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New Hires/Promotions in the Leasing Business
and Related Industries

Chris Benitez was announced as Business Development Officer, AP Equipment Financing, working out of the Colorado Office. Previously, he was Territory Manager, Wells Fargo Equipment Finance (January, 2011 - April, 2024); District Sales Manager, Commercial Credit Corporation (September 2010 - January, 2012). Full Bio:
https://www.linkedin.com/in/christopher-benitez-0054b320/details/experience/
https://www.linkedin.com/in/christopher-benitez-0054b320/

Lauren Van Berkel was promoted to Group Team Leader, Arundel Capital, working out of Calgary, Alberta, Canada. She joined Graham as Senior Risk Coordinator (June, 2023 - March 2004), promoted Risk Advisor. Previously, she was at Stride Capital, Sales & Marketing Coordination ( September, 2016 Sales & Marketing Coordinator (September, 2016 - September, 2021); Client Advisor, RBC Royal Bank (September, 2013 - September, 2016).
https://www.linkedin.com/in/lauren-van-berkel/

Clay Halencak was hired as National Sales Director, Marshall Capital Group,  Cuero, Texas. He is located in Canyon, Texas. He previously was Finance Manager, King County Trailer.
https://www.linkedin.com/in/clay-halencak-81a9a1287/

James Paterson was hired as Managing Director, Direct Originations, Stonebriar Commercial Finance, Los Angeles Metropolitan Area. "He is responsible for the development and management of relationships with clients, prospects and referral sources in the West and Southeast markets, respectively." Previously, he was Senior Vice President, Credit Originations, S\specialized Lending, East West Bank (February, 2023 - August, 2024). Full Bio:
https://www.linkedin.com/in/james-paterson-507a3a/details/experience/
https://www.linkedin.com/in/james-paterson-507a3a

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#### Press Release #######################

Axis Auto Finance Provides Update
on Strategic Review Process

Toronto, Ontario – Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX:AXIS), a financial technology company changing the way Canadians purchase and finance used vehicles, provides a strategic review update.

As indicated in the May 15, 2024, press release, the Company entered into non-binding letters of intent with two separate, arms-length parties for potential sales of the auto finance and equipment finance businesses. Updates on these two potential sales are provided below.

Equipment Finance Sale Transaction

August 16, 2024, Axis Equipment Finance Inc. (“Axis Equipment”), a subsidiary within the Axis group of companies, has executed and closed an asset purchase agreement with an arms-
length party.

The assets sold include intangibles, customer lists, the assumption of certain vendor contracts and the transferring of employees to the purchaser.

Concurrent with this transaction, under its two master purchase and servicing agreements (“MPSA”) that hold its securitization funding facilities, the servicing of the underlying customer contracts have been transferred back to the underlying funders who underwrote the contracts pursuant to the MPSA. Furthermore, Axis Equipment’s syndicated and serviced portfolios have been assigned back to their respective purchasers who will undertake their ongoing collections and servicing.

With the close of this transaction, the Company intends to liquidate the remaining working capital positions in Axis Equipment in an orderly manner and dissolve the legal entity.

Auto Finance Sale Transaction

As indicated in the May 15, 2024, press release, Axis has entered into a non-binding letter of intent to sell the auto finance business. The prospective purchaser has now completed its due diligence, and an agreement has been reached on the structure of the sale, and the Company is in the process of negotiating the definitive agreement in respect of the proposed transaction.

There can be no assurances that the transaction to sell the auto finance business will be completed or that a successful transaction will result from the strategic process. The Company will provide further updates on the process as developments warrant.

About Axis Auto Finance

Axis is a fintech lender providing alternative used vehicle financing options to non-prime borrowers. Axis loans are offered through over 3,000 automotive dealers nationwide.

Approximately 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in over 70% of customers seeing a significant improvement of their credit scores.

Further Information is Available:
https://www.axisfinancegroup.com/investors-press-releases/

#### Press Release #######################

 

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

ELFF Monthly Confidence Index Hits
Highest Level since Febraury 2022

The Equipment Leasing & Finance Foundation releases the August 2024 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). Overall, confidence in the equipment finance market is 58.4, an increase from the July index of 50.7, and the highest level since February 2022. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1 trillion equipment finance sector.

Jeffry D, Elliott, CLFP, President of Huntington Equipment Finance, said, “Our overall confidence in the near-term future of the industry is high. We’re expecting economic conditions for businesses to improve over the next six months as interest rates decline and investment in U.S. manufacturing continues to grow, which in turn will lead to rising demand for funding to complete capex projects.”

Adrian Hebig, Chief Corporate Development Officer, Channel observed, “The equipment finance industry ebbs and flows; it always has and always will. That said, it is a very resilient, creative and opportunistic industry, and rarely can get derailed. Many truly believe the best is yet to come as we navigate the winding road.”

James D. Jenks, CEO, Global Finance and Leasing Services, LLC, said, “I believe the worst is behind us now, and I expect the Fed Fund rate will be cut by a quarter of a point in September. Between now and the end of the year we should experience a gradual improvement in the economy.”

Jason Lueders, President, Farm Credit Leasing, said, “Leasing’s value proposition is strong in today’s economic environment. We are starting to see cracks emerge in some parts of our market, not in an alarming or unanticipated way, as we have been anticipating them for some time, but it is notable that we are finally seeing some weakness appear.”

Donna Yanuzzi, EVP, 1st Equipment Finance, Inc. a division of Peoples Security Bank and Trust Company, said, “Interest rates are expected to decrease shortly. Historically, when this happens, businesses tend to increase their capex spending. I believe there is pent-up demand in several sectors that are waiting for this interest rate reduction to happen. Interest rates typically impact transactional business, and equipment finance is one of those industries.”

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List of 630 Registered for  October 27 -29
63rd ELFA Annual Convention

https://cvdata.elfaonline.org/cvweb/cgi-bin/utilities.dll/customLiist

Register for Conference/Book Your Hotel
    Important Deadlines
https://leasingnews.org/archives/Aug2024/08_16.htm#elfa

Bruce Kropschot, Senior Managing Director, The Alta Group, will be covering the ELFA Convention, as he has done for Leasing News for many years.

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CLFP to Present New Program
 at Canadian Finance & Leasing Association Conference

We're excited to announce our Plenary Session Panel at the 2024 Canadian Finance & Leasing Association (CFLA | ACFL) Annual National Conference featuring Richard McAuliffe, CLFP, Debbie Robert, Reid Raykovich, CLFP, CAE, and Michael Rothe.

We will be offering an exclusive sneak peek of the CLFA's new Canadian Certified Lease & Finance Professional Program, and we'd love for you to join us!

Catch us on Wednesday, 11th September at 1:30pm NST.

Sept. 10-12: CFLA Conference, St. John's, NL, Canada
https://cfla-acfl.ca/cfla-annual-national-conference-2024.html
Hugh Swandel, President, Meridian OneCap Commercial Credit, will be covering the conference for Leasing News

Low-income Areas Need Electric
School Buses the Most (May "True Lease")
By Mathew Daus, Esq.

(It is noted many schools and cities have "true leases" for vehicles, such as school buses and fire engines, etc. Editor.)"

The World’s Resource Institute Electric School Bus Initiative published a 68-page report on the geographic distribution of school buses, fuel types and their emissions control technology.

WRI said the goal of the analysis released last month is to understand what school districts and populations are exposed to emissions from the oldest, most polluting school buses as well as which socioeconomic characteristics of districts, are implementing electric school buses (ESB).

The research found that the most polluting buses in the U.S. — those that are older and lack modern emissions reduction technology — are operated in school districts with higher shares of low-income households and residents of color. But, WRI notes these districts are also at the front of the ESB transition. Rural school districts are also more likely to have older buses, however their fleets are also smaller overall.

WRI identified Oklahoma, Idaho, Oregon, Kansas and South Dakota as the top five states with the greatest number of pre-2010 diesel school buses in operation. The analysis found that 75 percent of all Oklahoma buses are pre-2010 diesel buses, followed by Idaho at 55 percent.

Matthew W. Daus, Esq.
Partner and Chairman, Windels Marx Transportation Practice Group

Full Story:
Source: School Transportation News
https://stnonline.com/news/low-income-areas-need-electric-school-buses-the-most-wri-analysis-indicates

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##### Press Release #######################

ELFA Releases 2024 Credit
and Collection Survey Results

(The results are free for ELFA members and there is a fee for non-members)

Concerns over deteriorating credit quality, delinquency and defaults continue

WASHINGTON, D.C.,– What are the current and forecasted conditions of credit and collections in the equipment finance industry? The Equipment Leasing and Finance Association has released its 2024 Credit Manager Survey and 2024 Collections Effectiveness Survey with slide decks of data results and key insights from credit and collection professionals and equipment finance executive leadership. Results of both surveys were presented during the 2024 ELFA Credit and Collections Management Conference in June in Philadelphia.

The Credit Manager Survey covers a wide array of topics, including credit scoring, turnaround times, approval rates, collateral values, the macroeconomic environment and the outlook at bank, captive and independent leasing companies. Based on feedback from 208 ELFA survey respondents, among the wide range of survey results are a tempering of expectations for booking volume, particularly for banks, and credit quality deteriorating across the board.

The Collections Effectiveness Survey includes information pertaining to aging of receivables, productivity measures, tech trends and outsourcing strategies based on feedback from 83 ELFA-member collection professionals. Overall, the survey reflects the impact of current U.S. economic challenges. Although indicators point to increases in delinquency, defaults and bankruptcies, the data suggest many segments are showing signs of stabilizing.

Results of both surveys and slide decks of both presentation sessions from the Credit and Collections Management Conference are available for download at ELFA’s Knowledge Hub, the source for business intelligence in the equipment finance industry, at: https://www.elfaonline.org/knowledge-hub/most-popular-resources

# # #
About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

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Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

A key figure behind several of New Hollywood’s most beloved classics, screenwriter-turned-director Robert Towne (1934-2024) brought a distinctively mature edge to films ranging from noir mysteries to satirical comedies to sports dramas. Check out our list for some of the top titles in his oeuvre.

The Last Detail (1973): After working on projects for exploitation maestro Roger Corman, Towne had his breakthrough screenplay (as well as his first Oscar nomination) with this peppery comedy-drama from director Hal Ashby (“Harold and Maude”), which gave Jack Nicholson one of his best early roles. Nicholson stars as Billy “Badass” Buddusky, a seasoned Navy signalman who, along with fellow lifer Mule Mulhall (Otis Young), is assigned to escort a young sailor, Larry (Randy Quaid), to prison. Along the way from Virginia to New Hampshire, a bond grows between the men, particularly as the two older seamen learn about their charge’s life. Will their growing friendship clash with their sense of duty? Bristling with abundant, at times poetic profanity, the dialogue illustrates Towne’s knack for piquant, offhand New Hollywood poetry.

Chinatown (1974): Towne won a Best Original Screenplay for this Roman Polanski classic, considered by many to be his greatest cinematic contribution. Updating wartime film noirto the bleak 1970s, the movieweaves an unforgettable web of corruption as Los Angeles private investigator Jake Gittes (Jack Nicholson) is hired for what appears to bea simple case of infidelity. Instead, he unearths skullduggery involving a mysterious woman named Evelyn Mulwray (Faye Dunaway) and her father, the powerful businessman Noah Cross (John Huston). Burrowing into the dark heart of pitiless American capitalism, Polanski’s film endures as a perfect junction of direction, acting and writing. Towne’s script is barbed, literate and witty enough to be taught in classes. (Ironically, the famous downbeat ending was the director’s invention, deviating from the original.)

Shampoo (1975): Towne and Warren Beatty wrote this satirical comedy-drama, which summarizes the bittersweet mood of the 1970s while gazing back at the 1960s. Set on the eve of the 1968 presidential election, the story follows George Roundy (Beatty, in top sly form), a Beverly Hills hairdresser hoping to combine his womanizing ways with his business ambitions. Things get complicated when he tries to get a loan from his rich mistress, Felicia (Lee Grant), and discovers that his former girlfriend, Jackie (Julie Christie), is the mistress of Felicia’s husband, Lester (Jack Warden). Can the realization of true love bring meaning to the rake’s life? Reuniting Towne with “The Last Detail” director Hal Ashby and featuring a cast that includes Goldie Hawn and Carrie Fisher, the film is both acerbic and soulful.

Personal Best (1982): Towne made a critically acclaimed directorial debut with this once-controversial sports drama, which examines the crossroads of athleticism and physical love with candid sensitivity. Taking place in the trials leading to the 1980 Summer Olympics, the story follows the romance that grows between two young track-and-field runners, naïve Chris Cahill (Mariel Hemingway) and experienced Tory Skinner (real-life sprinter Patrice Donnelly). Their intense intimacy, which helps them mature emotionally, also eventually leads to a rivalry as they become fierce competitors on the field under the eye of their demanding coach (Scott Glenn). Though Towne was still learning visual filmmaking, he makes up with a fresh approach and with characters who exude realistic, complex emotions, anchored by terrific performances from Hemingway and Donnelly.

Without Limits (1998): Towne returnedto the track for an unofficial companion piece to “Personal Best,” this time focusing on famous long-distance runner Steve Roland Prefontaine. Played with fierce charisma by Billy Crudup, Prefontaine’s life is chronicled from his early, unlikely triumphs at the University of Oregon to his appearance at the 1972 Munich Olympics. His obsession with transcending physical limits is reflected in his bond with his coed girlfriend, Mary (Monica Potter), and, more tellingly, with his longtime coach, Bill Boweman (Donald Sutherland, in a lovely performance). In this portrait of a young man dedicated to winning in a life tragically cut short, Towne gives an emotional, richly detailed view of the sports world, showing how much more assured he had grown as a director.

Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday.

News Briefs

Canadian National railroad will end its lockout
    immediately, get trains rolling, rail official says
https://apnews.com/article/canada-railroads-cpkc-csx-5b9290b47ad6cdb439735c10560602d3

Elon Musk 'cut down 500,000 trees' to make
    way for  vast German Tesla Gigafactory
https://www.dailymail.co.uk/news/article-13769233/Elon-Musk-cut-500-000-trees-make-way-vast-German-Tesla-gigafactory-satellite-images-reveal-risking-fresh-row-eco-activists-branded-dumb.html

Ford scraps all-electric SUV plan,
    saying drivers want hybrids
https://www.npr.org/2024/08/21/nx-s1-5084230/ford-electric-suv-hybrids

New study suggests electrified sand could be
    a game changer for battling coastal erosion
https://www.courthousenews.com/new-study-suggests-electrified-sand-could-be-a-game-changer-for-battling-coastal-erosion/

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FDA approves updated COVID-19 vaccines,
   shots should be available in days
https://www.bostonglobe.com/2024/08/22/nation/fda-approves-updated-covid-19-vaccines

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Sports Briefs---

The best season tickets for A’s
      games in Sacramento sold
https://www.sacbee.com/sports/article291299150.html

Five 49ers to keep an eye on in Friday’s
    preseason finale against Raiders
https://www.sfchronicle.com/sports/49ers/article/five-49ers-watch-friday-s-preseason-finale-raiders-19715587.php

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California News Briefs---

Amazon Fresh opens first store in Northern California.
   Our photos and video take you inside
https://www.sacbee.com/news/local/article291266545.html

San Francisco Bay Area Crime: Explore 20 years of
   data from California cities
https://www.mercurynews.com/2024/08/22/bay-area-cities-crime-statistics-data/

Google preps huge San Jose site for
   advanced research and tech efforts
https://www.mercurynews.com/2024/08/22/san-jose-google-tech-research-build-property-real-estate-economy/

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Gimme that Wine

 

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

Climate change challenges winemakers,
   but some are benefitting from it
https://www.washingtonpost.com/food/2024/07/25/climate-change-wine-winners-losers/

2023  Napa Valley Visitor Profile and Economic
Impact Study Released
https://www.visitnapavalley.com/articles/post/2023-visitor-profile-and-economic-impact-study-released/

2024 Great Wine Capitals “Best of Wine Tourism”
Regional Awards Now Accepting Submissions
https://www.visitnapavalley.com/articles/post/2024-great-wine-capitals-best-of-wine-tourism-regional-awards-now-accepting-submissions/