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ELA Says New Biz Grew Almost 16% in 3rd Quarter
Equipment Leasing Industry 3rd Quarter 2003 Report Shows Greater Improvement Over Previous Quarter, Previous Year Industry Leaders Report 15.9 percent in new business volume compared to 3rd Quarter 2002 Arlington, Virginia - - The Equipment Leasing Association's (ELA) Third Quarter 2003 Performance Indicators Report (PIR) shows that new business volume grew at 15.9 percent when compared to the 3rd quarter 2002. Total net portfolio also increased 2.3 percent, and the economy is finally showing steady improvement. The PIR study is conducted quarterly by ELA, which provides a variety of data, including customized market analyses, to ELA members and organizations involved in the $208 billion equipment leasing industry. The survey is conducted among approximately 20 major leasing companies ( members of ELA. editor) on a quarterly basis, affording trend analysis across all major performance areas. Other 3rd QPIR Findings: The total number of employees declined 7.97 percent as companies have streamlined their staff, though at a slower rate than in the last quarter. Credit approval ratios were up 50 basis points in 2Q 2003 compared to last year. Average losses decreased 30 basis points when compared to the previous year. Lease payments past 30 days increased slightly when compared to 3Q 2002. "Q3 performance is greatly improved over last year's third quarter, and even Q2 of this year," said Ralph Petta, Vice President of Industry Services for ELA. "Since the PIR is the best snapshot of what is happening in the industry, ELA is very encouraged that the key metrics are showing consistent improvement. The PIR tracks the performance of prominent leasing organizations in six key areas. Because the same companies were tracked and used in the analysis, the PIR provides fairly reliable trend analysis. Each illustration reflects the data provided by those companies responding to that particular question. Typically, not every company polled responds to every question. Media wishing to receive more information on the PIR or a copy of the associated graphs and charts (available for reprint), please contact Suzanne Jackson at 434-972-7278 or sj@FourLeafPR.com. To access this and other industry information, visit www.ELAOnline.com or call ELA at (703) 516-8380. Financial decision makers needing more information on leasing should visit www.LeaseAssistant.org, which provides information on how to choose a leasing company, the top 10 questions to ask before signing a lease, a glossary of terms, and more. Organized in 1961, the Equipment Leasing Association (ELA) is a non-profit association representing companies involved in the dynamic equipment leasing and finance industry. ELA's mission is to promote the leasing industry as a major source of funds for capital investment in the United States and abroad. Headquartered in Arlington, Va., ELA has more than 800 member companies and a staff of 27 professionals. Equipment leasing is projected to be a $208 billion industry in 2003. Visit ELA online at http://www.elaonline.com. Participants
in the 3rd quarter 2003 ADP
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