Archives---October 16, 2000
Bob Cragin Brought In Agilent Program to CIT

"Just thought you ought to know that the person who opened the door and brought the CIT senior management in for the Agilent Program was none other than your old friend Bob Cragin. Just goes to prove that even some old leasing guys still have what it takes through persistence and determination to make the cold call and the follow up.

“Congratulations to Bob!"

Dennis Duffy
DATASDuffy@aol.com

(Agilent Technologies and The CIT Group have entered into a vendor financing agreement whereby CIT will provide equipment financing and leasing services to Agilent customers on a global basis.

(Agilent estimates that the sale of this portfolio will result in additional net revenue of approximately $220 million in the fourth quarter of fiscal 2000 and between $250 million and $300 million in net revenue in fiscal 2001. Agilent estimates additional operating profit of about $120 million in the fourth quarter as a result of the sale, and between $125 million and $150 million in additional operating profit in fiscal 2001.

(In addition, Agilent estimates that the change in revenue recognition for new-order originations will result in between $150 million and $200 million in additional net revenue in fiscal 2001.)

---

February 3, 2003

“Kit,
 
“Thanks for the kind thoughts......just got back from Phoenix where CIT had a retirement dinner (complete with gold watch) for me last night.  It was very nice......made it even harder to ‘let go’.
 
“Of all the companies I worked for, CIT has them all beat as a place to work.  I am leaving behind some first class friends.  Maybe I should write a book about my 30 years in leasing (we all could).
 
“Keep up the great work...”
 
Bob Cragin
bobdel@cox.net

 

TODAY

He would be 74 years old today, retiring at age 63, enjoying traveling, and still sends emails from time to time.  We go back to when he ran the Security National Leasing Division at Security National Bank, Walnut Creek, California; then he went and ran Harrah's financing and leasing operation in Reno, Nevada, finally settling down with CIT.

One of his earlier emails, printed in Leasing News "We get eMail: "......been retired 2 years now. Financial retirement plan worked out better than hoped for. Del and I are enjoying our retirement in our hilltop home with expansive view in the hills northwest of Escondido. “
 
 Bob Cragin

 

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Classified Ads---Credit

(These ads are “free” to those seeking employment
or looking to improve their position)

Credit, syndication, workout experience Exceptional work ethic, common sense coupled with practical experience in equipment finance, consumer, commercial. Can interact with all levels of borrowers and intermediaries. Not an originator – but can help sales team close – great up sell ability. Will relocate for the right opportunity AND can work remotely.aaacorrespondent@gmail.com

Orlando, Florida As a Commercial Credit Analyst/Underwriter, I have evaluated transactions from sole proprietorships to listed companies, across a broad spectrum of industries, embracing a multitude of asset types. Sound understanding of balance sheet, income statement and cash flow dynamics which impact credit decisions. Strong appreciation for credit/asset risk.  rpsteiner21@aol.com  407 430-3917

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

 

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Vote “Yes” on CIT Bank and OneWest Bank Merger
Marriage Similar to that of CIT and Direct Capital
by Christopher Menkin, Editor

CIT Bank and OneWest Bank request to merge is under review by the Federal Regulators. A Leasing News review of the FDIC June 30, 2014 financial reporting shows both banks have different personalities, but are in excellent financial condition, especially CIT Bank on a profit per employee basis.  The numbers below speak for themselves:

 (Leasing New Chart: FDIC)

There also is a similarity here in the recent purchase of Direct Capital Corporation, Portsmouth, Massachusetts. The fit seems perfect as Direct Capital specializes in the small ticket marketplace, under $250,000, while both CIT Bank and CIT are in the middle market to top marketplace.  In addition, both are very aggressive using the latest technology, social media, including software. This is a dynamic
duo!  Great advantages for both to grow!

In the last several year’s survey of the two most visited finance and leasing websites, CIT and Direct Capital have consistently been the top two (1)

There also is a similarity that in the downturn, CIT was forced to rely on TARP, as did many financial institutions, and has emerged to again become a very successful company.  OneWest began from the remnants of IndyMac, caught in the mortgage bubble burst, which investors turned around originally as a regional bank in the Pasadena area, and grew into 74 offices. Two success stories; grateful to their
customers and investors.

It should be noted the CIT Group, Inc (NYSE:CIT) Board of Directors has declared a quarterly cash dividend of $0.15 per common share on its outstanding common stock. The common stock dividend is payable on November 26, 2014 to common shareholders of record as of November 12, 2014.  In addition, the entire company and its officers for decades have been very active in the community where its offices have been located.

Vote “Yes” on the CIT Bank and OneWest Bank merger.

(1) Top Five Leasing Company Web Sites in North America
http://leasingnews.org/archives/Jul2014/7_09.htm#five

 

 

 

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Halladay Rejoins Sudhir Amembal as Partner
“DELIGHTED that Shawn has joined me!”

Announcing what they call a "strategic alliance" Amembal & Associates and The Alta Group will be working together, and the firm will be renamed Amembal & Halladay (A&H). To cement the relationship, longtime Alta Managing Director Shawn Halladay, a Leasing News Advisory Board Member, and former partner of Sudhir Amembal, is again a partner.  Amembal and Halladay will offer educational services in the U.S.

John Dean
CEO
The Alta Group

“This is the second time that The Alta Group is forming a strategic alliance with Amembal and Halladay” said John C. Deane, chief executive officer of The Alta Group, noting that, when he first began consulting to the equipment leasing and finance industry more than two decades ago, it was with Sudhir Amembal and Shawn Halladay.

Deane added. “A key element in this alliance will be Shawn’s continuing work with Alta in providing consulting and advisory services in the U.S.”

Sudhir Amembal
Amembal and Halladay

“I am DELIGHTED that Shawn has joined me!" Sudhir Amembal told Leasing News “He first joined my firm in 1984 when our practice focused on the US leasing industry.  He has been extremely influential in shaping the growth of the US leasing industry and will continue to do so through our upcoming US seminars and conferences. His deep technical skills will bring considerable benefit to A&H clients in both evolving and mature leasing markets. 

“The new alliance with Alta will lead to expanded classroom and web-enabled education options, as well as mentoring and coaching programs, special topic conferences, corporate curriculum development, and train-the-trainer services for U.S. clients. Professional development is an area where our clients have indicated a growing need. In response, our alliance with A & H will greatly expand industry education services that our consultancies can offer.”

 

Shawn Halladay
Amembal and Halladay

"Sudhir is, without a doubt, the preeminent leasing authority in the world and I am excited to once again be working with him," said Shawn Halladay. "My role is to bring incremental resources and skills to the firm.  A&H will leverage these capabilities to develop our US training programs and provide a linkage between evolving US best practices and our international clients.  This combination has worked well in the past and we believe that joining together again will allow A&H to add even more value to its customers throughout the world.”

Mr. Deane, CEO of The Alta Group, added: “Professional development is an area where our clients have indicated a growing need. In response, our alliance with Amembal & Halladay will greatly expand industry education services that our consultancies can offer,” stated

 Mr. Amembal added, “The simultaneous strategic alliance with The Alta Group will provide A&H a pool of global resources, further enabling it to meet the needs of our clients in all aspects of equipment leasing and finance, in every geographic region.”

 

 

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New Hires---Promotions in the Leasing Industry

 

Meade Brewster was announced as working in the sales and marketing departments for GSG Financial, LLC, NY, NY. She joined the firm July, 2014. Previously, she was Marketing Intern, Freshpet (August, 2013); Global Client Finance Intern, IPG Mediabrands (June 2013–August 2013); Planning Intern, RJ Palmer (June 2012–August 2012). Education: Washington and Lee University, Bachelor of Arts (B.A.), Economics (2010–2014). Activities and Societies: Women's Lacrosse, Kappa Delta Sorority, Generals Leadership Academy, Kathekon Member, Promise Campaign. West Morris Mendham High School (2006–2010).

Gabriella Cafaro was announced as working in the sales and marketing departments for GSG Financial, LLC, NY, NY. She joined the firm July, 2014. Previously, PR Intern, Atlantic Records (April 2013–August 2013); Intern, Core Services (May 2012–August 2012); Receptionist, Salon K (April 2011–August 2011). Volunteer: Zeta Tau Alpha Representative, Susan G. Komen (February 2013). Education: Florida Southern College, Bachelor of Arts (B.A.), Public Relations, Advertising, and Applied Communication (2010–2014). (Open) 9 courses. Morristown High School.

Fred Clauhs has been hired as Mid-Atlantic Regional Sales Manager at Advantage Funding, Lake Success, New York; based in Charlotte, North Carolina. Previously, he was Regional Sales Manager, Hitachi Capital America, joining the firm in February 2013; Business Development Manager, ENGS Commercial Finance (June 2012–January 2013); Leasing Manager, Transource, Inc. (October, 2011 – June, 2012); General Manager, Central Carolina Farm & Mower (January, 2008 – July, 2010). He joined Volvo Financial Services, January, 2001, as Sales Manager; promoted to Business Development Manager, 2003; promoted to District Finance Manager, January, 2001; Regional Finance Manager, Mercedes-Benz Credit Corporation (January, 1987 – January, 2001). Volunteer Experience & Causes: The Big Serve, The Summit Church (October, 2010 – October, 2012). Education: Mars Hill College, BS, Business Administration
(1977 – 1981).
www.linkedin.com/in/fredclauhs

Nicholas Fong was hired as Marketing Manager, Allegiant Partners, Inc., San Rafael, California; based in Walnut Creek, California.  He previously was Marketing Manager for Allegiant's First Star Capital, joining the company as Marketing Associate, February, 2010 and being promoted to Marketing Manager, June, 2013. Education: California State University-East Bay, MBA, Marketing and Finance (2008–2009); San Diego State University-California State University B.S., Marketing (2005–2007).
www.linkedin.com/pub/nicholas-fong/5/a82/792

Ken Foster hired as Southwest Regional Sales Manager at Advantage Funding, Lake Success, New York. He will be "...working directly with customers and vendors to build relationships and structure transactions tailored to vocational trucking." He previously "... served as Vice President of Bank of America’s Leasing and Capital Division. He also held regional sales management positions with Fleet Bank, U.S. Bank and Heller Financial. He received his B.S. in Marketing from the University of Texas at Austin.” 

Daniel J. Krajewski was announced as Vice President and National Sales Director for the Commercial Equipment Finance (“CEF”) group, Banc of California, Irvine, California. Mr. Krajewski is responsible for the growth of all key strategic markets served by the CEF group. He was hired, September, 2014. “Dan is a respected leader in the equipment finance industry and we are excited to have him join the Banc of California team,” said David Normandin, SVP and Managing Director of Banc of California’s Commercial Equipment Finance group. “His leadership and broad base of experience will be instrumental in helping to expand our reach into the equipment finance market.”  Previously, he was CEO, Kenilworth Consulting (April 2009–Present); Vice President, Direct Capital Corporation (September 2011–July 2014); Chief Sales & Marketing Officer, Velocity Financial Group (July 2008–April 2009); EVP & General Manager, Technology & Office Equipment Finance, CIT (August 2005–January 2008); Vice President, GE Commercial Finance (June 1993–July 2005). Education: State University of New York College at Buffalo, MBA Finance (1980–1983). Canisius College, B.S., Management/Finance (1975–1979).
www.linkedin.com/pub/daniel-j-krajewski/11/a44/52a

William J. "Bill" Mayer has been promoted to head the Wells Fargo Equipment Finance Group, succeeding John McQueen, a 21-year company veteran who announced his retirement earlier this year and will stay on through the end of 2014 to help with transition. Previously, he was "...Chief Credit Officer of Commercial Banking/Wells Fargo Capital Finance/Equipment Finance at Wells Fargo & Company and served as its Head of Retail Finance. Mr. Mayer has been the President and Chief Operating Officer of Wells Fargo Retail Finance, Inc., since September 2002. Prior to joining Wells Fargo Retail Finance, Mr. Mayer spent almost 14 years with GE Capital in various leadership roles, both domestically and internationally, holding positions in their Commercial Finance Group, Retailer Financial Services and Healthcare Finance Group. Before joining GE Capital, Mr. Mayer was at KPMG Peat Marwick. He serves as a Member of Executive Advisory Board at the David F. Miller Center for Retailing Education and Research at the University of Florida's Warrington College of Business Administration. Mr. Mayer earned his Bachelor's degree in Accounting from the Pennsylvania State University."
www.linkedin.com/pub/william-mayer/65/828/a6a

Chris Regas is now Financial and Strategic Consulting, Jacksonville, Florida.  He continues as Sr. VP Executive Director of Equipment Finance, CertusBank (October 2013–Present). Previously, he was VP U.S. Sales, Caterpillar Financial (February 2002–June 2012); President, CEO, FCC Equipment Financing (November 1997–February 2002). Education: Vanderbilt University, Bachelor of Science (BS), (BA), Business Administration and Management, General (1970–1974).
www.linkedin.com/pub/chris-regas/89/923/a99

Joshua A. Rouswell was announced by Marlin Business Services, Mount Laurel, New Jersey as Director of Franchise Financing; based in The Woodlands, Texas. He joined the firm June, 2014.  Previously, he was Vice President Franchise Lending, US Bank (October, 2010 – May 2014). He joined Green Bank, The Woodlands, Texas, as Vice President-Underwriting, 2008; promoted to Vice President, Franchise Lending (October, 2010 – May, 2014). He joined JP Morgan Chase, 1998, as Trust Operations; promoted to Corporate Trust Officer, 2001; promoted to Private Bank Account Officer, 2003; promoted to Commercial Bank, 2005-2008. Education: Texas A&M University
Bachelor of Business Administration (B.B.A.), Finance (1993 – 1998);
Las Cruces High School (1989 – 1993).
www.linkedin.com/pub/joshua-rouswell/8/576/910

Sarah Tomita was hired as Vice President of Business Development, US Capital Partners, Inc, San Francisco, working out of the firm’s headquarters. She joined Goldman, Sachs & Co as Analyst, Consumer / Retail Equity Capital Markets, July, 2006; promoted to Associate, Global Natural Resources Investment Banking, June, 2009; promoted to Vice President, Consumer / Retail Investment Banking, June, 2011. Previously, she was Summer Intern, Office of Presidential Personnel The White House (May, 2004 – August, 2004) where she interviewed and vetted political appointees to be recommended to the President of the United States; Summer Intern, Office of the Deputy Secretary of Labor, U.S. Department of Labor (May, 2003 – August, 2003) (Analyzed policy revisions to the Fair Labor Standards Act and authored a memorandum on overtime pay legislation for the Deputy Secretary of Labor).Volunteer Work: National Secretary, Board Director & Chair of Marketing and Outreach; Yale Alumni Nonprofit Alliance (YANA) (June, 2012 – Present); Board Director & Membership Director, Metropolitan Tennis Group (February, 2014 – Present); Chair, Marketing Committee and Steering Committee Liaison, Inaugural Yale Asian Alumni Reunion (October, 2013 – April, 2014); Mentor, iMentor (September, 2013 – Present). Yale Alumni Interviewer, Brooklyn Alumni Schools Committee (ASC) (September, 2009 – Present). Education: Yale University, Bachelor of Arts (B.A.), Political Science, Distinction in Major (2002 – 2006). Activities and Societies: Directed Studies Program, Pi Sigma Alpha (National Political Science Honor Society), Yale Symphony Orchestra, Branford College Head Freshman Counselor, Senior Class Council
www.linkedin.com/in/sarahtomita  

Jeremy Tsakiris was hired as Business Development Manager at Beacon Funding Corporation, Northbrook, Illinois; based out of Greater Boston, Massachusetts. Previously, he was Senior Loan Officer, Blue Water Mortgage Corporation (May, 2013 – October, 2014); Senior, Business Development Manager, Direct Capital (June, 2000 – May, 2013). Education: Dover High School, Diploma, Business/Finance (1992 – 1996). Plymouth State University, Finance and Financial Management Services.
www.linkedin.com/pub/jeremy-tsakiris/4/989/a57

 

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Ascentium Capital to Open Office in Portsmouth, NH
Near Hometown of Direct Capital

Leaked from an Ascentium employee who asked not to be named:
 

“We have been looking to expand into New England for more than one year and chose to open a sales office in Dover, NH. This newly built office space will open in November 2014 and house up to 20 sales people. 

"These sales professionals will originate leases and loans for Ascentium Capital.

“Interested Sales Professionals in the New England area should contact:

“Jesse McLennan
VP National Recruiting
JesseMcLennan@AscentiumCapital.com
281-902-1940”

(Rumor, from two other sources, has it that Brian Varney, Director of Sales at Direct Capital Corporation, who has been with the firm since May, 2000, has jumped ship and will be running the new office.

(Leasing News was not able to confirm or deny the rumor from
Mr. Varney. Editor).

 

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Leasing Industry Help Wanted
 

 

 

STRADA Capital recently moved into its new facility and is hiring Top Sales Producers to work in our Equipment Financing and Working Capital Divisions. High Level Performance, Collaborative Creativity, Integrity and Transparency define our Culture. The Company offers generous commission plans, industry leading support and benefits. Email your resume to: SalesCareers@STRADAcapital.com www.STRADAcapital.com The Place where Professionals Prosper

 

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm 

Microfinancial Reports Net Income $2.9 Million 3rd Q, 2014

MicroFinancial reports Net income increased by 11.9% to $2.9 million for the third quarter, ending September 30, 2014. Originations increased by 25.8% to $29.7 million as compared to $23.6 million in the same period last year For the six months ended June 30, 2014, net income was $4.6 million.

Located in Burlington, Massachusetts, and Westlake, California, recently up-dated its web site with many features to attract brokers and vendors via its subsidiary, TimePayment, which specializes in leases from $500 to $15,000; current average of $4,900.

Richard Latour
CEO/President
Microfinancial

"We are very pleased with our overall performance through the first nine months of 2014,"Richard Latour, President and Chief Executive Officer said. "During this period, we have continued to see an increased demand for the products and services we offer. We realized a 21% increase in the number of lease applications processed for a total of 70,069 applications and a 20% increase in application dollars for a total of over $404 million.

"The number of contracts funded during the first nine months of 2014 increased to 16,624 representing $80.5 million which represents increases of approximately 17% and 19% over 2013 performance, respectively. Through September, we also increased the number of new vendor approvals for 2014 to a total of 1,108 which represents an increase of 40% over the 790 vendors approved over the same period in 2013."

The Company paid a cash dividend of $0.07 per share.

Full Press Release with Financial statement:
http://phx.corporate-ir.net/phoenix.zhtml?c=119119&p=irol-newsArticle&ID=1978152

 

 

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What Lessors Now Need to Know About Hacking
By Marty Robins, Esq.

Hacking of Computers and Data Bases Is Not Restricted To Large Consumer- Oriented Companies. Equipment Lessors Can Be the Target of Such Hacks. Is Your Company Prepared? 

While the recent revelations about computer hacking of Target, Chase, Sony, Dairy Queen, Home Depot and misuse of consumer information may seem irrelevant to commercial equipment lessors, it would be wise if lessors prepared for the possible hacking of their data base. 

First, if key data bases such as customer lists and histories, employee lists, pricing formulae and billing information are eradicated or corrupted, the impact on current and future operations and finances is obvious. 

Second, even if such material remains intact, but falls into the hands of competitors, there may be major implications.  Consider as well the reaction of customers who learn that their lessor was victimized in this manner. Even absent legal proceedings, this is not likely to enhance the relationship, particularly if what is disclosed is pricing information that indicates unexpected profitability or end-of-term expectations. 

Third, any hacking may be a breach of confidentiality provisions for upstream funding sources and the lessor’s representations and warranties.  A hack may constitute an unanticipated breach of such provisions, which many believe apply only to voluntary disclosures by the lessor’s own staff.  Second of all, lessors, like most other businesses, are likely to have on their websites, privacy policies that too often make commitments as to preservation of confidentiality when this is impossible in today’s world of sophisticated hackers. 

Fourth, the breach may well expose lessor’s customers to serious exposure in the marketplace and jeopardize their competitive posture if the information reflects their business strategy, such as a short term lease on production equipment indicating an intention to exit a product line.  Similarly, unauthorized disclosure of the customer’s financial information may embarrass the customer.  A breach of an express covenant of confidentiality may trigger actual loss for the lessee, and corresponding liability of the lessor. 
Finally, the possibility of governmental action such as Federal Trade Commission inquiries and resulting 20 year consent decrees should not be disregarded.  A 20 year consent decree will not be good for any lessor, big or small.  The FTC’s increased vigilance in this area is reflected in the 2014 case involving Wyndham Hotels, in which the FTC successfully went to federal court to confirm its authority to regulate deficient data security practices. (1)

What should the lessor be doing to mitigate this exposure?

• The lessor should work with counsel to ensure that lease and policy language in the documentation (both with the lessee and funding sources) and on lessor website  does not inadvertently put you on the hook for data breach consequences;

• Make sure the lessor’s IT department is using up to date security-oriented vendor patches, commercial grade firewalls and partitioning of data bases to facilitate ‘need to know’ access and seeking to ensure compliance against a recognized standard;

• The lessor’s IT department should monitor use of cloud services and vendors to insure their security compliance and its counsel should address the contractual allocation of liability; and

• The lessor’s HR department should make sure that credentials of prospective employees are checked to make sure that no one is hired with security issues.

•  The lessor’s HR department should properly screen departing employees to make sure that laptops, cell phones and other BYOD devices do not contain confidential information and that no such material has been inappropriately transferred via e-mail, flash drive or otherwise.  (2)

Ultimately, the best advice to equipment lessors’ senior management is to make this topic a priority in its own deliberations, communicate such priority throughout the organization and include it in pertinent evaluations.  

• http://www2.bloomberglaw.com/public/desktop/document
  /FTC_v_Wyndham_Worldwide_Corp_No_213cv01887ESJA
  D_2014_BL_94785_DNJ
• E-Discovery Catches Up with Mobile Devices

http://leasingnews.org/archives/Apr2013/4_12.htm#ediscovery

Martin B. Robins, Partner FisherBroyles LLP, formerly SVP and General Counsel Meridian Leasing Corporation. His law practice emphasizing corporate and IP matters include leasing.
FisherBroyles, LLP
203 N. LaSalle Street, Suite 2100 |
Chicago, IL 60010, USA  
Direct: 847.277.2580 
Mobile: 847.727.7927 
mrobins@fisherbroyles.com| 
www.fisherbroyles.com

 

John Kenny  Receivables Management • End of Lease Negotiations & Enforcement • Fraud Investigations • Credit Investigations • Asset Searches  • Skip-tracing • Third-party Commercial Collections john@jkrmdirect.com | ph 315-866-1167| www.jkrmdirect.com

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

 

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Twelve Federal Reserve Districts Report Expansion
Beige Report

"Demand for business credit expanded since the previous Beige Book. New York reported increased demand for commercial mortgages. Philadelphia noted increased loan volume for commercial and industrial loans. Cleveland, Atlanta, St. Louis, and San Francisco noted increased commercial loan demand. Chicago noted that business demand for equipment and commercial real estate financing rose. Financing for mergers and acquisitions as well as for capital expenditures rose in the Dallas District. Kansas City noted slight increases in commercial and agricultural lending.

"There were no reports of deterioration in credit quality. New York reported that delinquency rates continued to decline, particularly for commercial loans and mortgages. Philadelphia banking contacts described steady improvement in credit quality, and San Francisco noted that asset quality has improved since the previous report. Most bankers in the Kansas City District reported that loan quality was unchanged compared with a year ago.

"Credit standards generally remained unchanged since the previous Beige Book. Cleveland noted that no changes were made to loan-application standards during the past six weeks, but lenders slightly relaxed terms and conditions. Some contacts in the Philadelphia District said that heated competition for loans was resulting in a slight rise in credit risks."

"Moderate growth was reported by the Cleveland, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco Districts, while modest growth was reported by the New York, Philadelphia, Richmond, Atlanta, and Kansas City Districts. In the Boston District, reports from business contacts painted a mixed picture of economic conditions. In addition, several Districts noted that contacts were generally optimistic about future activity."

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco

Summary:

Full Report:

 

((Please click on ad to learn more))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

 

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Starbucks App, Most Successful Mobile Payment Systems
by John Heggestuen, businessinsider.com

While many mobile payment apps like Google Wallet have struggled to gain traction with consumers, the Starbucks mobile payments app stands out as a success.

At 6 million average weekly transactions in the U.S., it now accounts for a full 15% of transactions made at the U.S. Starbucks-operated stores.

A billion-dollar volume driver: The Starbucks app is on track to process over $1.5 billion in payment volume in the U.S. in 2014, according to our estimates. In the second quarter it accounted for 15% of the transactions in U.S. company-operated stores, averaging 6 million transactions per week.

Customer loyalty to Starbucks plays a role: Starbucks stores are everywhere, coffee is purchased habitually, the app incentivizes regular purchases through its rewards-loyalty program, and the app works on the majority of smartphones. The app's success is not due to the ease of payment with a phone. So it has succeeded despite the fact that it is not more convenient than credit or debit cards or cash.

Opportunities for growth: There are a number of features that could help reinvigorate growth including order-ahead capability and beacon-powered alerts and offers.

Other retailers could emulate Starbucks' success: These retailers include quick service restaurants, gas stations, grocery stores, and pharmacies. Starbucks has said it is in talks to license the app's technology as a white label solution.

http://www.businessinsider.com/starbucks-mobile-payments-app-2014-9

 

 

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Fernando's View
By Fernando F. Croce

A couple of solid dramas ("Whiplash," "The Judge") come to theaters, while DVDs offer provocative drama ("Venus in Furs"), comic-book adventure ("X-Men: Days of Future Past"), and a timeless classic ("My Darling Clementine").

In Theaters:

Whiplash (Sony Pictures Classics): Movies dealing with the inspirational bond between teachers and students are a dime a dozen, but few are as assured or thrilling as this superb drama, directed by Damien Chazelle. The story centers on Andrew Neyman (Miles Teller), a 19-year-old drummer in New York whose dreams of musical success propel him into the often ruthless world of jazz show-biz. That's when he's taken under the demanding wing of Terence Fletcher (J.K. Simmons), a notorious teacher whose perfectionistic methods drive Andrew to the brink of desperation. How far is he willing to go for a chance to be among the greats? Capturing the exhilarating as well as the taxing side of jazz, this exciting film announces Chazelle as a promising talent while bringing deserved Oscar-buzz to veteran scene-stealer Simmons.

The Judge (Warner Bros.): A predictable story is redeemed by a high-octane cast in this enjoyable legal drama, which marks a dramatic shift for comedic director David Dobkin ("Wedding Crashers"). Taking a break from comic-book blockbusters, Robert Downey Jr. stars as Hank Palmer, a hotshot lawyer who finds himself back in his small hometown in Indiana to take care of some family business. His father Joe (Robert Duvall), who also happens to be the local judge, has been accused of murder following an accident. Hank must square off against a ruthless prosecutor (Billy Bob Thornton), but the real battle takes place not in court but at home, where the arrogant big-city attorney must come to terms with his personal matters. The plot may be filled with clichés from older thrillers, but the performances make the movie an engaging ride.

Netflix Tip: Now that there's early talk of a Supporting Actor Oscar for his compelling turn in "Whiplash," check out the prolific J.K. Simmons' earlier roles. They include the "Spider-Man" series, "The Ladykillers," "Juno," and the TV series "Law & Order."

On DVD:

Venus in Fur (MPI): Ever the provocateur, Oscar-winning filmmaker Roman Polanski ("Chinatown") paints a wickedly mesmerizing portrait of role-playing and desire in this two-character black comedy. Taking place in an empty theater amid the scenery of an upcoming production, the story chronicles the power plays between Thomas (Mathieu Amalric), a successful theatrical director, and Vanda (Emmanuelle Seigner), the struggling actress who's hoping to score the lead role in his new release. Things get off to a shaky start when Vanda arrives late for the audition, but in no time she proves herself to be more than an equal match to Thomas, shrewdly using every tool in her arsenal of charm and manipulation. Putting the claustrophobic setting to their advantage, Polanski and his terrific actors create a dark, playful, unpredictable view of human relationships. With subtitles.

X-Men: Days of Future Past (Fox): Following a decade-long break from the comic-book franchise, director Bryan Singer ("The Usual Suspects") returns to helm the latest in the "X-Men" adventure series. When we first meet the mutants led by Dr. Xavier (Patrick Stewart), they're in a bleak future being hunted down by enormous robotic sentinels. That's when Wolverine (Hugh Jackman) accepts the dangerous challenge that could save their lives: time-traveling to 1973, the year when Mystique (Jennifer Lawrence) triggered the beginning of their persecution. Can this journey into the past change their fate, or are the X-Men doomed to annihilation? Alternating robust action with moments of surprisingly thoughtful characterization, Singer's film is the kind of smart superhero blockbuster that's becoming increasingly rare nowadays.

My Darling Clementine (Criterion): Choosing the greatest Western from genre master John Ford may be a daunting task, though this lovely 1946 classic often comes up when buffs pick their favorites. Henry Fonda gives a beautiful performance as legendary lawman Wyatt Earp, who comes to Tombstone determined to bring justice to the crime-filled frontier town. Ruled by Old Man Clanton (Walter Brennan), the outlaws threaten Earp's family and friends, including his beloved Clementine (Cathy Downs) and his eccentric friend Doc Holliday (Victor Mature). It all builds up to a memorable showdown at the O.K. Corral, where the civilized and wild halves of the Old West collide. Shot with Ford's patented robust storytelling and masterful eye for poetic detail, the movie is a matchless example of old legend brought to vibrant life.

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Pasadena, CA 91105
Phone 626-792-7151
Fax 626-792-3810

Contact Form:
http://www.pasadenahumane.org/site/pagename=online_contact

Adopt a Pet
http://www.adoptapet.com/

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Leasing and Finance Conferences
Update

October 19-21
2014 53rd Annual Convention
Manchester Grand Hyatt
San Diego, CA

Video Preview of ELFA Annual Convention
ELFA President and CEO Woody Sutton
(1:55)

Registration can be made on-site
(Mail and online registration no longer available) 

Brochure
http://www.elfaonline.org/cvweb_elfa/cgi-bin/documentdll.dll/view?DOCUMENTNUM=924

Attendees
http://www.elfaonline.org/events/2014/AC/attnd.cfm

Registration
https://www.elfaonline.org/cvweb_elfa/cgi-bin/Registerdll.dll/RegistrationForm?sessionaltcd=CONV2014

 

Cosmopolitan, Las Vegas, Nevada

 It will bring together critical decision makers concerning credit and collections 
from all facets of financial services.

Agenda
http://www.collectionscreditrisk.com/conferences/fscc/agenda_preview.html

Registration
http://www.collectionscreditrisk.com/conferences/fscc/reginfo.html

 

November 5, 2014
Latin American Leasing &
Operation Forum
The Alta Group
Intercontinental Hotel Doral
Miami, Florida

Wednesday November 5th the Latin American Legal and Operations Forum will give participants access to the latest advances in the legal and operational practices in the industry. It will be an excellent opportunity to learn about the laws and regulations of leasing in different countries of the Americas.

The event will be simultaneously translated in English and Spanish.

Information:
http://www.thealtaconferencias.com/?task=view_event&event_id=9

Preliminary Schedule of Events

Registration

Hotel Information

Travel Information

November 7-8
2014 Western Regional Meeting
Hyatt Regency Irvine
Irvine, CA

Registration Now Open
Agenda/Information
www.naelb.org/NAELB/Events/2014_Western_Regional_Meeting.aspx

Exhibitors To Date (10/09)

360 Equipment Finance
Amerisource Funding, Inc.
Banc of California, N.A.
Blue Bridge Financial LLC
Bryn Mawr Funding
BSB Leasing
Channel Partners LLC
CLP Foundation
Dakota Financial, LLC
Financial Pacific Leasing, Inc.
First Federal Leasing
Fora Financial, LLC
instaCOVER
IOU Central Business Lending
Maxim Commercial Capital LLC
Merchant Cash and Capital, LLC
NCMIC Finance Corporation
North Mill Equipment Financing LLC
OnDeck
Orange Commercial Credit
Pacific Western Equipment Finance
Paradigm Equipment Finance
Pawnee Leasing Corporation
Preferred Business Solutions
Quiktrak, Inc.
RLC Funding
TEAM Funding Solutions
Tetra Financial Group
TimePayment Corporation
Varilease Finance, Inc.

 

November 7, 2014
XII Latin American Leasing Conference
The Alta Group
Intercontinental Hotel Doral
Miami, Florida

Thursday 6th to Friday 7th the XII Latin American Leasing Conference will be held.  This will provide participants insights regarding developments in the professional practice of the leading rental companies in the Americas.  The conference will also showcase best practices leasing companies and finance teams are now utilizing in strategic planning and implementation of funding strategies as well as risk and asset management.

The event will be simultaneously translated in English and Spanish.

Information:
http://www.thealtaconferencias.com/index.php/component/
eventbooking/?task=view_category&category_id=1&Itemid=101 

 

November 11-13

The 2014 Middle East Leasing Summit to be held November 11-13 at the JW Marriott Marquis Hotel Dubai is reported to be strongly supported by leading leasing companies and international leasing association. 

This summit will gather regional government officials, vendor representatives, national organizations and industry leaders to interpret the air finance from the aspect of market situation, regulatory, growth point and second hand aircraft to better understand Middle East air finance market.

The conference promises "Deep insight into Middle East leasing market climate with introduction of Islamic Finance’s application and banks’ involvement. There is no doubt that this summit will provide a premier platform for its delegates to establish strategic cooperative partnerships, expand business. We firmly believe that your outstanding industrial background and broad knowledge would contribute significantly to the quality and scope of this
summit."

For more information, please visit the official website at
http://www.duxes-events.com/LeaseME/

November 12 - 14
Commercial Finance Association
70th Annual Convention
Washington Marriott Wardman Park
Washington, D.C.

Keynote Speaker

Dr. Ben S. Bernanke
Former Chairman of the Board of
Governors of the Federal Reserve
2006-2014

Agenda

Exhibitors

Registration

Hotel & Travel

 

November 16 -17
NJ Expo Regional
Teaneck, New Jersey
(Sunday evening- All Day Monday)

Exhibitors to Date:
Bank of the West
Business Credit Reports
Bryn Mawr Funding
Channel Partners, LLC
Collateral Specialists, Inc.
ECS Financial Services, Inc.
Financial Pacific Leasing, Inc.
FORA Financial
LeaseTeam, Inc.
Pawnee Leasing Corporation
RLC Funding

Pricing (Early Bird to 10/31/2014)
https://nefassociation.site-ym.com/?NJExpoPricing

Hotel:
https://nefassociation.site-ym.com/?ExpoHotel

Registration

 

November 18 - 21, 2014
Istanbul, Turkey
The Third Annual Operating Lease Conference

"Three prominent and qualified speakers have been added to the agenda.
They are: Stephan van Beek, Senior Director Sales & Marketing Development - EMEA, Oracle Financing, an expert on software leasing; Arnaldo Rodriguez, President – International Division, CSI Leasing, who is the epitome of having successfully globalized the product; and, Esteban Gaviria, CEO, Leasing Bancolombia, who leads the most successful bank-held operating leasing company in Latin America. I will chair the conference and also teach a two-day seminar preceding the conference."
          Sudhir Amembal

For More Information:
kelly@amembalandassociates.com

CFA Related Conferences
http://www.leasingnews.org/PDF/CFAConferences_2014.pdf

CFA Network Calendar
http://www.leasingnews.org/PDF/CFAEventsCalendar_2014.pdf

ELFA ---2014 Schedule of Conferences, Workshops
and e-Learning Opportunities
http://www.leasingnews.org/PDF/ELFA2014ScheduleInfo_1212014.pdf

 

 

  

News Briefs----

Nurses group says Dallas hospital put nurses at risk
http://www.usatoday.com/story/news/nation/2014/10/15/nurses-protest-ebola/17302987/

Obama Urges ‘Aggressive’ Monitoring of Ebola Threat in U.S.
http://www.nytimes.com/2014/10/16/us/obama-cancels-campaign-trip-to-meet-with-cabinet-on-ebola.html

Henry Schein/Supplier Partners to Donate More Than $1 Million
  In Protective Equipment to Help Prevent Spread of Ebola
http://www.prnewswire.com/news-releases/henry-schein-and-its-supplier-partners-to-donate-more-than-1-million-in-protective-equipment-to-help-prevent-spread-of-ebola-279294232.html

eBay profit tops estimates, but sales miss
http://www.latimes.com/business/la-fi-ebay-earns-20141015-story.html?track=lat-email-latimesbusinessdaily%2Fyourmoney 

Bank of Sacramento agrees to be acquired by larger bank
http://www.sacbee.com/news/business/article2808673.html

Part of the Problem: Stocks Are Expensive
http://www.nytimes.com/2014/10/16/upshot/part-of-the-problem-stocks-are-expensive.html?ref=business&abt=0002&abg=

HBO cutting the cord: Offerin stand-alone service
http://www.cnet.com/news/cord-cutters-hbo-to-start-online-only-subscriptions-in-2015/

 

 

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--You May Have Missed It

Wal-Mart will slow growth of its supercenters, cuts sales forecast
http://www.washingtonpost.com/news/business/wp/2014/10/15/wal-mart-will-slow-growth-of-its-supercenters-cuts-sales-forecast/

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SparkPeople--Live Healthier and Longer

What News Anchors Really Do During Commercial Breaks
http://www.sparkpeople.com/resource/dailyspark-videos-detail.asp?video=130

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Baseball Poem

Lawrence Ferlinghetti, "Baseball Canto"

Watching baseball, sitting in the sun, eating popcorn,
reading Ezra Pound,
and wishing that Juan Marichal would hit a hole right through the
Anglo-Saxon tradition in the first Canto
and demolish the barbarian invaders.
When the San Francisco Giants take the field
and everybody stands up for the National Anthem,
with some Irish tenor's voice piped over the loudspeakers,
with all the players struck dead in their places
and the white umpires like Irish cops in their black suits and little
black caps pressed over their hearts,
Standing straight and still like at some funeral of a blarney bartender,
and all facing east,
as if expecting some Great White Hope or the Founding Fathers to
appear on the horizon like 1066 or 1776.
But Willie Mays appears instead,
in the bottom of the first,
and a roar goes up as he clouts the first one into the sun and takes
off, like a foot runner from Thebes.
The ball is lost in the sun and maidens wail after him
as he keeps running through the Anglo-Saxon epic.
And Tito Fuentes comes up looking like a bullfighter
in his tight pants and small pointy shoes.
And the right field bleachers go mad with Chicanos and blacks
and Brooklyn beer-drinkers,
"Tito! Sock it to him, sweet Tito!"
And sweet Tito puts his foot in the bucket
and smacks one that don't come back at all,
and flees around the bases
like he's escaping from the United Fruit Company.
As the gringo dollar beats out the pound.
And sweet Tito beats it out like he's beating out usury,
not to mention fascism and anti-Semitism.
And Juan Marichal comes up,
and the Chicano bleachers go loco again,
as Juan belts the first ball out of sight,
and rounds first and keeps going
and rounds second and rounds third,
and keeps going and hits pay dirt
to the roars of the grungy populace.
As some nut presses the backstage panic button
for the tape-recorded National Anthem again,
to save the situation.
But it don't stop nobody this time,
in their revolution round the loaded white bases,
in this last of the great Anglo-Saxon epics,
in the territorio libre of Baseball.

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Sports Briefs----

Royals Sweep Orioles to Advance to World Series
http://www.nytimes.com/2014/10/16/sports/baseball/royals-keep-rolling-and-advance-to-the-world-series.html?emc=edit_na_20141015&nlid=31282772

49ers bring back reserve quarterback Josh Johnson
http://www.contracostatimes.com/49ers/ci_26726379/49ers-bring-back-reserve-quarterback-josh-johnson

Voodoo? Magic? Luck? The Giants keep wining weird
http://blog.sfgate.com/killion/2014/10/15/voodoo-mind-tricks-luck-the-giants-just-keep-winning-weird/

 

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California Nuts Briefs---

Campbell PD Details Amazing Search & Rescue of Local Woman
http://patch.com/california/saratoga/campbell-pd-details-amazing-search-rescue-local-woman-0

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Sonoma County Harvest Update
http://www.winebusiness.com/news/?go=getArticle&dataid=140287

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm