc., a premier solution provider in the equipment and finance marketplace, is pleased to announce that Satellite Finance Limited, one of the fastest growing sales-aid leasing finance brokerages in the U.K., has gone live with ASPIRE. The installation marks LeaseTeam’s second U.K. customer to be live with the ASPIRE platform.
June 3, 2015--The broad-based weakness that knee-capped Canada's economy earlier this year will prove to be temporary with stronger performance expected in the latter half of 2015, according to the latest ‘ Economic and Financial Market Outlook’ issued by RBC Economics. RBC is projecting real GDP growth of 1.8 per cent in 2015 and 2.6 per cent in 2016.
May 29, 2015--The Certified Lease & Finance Professional Foundation (CLFP) held its first Academy for Lease & Finance Professionals (ALFP). The three-day event was hosted by Banc of California and ten individuals successfully passed the CLFP exam.
May 26, 2015--The Equipment Leasing & Finance Foundation released the May 2015 ‘Monthly Confidence Index for the Equipment Finance Industry’ (MCI-EFI), reporting that overall, confidence in the equipment finance market is 67.5, slightly lower than the April index of 70.7.
May 19, 2015--LeaseTeam, Inc., a solution provider in the equipment and finance marketplace, and eOriginal, Inc., a digital transaction firm, have announced a collaboration that delivers a fully digital transaction management (DTM) solution for OnePlace Capital, an equipment financing company servicing U.S. medical, dental, and veterinary practitioners.
May 15, 2015--“The Certified Lease & Finance Professional (CLFP) Foundation is deeply honored to receive almost $7,000 from the NEFA’s 'Chris Walker Educational Fund' (CWEF),” says Brian Schonfeld, CLFP president of the CLFP board of directors.
May 13,2015--The equipment rental industry stands poised to set an industry record for revenues in 2015 according to the latest updated industry forecast from the American Rental Association (ARA), despite reduced demand for equipment in oil patch drilling sites.
May 11, 2015--The Equipment Leasing and Finance Association (ELFA) has selected Valerie Hayes Jester, president of Brandywine Capital Associates, Inc., to receive its 2015 ‘David H. Fenig Distinguished Service in Advocacy Award’.
May 5, 2015--Ryder System announced it is making it easier than ever for customers to finance quality pre-owned vehicles. Ryder said it recently extended its U.S. preferred lender agreement with CIT Group to now include Ryder customers in Canada.
May 1, 2015--National Steel Car welcomes today's joint announcement of the North American harmonized regulations for the next generation of stronger and safer rail tank cars for the transportation of flammable liquids.
May 1, 2015--Canadian Pacific (TSX:CP)(NYSE:CP) applauds the Canadian and U.S. governments for working together on harmonizing new tank car standards and fully supports their leadership in the full implementation of these new cars for transporting dangerous goods.
April 27, 2015--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 $903 billion equipment finance sector, showed their overall new business volume for March was $8.9 billion, up 25 per cent from new business volume in March 2014.
April 24, 2015--Trinity Industries noted reported that its Railcar Leasing and Management Services group Q1/15 revenue was a record $166.1 million compared to $150.2 million in Q1/14 due to higher average rental rates and net fleet additions.
April 23, 2015--The Equipment Leasing and Finance Association (ELFA) responded to a new proposal regarding credit risk under the Basel framework. ELFA is calling for risk weighting treatment for commercial leases and loans backed by capital equipment, in response to a proposal issued for comment by the Basel Committee on Banking Supervision.
April 15, 2015.-- GE Capital Fleet Services has introduced BrightWorks* Insights, an advanced fleet analytics platform. The BrightWorks Insights platform is GE Capital Fleet Services’ core engine for bringing together data from drivers, vehicles, fleet services, and third parties to enable companies to make smarter fleet management decisions.
April 13, 2015--Investment in equipment and software is expected to grow five per cent in 2015, according to the Q2 update to the 2015 Equipment Leasing & Finance U.S. Economic Outlook released today by the Equipment Leasing & Finance Foundation.
April 13, 2015-- GE will create a simpler, more valuable company by reducing the size of its financial businesses through the sale of most GE Capital assets and by focusing on continued investment and growth in its world-class industrial businesses.
April 13, 2015-- 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 $903 billion equipment finance sector, showed their overall new business volume for February was $6.1 billion, up 13 per cent from new business volume in February 2014.
April 13, 2015--The Equipment Leasing & Finance Foundation (the Foundation) releases the March 2015 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 $903 billion equipment finance sector.
March 27, 2015--Element Financial announced it appointed independent director William Lovatt as chairman of its board of directors, effective as of April 1, 2015. This appointment aligns Element with optimal corporate governance standards where the roles of chairman and chief executive officer are separated. Element’s CEO, Steven K. Hudson, will remain an executive member on the board.
March 24, 2015--The ELFF released the March 2015 ‘Monthly Confidence Index for the Equipment Finance Industry’ (MCI-EFI), reporting that overall, confidence in the equipment finance market is 72.1, the highest level in four years, and an increase from the February index of 66.3.
March 24, 2015--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 $903 billion equipment finance sector, showed their overall new business volume for February was $6.1 billion, up 13 per cent from new business volume in February 2014. Volume was down nine per cent from January. Year to date, cumulative new business volume increased 12 per cent compared to 2014.
March 18, 2015--Small business loan approval rates at big banks and institutional lenders continue to improve, attaining new post-recession highs in February 2015, according to the 'Biz2Credit Small Business Lending Index', the monthly analysis of 1,000 loan applications on Biz2Credit.com.
March 17, 2015--Penske Truck Leasing is 'tipping off' a new ad campaign this month starting with ESPN.com during college basketball's biggest month. The new campaign aims to highlight the breadth of the brand's service offering to businesses and consumers in a unique and entertaining way.
March 10, 2015--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 $903 billion equipment finance sector, showed their overall new business volume for January was $6.7 billion, up 12 per cent from new business volume in January 2014. Volume was down 48 per cent from December, following the typical end-of-quarter, end-of-year spike in new business activity.
March 9, 2015--White Clarke Group released the White Clarke Group Global Leasing Report 2015. Ed White, President & CEO White Clarke Group, author of the report summarizes the tenor of the latest edition.
March 9, 2015--Caterpillar Inc. announced it has entered into a technology and predictive analytics agreement with Uptake, provider of a dynamic analytics and insight platform for a wide array of industries, based in Chicago, IL. Caterpillar has made a minority investment in Uptake and will jointly develop an end-to-end platform for predictive diagnostics to help Caterpillar customers monitor and optimize their fleets more effectively. The new technology will be available for both Cat® products and non-Cat branded products.
March 2, 2015--Accord Financial Corp. has announced that its subsidiary Varion Capital Corp. will begin doing business as Accord Financial effective immediately. This change completes Varion's transition into a national equipment finance company operating under the Accord banner.
February 24, 2015--FundThrough, a technology-driven online lending platform that changes the way businesses access financing, officially launched today. FundThrough is the first marketplace platform that offers lines of credit to growing businesses in Canada.
February 23, 2015--The Equipment Leasing & Finance Foundation released the February 2015 ‘Monthly Confidence Index for the Equipment Finance Industry’ (MCI-EFI). Overall, confidence in the equipment finance market is 66.3, a slight increase from the three-year high level reached by the January index of 66.1.
February 13, 2015--The 2015 edition of the National Heavy Equipment Show will include an Industry Breakfast on Friday, March 6 th, presented by the Ontario Chapter of the Canadian Association of Equipment Distributors (CAED) and Rock To Road Magazine.
February 9, 2014--The Equipment Leasing & Finance Foundation (the Foundation) has released the January 2015 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). 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 $903 billion equipment finance sector.
February 5, 2015--A report issued by BMO Harris Bank found that the majority of business owners and executives plan on making investments in their business in 2015. A nation-wide poll of 781 business owners and executives found that 58 per cent plan on making at least one investment in their business, with the expansion of operations leading the way as the most popular option.
February 3, 2015--The Equipment Leasing and Finance Association (ELFA) announced that President and CEO William G. Sutton, CAE, will retire at the end of 2015 and that ELFA’s Executive Committee and Board of Directors have voted unanimously to name Chief Operating Officer Ralph Petta as its new President and CEO, effective Jan. 1, 2016.
January 27, 2014--CIT Group reported net income of $251 million for the fourth quarter of 2014, compared to net income of $130 million for the year-ago quarter. Income from continuing operations for the fourth quarter was $252 million compared to $123 million in the year-ago quarter.
January 26, 2015--The business outlook improved notably among U.S. industrial manufacturers during the fourth quarter of 2014, according to the’ Q4 2014 Manufacturing Barometer’, released by PwC US. A wide range of key indicators posted improvement during the fourth quarter, including the positive company forecasted average growth rate for the year ahead, while concerns about legislative and regulatory policies and lack of demand declined.
January 21, 2015--Visitors to the Equipment Leasing and Finance Association’s (ELFA) end-user website, Equipment Finance Advantage, will find new enhancements that make it a more powerful resource than ever for helping businesses take advantage of the benefits of equipment finance.
January 21, 2015--According to a study released by GE Capital Fleet Services, companies that own their vehicle fleets report that they are challenged by capital expenditure limitations and the total cost of ownership of their fleets.
January 8, 2015--CIT Commercial Services, a provider of factoring services, and a unit of CIT Group launched ‘CIT CIS Mobile’, a mobile app designed to bring the functionality of CIT Commercial Services’ Client Information System (CIS) to iPhone and iPad devices.
January 5, 2015--The Marin Independent Journal reported, according to investors who are discovering the extent of their losses, that Clay Stephens, founder of Warren Capital who died suddenly in November, is now suspected of bilking friends and family alike out of as much as $23 million.
December 18, 2014 --According to a statement released by the Justice Department, two San Fernando Valley men were charged in a federal fraud case that alleges they ran a 15-year-long Ponzi scheme that collected hundreds of millions from investors who were told their money would be used to purchase profitable automated teller machines.
December 18, 2014--Element Financial announced that it expects to organically originate approximately $6.5 billion of new equipment loans and leases during 2015 across the its four North American market verticals representing an increase of 35 per cent over the $4.8 billion Element estimates it will originate in 2014. Approximately 75 per cent of this new business volume is expected to originate in the U.S.
December 15, 2014--Investment in equipment and software is expected to grow six per cent in 2015, driven by a steadily improving economy, according to the ‘Annual 2015 Equipment Leasing & Finance U.S. Economic Outlook’ released by the Equipment Leasing & Finance Foundation. Overall in 2015, the outlook for 12 individual equipment and software verticals tracked in the report is mixed, with some sectors outperforming others.
December 8, 2014--The Electronic Transactions Association (ETA), the global trade association representing the payments technology world, announced today the election of six new members to its Board of Directors. ETA also announced its 2015 board officers and named appointments to the ‘Presidential Advisory Council’.
December 2, 2014 --Economic activity in the manufacturing sector expanded in November for the 18th consecutive month, and the overall economy grew for the 66th consecutive month, say the nation’s supply executives in the latest ‘Manufacturing ISM Report On Business’.
December 2, 2014--The October release of the Thomson Reuters/PayNet ‘Small Business Lending Index’ (SBLI) increased 12 per cent compared to October 2013. The SBLI increased four per cent from 127.1 in September 2014 to 131.8 in October 2014, reflecting signs of strength in the economy. This is the first time the SBLI has exceeded the pre-recession peak, though it did so just barely compared to the previous high of 131.7 in January 2007.
November 25, 2014--Strong growth in jobs plus replacement demand for equipment from businesses will provide a stable base for overall economic growth, says the quarterly economic forecast by the MAPI Foundations, the research affiliate of the Manufacturers Alliance for Productivity and Innovation.
November 25, 2014--In its latest market commentary, investment adviser Old Hill Partners sa ys large banks continue to eschew lower middle-market loans because of heightened regulatory scrutiny and unattractive risk-adjusted spreads as they concentrate on larger, more fertile customers.
Nobember 24, 2014--The manufacturing sector in the U.S. has reached the highest rate of growth in more than four years, according to ‘Shifting Into High Gear’, an industry report released by Brown Gibbons Lang & Company (BGL).
November 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 $903 billion equipment finance sector, showed overall new business volume for October was $8.3 billion, up nine per cent from new business volume in October 2013.
November 21, 2014--The Governmental Accounting Standards Board (GASB) has issued for public comment a ‘Preliminary Views, Leases’, which includes proposals to improve the accounting and financial reporting for leases for state and local governments from both a lessee and lessor perspective.
November 21, 2014--IDC Health Insights presented its 2015 healthcare predictions, based on an ‘IDC FutureScape Report’. The report provided insights and perspectives on long-term industry trends along with new themes that may be on the horizon.
November 21, 2014--In his blog, ‘Specialty Vehicle Financing Trends: Back to the Future?’, Cramer Owen says that recent economic conditions, uncertainty over the proposed changes in lease accounting rules, and Federal tax legislation are resulting in changing demand for financing products in both the public and private sectors for specialty vehicles.
November 20, 2014--Finance is playing an increasingly important role in enabling medical equipment acquisition for healthcare organizations around the globe, says research from Siemens’ Financial Services unit (SFS).
November 19, 2014--Seal Software, the leading provider of Contract Discovery and Contract Analytics solutions, today announced that Telogis, developer of cloud-based software products and services designed for companies with mobile workers, vehicles and other mobile assets, has selected Seal Contract Discovery and Analytics to locate and consolidate its contracts from across the enterprise to increase visibility and control of contractual relationships with partners and customers.
November 19, 2014--U.S. financing and leasing companies (fincos) will likely face multiple headwinds in 2015, including increased competition, weaker asset quality, reduced reserve releases, and regulatory challenges that could impact profitability, according to Fitch Ratings. As a result, the sector outlook is negative, as outlined in Fitch's ‘2015 U.S. finco outlook report’.
November 12, 2014--With the natural gas powered vehicle market seemingly stalled as diesel fuel prices continue to drop, ACT Research has released the results of its updated research on U.S. Natural Gas transportation fuel trends in the heavy duty truck market. The report ‘NG Reality Check: Moving from Infancy to Adolescence’, published in October 2014, is a comprehensive, forward-looking long-term analysis on the use of natural gas as fuel in U.S. heavy Class 8 truck transportation.
November 12, 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 September was $9.4 billion, up 21 per cent from new business volume in September 2013. Month over month, new business volume was up 31 per cent from August. Year-to-date, cumulative new business volume increased eight per cent compared to 2013.
November 12, 2014--The Credit Managers’ Index (CMI) from the National Association of Credit Management (NACM) returned to a respectable status, jumping more than two points from 54.9 to 57.0. The readings are back to highs seen at the start of the year. The index of favorable factors cleared 60 comfortably and now sits at 62.6, which is still off the pace set in July and August, but is trending in the right direction again.
November 4, 2014--Ritchie Bros. Auctioneers Incorporated has announced several changes to its reporting structure and senior management team. Having completed an extensive review of company operations and historical performance, Ravi Saligram, chief executive officer, is now in the process of developing a strategic roadmap for the company.
November 3, 2014.--GBFC will be a majority-owned portfolio company of BlackRock Kelso, with Gordon Brothers Group owning a minority interest. As part of the transaction, GBFC acquired from GB Credit Partners, its asset-based lending business as well as a portfolio of approximately $269 million of loans. GB Credit Partners is an affiliate of Gordon Brothers Group.
October 27, 2014--The Equipment Leasing and Finance Association (ELFA) has established the ‘Equipment Finance Hall of Fame’ to annually recognize individuals who have made unique, significant, or lasting contributions to the equipment finance industry throughout their careers.
October 21, 2014--A new study by PayNet shows that equipment finance lenders can achieve double digit growth through a smarter application process. Although credit approval rates vary by lender and market segments, PayNet’s recent study addressing small ticket lenders showed an 86 per cent approval rate.
October 21, 2014--The equipment finance market is projected to reach $903 billion in 2014, according to the ‘2014 State of the Equipment Finance Industry Report’ released at the 53rd Annual Convention of the Equipment Leasing and Finance Association.
October 21--DHL, a logistics company, today announced the opening of a new facility in Edmonton, AB. Representing a significant investment of $2.1 million, this new facility will help DHL Express meet the growing demands of international shipping customers and help to streamline logistics and shipping for energy sector organizations.
October 8, 2014--Investment in equipment and software is expected to grow 5.5 per cent in 2014, according to the Q4 update to the’ 2014 Equipment Leasing & Finance U.S. Economic Outlook’ released by the Equipment Leasing & Finance Foundation.
October 7, 2014--Varion Capital Corp. revealed a series of strategic enhancements to its dealer programs. The enhancements are designed to streamline service, approvals and funding for small ticket transactions and position the company to finance larger deals.
September 25, 2014--Wells Fargo Capital Finance is expanding their Supply Chain Finance team domestically and internationally. The expanded team will support and target the growing middle-market technology sector, which consists of IT value-added resellers (VARs), distributors, and vendors of technology products and services.
September 22, 2014 --David VanWinkle is sentenced to five years and 10 months in federal prison without parole for stealing more than $4.9 million from his employer. The court also ordered that he forfeit to the government $4,911,621, a 2013 Holland tractor, a 2007 Hummer H3, a 2012 John Deere no-till seed drill, and $28,086 that was seized from various bank accounts.
September 22, 2014--The Equipment Leasing & Finance Foundation (the Foundation) has released the September 2014 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). 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.
September 19, 2014--ACT Research has released the results of its updated research on U.S. natural gas transportation fuel trends in the heavy duty truck market. Additionally, the report details the impact of today’s trucker-favored market, in which focus is placed more on acquiring capacity than on lowest total cost.
September 17, 2014--CDK Global, LLC., a subsidiary of ADP (R) and a leading global technology solutions provider dedicated to helping automotive retailers and manufacturers drive measurable results, announced today that it will offer a new, co-branded financing program for U.S. and Canada-based dealers with GE Capital's Equipment Finance business.
September 17, 2014--Export Development Canada (EDC) has provided US$17.5 million in financing for Montreal-based 5N Plus Inc. (5N), a fast-growing global producer of specialty metal and chemical products used in advanced pharmaceutical, electronic, and industrial applications.
September 15, 2014--At its 2014 Annual Conference, CFLA Chairman Eugene Basolini announced the “CFLA Member of the Year 2013-2014”. This award recognizes individuals, volunteers from members, who work quietly for the Association, committed to its goals.
September 15, 2014--The lastest report from PayNet reveals that many Canadian businesses may be stalling their borrowing during the low risk expansion phase of their business activities as they slow down investment and look to control their financial risks.
September 12, 2014--Metis Commercial Finance has announced its formation. Metis offers smaller borrowers a unique palette of financing structures including asset-based revolving lines of credit, term loans based on cash flow, and other assets, and unitranche debt with credit facilities ranging from $1 million to $20 million.
September 12, 2014--Ackroo Inc., a loyalty and rewards technology and services provider, has signed a partnership agreement with Dealer Rewards Inc. Dealer Rewards is a leading provider of integrated loyalty and rewards solutions for the automotive sector with over 250 locations across North America. Through this bi-lateral strategic partnership Ackroo will market Dealer Rewards' integrated loyalty and rewards solution to their current and prospective automotive dealer customers as a compliment to Ackroo's current stand-alone DealerCard solution.
September 3, 2014 – Compensation in the equipment finance industry increased modestly in 2013, according to the ‘ 2014 Equipment Leasing and Finance Compensation Survey’ from the Equipment Leasing and Finance Association (ELFA) and McLagan. For the fourth consecutive year, a year-over-year increase in new business volume contributed to increases in compensation, albeit at a slower rate than previous years.
August 26, 2014 – Leaseurope, the representative body of the European leasing and automotive rental industry, together with Invigors EMEA, the specialist international equipment leasing and asset finance consultancy, have just published the results of the biannual Leaseurope/Invigors 'European Business Confidence Survey'.
August 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 overall new business volume for July was $7.8 billion, up 8 per cent from new business volume in July 2013.
August 22, 2014 – Bestpass™, Inc., providers of bulk purchasing and streamlined toll management services to commercial fleets, says that the Niagara Falls Bridge Commission (NFBC) managed bridges, including the Rainbow, Whirlpool, and Lewiston-Queenston international bridges, are now part of the Bestpass toll service. The expansion of the Bestpass toll network is the result of the recent implementation of the E-ZPass tolling program by the NFBC.
August 22, 2014 – The Equipment Leasing and Finance Association is mourning the passing of Michael J. Fleming, who served as the association’s president for 27 years. Mike passed away August 19 after a long but valiant fight with cancer.
August 22, 2014 – The Equipment Leasing & Finance Foundation (ELFF) August 2014 ‘Monthly Confidence Index’ for the Equipment Finance Industry (MCI-EFI), incdicates that overall confidence in the equipment finance market is 58.9, easing from the previous two months’ indexes of 61.4.
August 13, 2014 – KANETIX.ca , Canada's premier car insurance comparison company, is challenging drivers to test their skills through a new mobile app that scores their driving, letting them know if they could qualify for auto insurance discounts.
August 12, 2014 – Fleet Advantage, an innovator in truck fleet business analytics, equipment financing, and lifecycle management, reports its ‘Clean Diesel Initiative’ that began in 2011 reached a new milestone. With multiple new clients, the company’s equipment orders for Class 8 tractors for the six-month period ending June 2014 exceeded 1,500 tractors, marking significant growth.
August 7, 2014 – More small business owners say their company’s current financial situation is good, yet their outlook for the next year has not changed significantly, says the ‘Well Fargo/Gallup Small Business Index’.
August 1, 2014 – The ‘Credit Managers’ Index’ (CMI) from the National Association of Credit Management (NACM) improved to 56.8 from 56.1 in July. The readings for the favourable and unfavourable factor indices improved, from 62.4 to 63.7 for the favorable factor index, marking the highest point in over four years, and from 52.0 to 52.2 for the unfavorable factor index. The latter being below marks set earlier in the year, but is at least trending in the preferred direction.
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.
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