Wednesday, June 16, 2010
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NEFA Regional Crab Feast “Positive”
About 70 lease and finance executives met Thursday, June 10th for the annual National Equipment Financial Association Baltimore, Maryland Crab Feast. The event was hosted by Bruce Winter (FSG Leasing), Scott Wheeler (Wheeler Business Consulting), and Nancy Pistorio (Madison Capital). This annual regional event, originally held by the Eastern Association of Equipment Lessors, was quite optimistic.
It is important to note that many long time industry leaders /survivors were there. The group included Equipment Leasing and Finance Association representatives, leasing executives, and some service providers. However, what was important was the tone.
The last two years of this event, and other industry events, heard many conversations about the economy and the future of our industry. However, that was not the case here. The conversations were extremely positive in that business leads were way up; spreads were good, and most talked about being not just busy, but “very busy.”
Direct lenders were please about declining defaults, increased applications, and the amount of new business inquiries.
The meeting had no formal agenda. Attendees mingled and spread the good gospel about the uptick in the economy and their recent positive experiences.
Let’s hope this fervor is a trend and not an aberration.
Allan Levine, Chief Operating Officer
Chesapeake Industrial Leasing joins
(notes) Bank owned funder/super broker. We fund A and B-plus credits through our network of community banks. We are a cash flow and credit lender. Most of our programs are full financial packages with competitive rates. Contact Taylor Brazzon @ 410-661-5000 x125 email@example.com
Complete List: Funder/Superbroker Looking for New Broker Business
Leasing News ---The List: “May”
Minnwest Capital Corporation , Minnetonka, Minnesota (05/10) (subsidiary of Minnwest Bank Metro) has filed a $4 million suit against Allied Health Care Services as well as the Charles Schwartz, president of the company, as personal guarantor to the corporation.
Main Street National Bank, Kingwood, Texas (05/10) FDIC shows 23 less full time employees, financial filing show
Pawnee Leasing Corp., Fort Collins, CO. (05/10) introduces B+ program "as there is a vacuum in this market due to 'A' funders all going upstream."
Kingsbridge Holding, LLC, Lake Forrest, Illinois (05/10) Sues Allied Health Care Services for $1 million.
Marlin, Mount Laurel, NJ (05/10) First Quarter profit matches profit in Evergreen Clauses of $1.2 million.
LEAF, New Jersey (05/10) Negotiating lines of credit
Full Listing: Alphabetical
(Leasing News provides this ad “gratis” as a means
Candor, confidence and optimism:
(Reprinted with permission)
Ralph Petta met Asset Finance Europe at International Decision System's ConnectionPoint 2010 where he was briefing over 100 representatives from leading asset finance organizations on the key drivers currently impacting the equipment leasing and finance marketplace.
Petta was appointed chief operating officer (COO) of the Equipment Leasing and Finance Association (ELFA) in April this year. The move came at a time of unprecedented challenge for the US, and indeed the global, asset finance industry.
Petta has worked for the association since 1987, most recently as interim president. In his letter to ELFA members accompanying the 2009 Annual Report, Petta pretty well set a road map for his future role. “As we say goodbye to a difficult 2009,” he said, “it is important that we assess where we’ve been and where we’re going. Looking back, we see a global financial system trying to regain its footing and recover from breathtaking upheaval in the financial service industry.”
Looking ahead: “There is no denying that, when all is said and done, this year (2009) will be unprecedented in terms of the magnitude of challenges facing ELFA members – and the association.” Nevertheless, Petta’s calm authority came through: “Be assured, that the Board is more engaged than ever in ensuring the financial health and stability of the organization.”
Such assuredness comes from a firm grounding in the mindset of the leasing industry. Although, truth to tell, it was not always so.
Born and schooled in Syracuse, New York, Petta attended Syracuse University and left with a degree in political science. For some nine years he worked in the office of US Senator Sam Nunn - the nuclear threat campaigner and specialist in international affairs.
“Working for Sam Nunn immediately after university was a great experience for me, since he had a great amount of influence on Capitol Hill,” Petta told Asset Finance Europe. “I started out working as a low-level administrative employee – and ended up as the Senator’s legislative assistant, dealing strictly with non-defense issues.”
His employment with the ELFA came purely by chance. “After some nine years I was looking for another opportunity,” he said. “Joining a trade association seemed a likely prospect and I started talking to a variety of contacts in a range of industries.”
It came to his notice that a post had become vacant at the ELFA (at that time the AAEL) which he initially took to be a government relations position. “When I started, I found my primary responsibilities were managing the development of the association’s industry information resources and data-collection projects. In addition, I oversaw the development of various benchmarking and market research initiatives and related resources.”
The biggest challenge
“My biggest challenge was quite simply that I didn’t know anything about the leasing industry, and it took me some time to get up to speed. Part of my brief was to advise members on their industry problems – so I spent much time reading everything available on the equipment leasing industry and how it functions. I also learned much from listening to members about their concerns and queries – and I am a good listener!"
Now, as a recognized authority in the business of equipment finance, he is often quoted in industry trade publications and is a frequent speaker regarding the role of equipment finance in the US economy and developments in the equipment finance sector.
Petta recounts the changing face of leasing over recent years. “There has been so much industry consolidation that leasing has tended to become very specialized – and indeed popularized. The trend has been a move away from pure leasing to lenders providing a far broader range of product offerings. So secured asset-based lending has widely developed in place of solely leasing – but the common theme remains the use of the asset itself.”
As in the UK, the original tax benefits of leasing have tended to be eroded by US government intervention over the years. Petta recalls the “monumental” Tax Reform Act of 1986 with its elimination of investment tax credits as pivotal to the fortunes of the equipment leasing industry. “Quite frankly,” he said, “I had heard from some experts that the industry was finished- and I had just joined it!”
He added: “But over the years I’ve become used to the fact that despite continuing changes our members, and the overall asset finance industry, find new ways to adapt and evolve and prosper. After all, the economic value of an asset lies in its use and not in its ownership or the tax advantages that may be derived from it.”
As COO, Petta is responsible for executing ELFA’s strategic vision and providing management as well as oversight for programmes and services designed to add value to the association’s members and their companies.
The COO position itself is new and was custom-made because of Petta’s unique familiarity with the Washington regulatory scene coupled with his extensive knowledge of the asset finance industry.
He is facing association challenges with equanimity. ELFA membership revenues are inevitably down as a result of the recession (although this has stabilized during Q1 2010), conference and event-attendance drops have reduced income and generally the association’s planning and budgeting took “a significant hit”. To add to this the association’s investments have also suffered with stock exchange falls.
But as an asset finance trade association ELFA has a strength that is rarely replicated elsewhere. Its openness and transparency is a lesson to many of its global counterparts. It reveals its highs and lows with a candor that looks beyond the short-term. It indicates a confidence and anticipation for more optimistic times ahead.
“We work hard at being as open and transparent as we possibly can,” Petta stressed. “We have a policy of reaching out to targeted audiences beyond our membership. We strive to link with trade journals and the media to emphasize the value of the asset finance industry and its association. We work at being open and honest – and I believe that it serves us well. After all, we are not just an advisory group – we represent the business community at large.”
Looking forward Petta aims to broaden the appeal of asset finance to a wider range of users. Already ELFA has been approached by Chinese trade associations for industry advice and assistance in developing their domestic industry.
“The US asset finance sector is mature. There is, however, a growing global appetite for asset finance, and we aim to look beyond our borders and provide those of our members seeking to grow internationally with an appropriate environment in which to do so.”
As Q2 2010 asset finance figures indicate a gradual return to sounder levels of new business Petta’s calm command of the industry reveals itself. “We are not out of the woods yet,” he said, “but membership is coming back and some recent conferences have been oversubscribed. Furthermore we have reached our 2010 membership budget.”
He added: “I believe what the ELFA offers its members in terms of value is outstanding. I am certain there is no other organization in our space that provides the level of service offered by the ELFA to its members, whether it is industry information, research and data, public policy support, business and professional development, or ethical standards of conduct. The association provides all of these benefits now – and promises to continue to do so in the years ahead.”
Petta lives in Falls Church, Virginia, just outside Washington DC with his wife and two children. His wife, Lisa Levine, is president of the ELFA’s leasing and finance foundation which provides overall management and direction for the association’s charitable work and development of future industry research.
When time permits he enjoys a game of golf – and plays off a handicap of 12 despite not being a club member. He also keeps his feet firmly on the ground by playing keyboard in a rock and roll blues band.
Ralph Petta's presentation last week was at ConnectionPoint 2010, International Decision Systems (IDS) annual conference in Minneapolis where he identified key drivers impacting the asset finance industry. ConnectionPoint is a conference for over 100 leading asset organization from IDS global user community.
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### Press Release ############################
Equipment Leasing and Finance Association Announces Winthrop Resources Corporation
Direct Capital Corporation Awarded Honorable Mention
Washington, DC—— The Equipment Leasing and Finance Association (ELFA) announces that its 2010 Operations & Technology Excellence (O&TE) Award will go to Winthrop Resources Corporation, a wholly-owned subsidiary of TCF Financial Corporation, for its project implemented by Odessa Technologies, Inc. Direct Capital Corporation is being recognized for honorable mention for its project developed with eOriginal, Inc. The winners were selected by the O&TE Award subcommittee and will be showcased during ELFA’s 49th Annual Convention, October 24-26 in Boca Raton, FL.
“Winthrop Resources Corporation and Direct Capital Corporation have demonstrated outstanding achievement in solution implementation best practices,” said Deborah Reuben, Product Manager, HCL Technologies and O&TE Award Sub-committee Chair. “Their accomplishments are excellent examples of the technical expertise and initiative that has come to define the equipment finance industry, and well deserving of this award recognition.”
Winthrop Resources Corporation will receive the O&TE Award for its implementation of a robust technical platform, capable of handling well over a million leased assets and several thousand customers. The fully-integrated system covers all processes and functionality normally associated with lease management, including adherence to generally accepted accounting principles, the application of financial and business process controls and adequate tax/compliance support.
Direct Capital Corporation will receive an honorable mention for its development of a transformative business process incorporating e-signature technology which reduces customers’ financing transaction time and increases efficiency in sending and receiving customers’ financial documentation.
The O&TE Award Program identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI. The program brings the backroom to the foreground spotlighting the best in the industry as an example for others.
About the ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $518 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 600 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org
ELFA is the premier source for statistics and analyses concerning the equipment finance sector. Please visit http://www.elfaonline.org/ind/research/ for additional information.
Shelter staff named me TIARA.
Shelter Staff made the following comments about this animal:
“The Princess Diaries: Today I sat in my kennel as I watched some of my buddies here get adopted and go to new homes. I'm hoping today is my day to adopt a great family. Maybe I get looked over because I don't see as well as some but that only makes me a gentle easy going soul. Perhaps today someone who can see well enough to look into my heart will visit with me and discover I'm the soft curly-coated little lady who will bring them joy.
"I am a senior dog so if you are 62 or older you may qualify to adopt me for free as part of our Seniors Helping Seniors program."
For more information about this animal, call:
Irvine Animal Care Center
Our Adoption Process
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
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Today in History
1775 - American Col. William Prescott led 1200 men from Cambridge to dig in at Bunker’s Hill but arrived at night and dug in at Breed’s Hill. A siege on Boston by Colonial militia generals John Stark and Israel Putnam prompted the British to attack.
This Day in American History
1738-Birthday of Mary Katherine Goddard - Colonial printer and publisher. She was the first to publish the Declaration of Independence. Her widowed mother worked in her son's printing plant in Rhode Island as she did. When he moved away leaving it in debt, the women continued the business and published the Providence Gazette. They sold it and moved to Philadelphia to publish the Pennsylvania Chronicle. Selling this paper, she moved to Maryland as the editor and publisher of the Maryland Journal which she published right through the Revolutionary war.
NBA Finals Champions This Date
1996 Chicago Bulls
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