ELFA New Business Report January Down 26%
January 2023 $9.3 Billion from December $12.5 Billion

(Leasing News chart)

The Equipment Leasing and Finance Monthly Leasing and Finance Index showed their overall new business volume for January, 2024 was $9.3 billion, up 6% year-over-year from new business volume in January 2024. Volume was down 26% from $12.5 billion in December following the typical end-of-quarter, end-of-year spike in new business activity.

(Chart: ELFA )

ELFA President and CEO Leigh Lytle said, “The optimism I expressed in last month’s MLFI continues as 2024 gets off to a strong start with solid new business volume and increased industry confidence. It’s especially encouraging to kick off in positive territory since equipment investment—the lifeblood of the equipment finance industry—is forecast to pick up in the second half of the year. Credit quality bears monitoring since delinquencies and charge-offs, in particular, remain elevated year over year.”

Bobby Campbell, SVP, Managing Director, Operations & Strategic Development, Flagstar Financial & Leasing LLC, said, “Our equipment finance industry has kicked off 2024 with a stronger launch than a year before on the heels of an extremely active fourth quarter. Many finance companies remain cautious within certain segments of the trucking industry, though credit concerns and delinquency are beginning to level off with hopes of a near-term positive inflection. With several bank finance players facing ongoing liquidity challenges, strong independents and captives should continue to take advantage of capturing additional market share in the months ahead.”

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Leasing and Finance Industry Help Wanted

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Character Matters
Observation by Scott Wheeler, CLFP

The commercial equipment leasing and finance industry is based upon trust and integrity. On a daily basis, originators are building relationships with vendors and end-users by being trusted advisors. The most successful originators are forthright; they say what they mean and do what they say. They have a strong business character.

character [kar-ik-ter]: moral or ethical quality:
a person of fine, honorable character.

As financing and leasing professionals, we depend upon the character of all stakeholders. The credit process is heavily weighted upon the character of our borrowers and lessees. Does the applicant have an honorable character? Does the borrower meet his obligations in a timely matter? Does the vendor operate ethically? Can the vendor be trusted to deliver the equipment that it has promised?

The industry is deeply rooted in trust, ethics, and the character of all parties involved in every transaction. The best assets are generated by originators who embrace character at every level and who attract strong assets because of their personal character.

The most successful originators are not tempted by short cuts or corner cutting. They are constantly aware of what is best for their clients, employers, investors, and funders. Their character comes naturally and drives their every move. Long-term success and sustainability are achieved through personal character and the determination to build relationships with others with the same high standards that top originators demand of themselves.

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

 

The United States is the Top Crude Oil Producer
Tops Russia and Saudi Arabia

Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia.

This infographic illustrates the rise of the U.S. as the biggest oil producer, based on data from the U.S. Energy Information Administration (EIA).

Over the last three decades, the United States, Saudi Arabia, and Russia have alternated as the top crude producers but always by small margins.

During the 1990s, Saudi Arabia dominated crude production, taking advantage of its extensive oil reserves. The petroleum sector accounts for roughly 42% of the country’s GDP, 87% of its budget revenues, and 90% of export earnings.

However, during the 2000s, Russia surpassed Saudi Arabia in production during some years, following strategic investments in expanding its oil infrastructure. The majority of Russia’s oil was going to OECD Europe (60%), with around 20% going to China.
Over the 2010s, the U.S. witnessed an increase in domestic production, much of it attributable to hydraulic fracturing, or “fracking,” in the shale formations ranging from Texas to North Dakota. It became the world’s largest oil producer in 2018,
outproducing Russia and Saudi Arabia.

The U.S. accounted for 14.7% of crude oil production worldwide in 2022, compared to 13.1% for Saudi Arabia and 12.7% for Russia.

Despite leading petroleum production, the U.S. still trails seven countries in remaining proven reserves underground, with 55,251 million barrels.

Venezuela has the biggest reserves with 303,221 million barrels. Saudi Arabia, with 267,192 million barrels, occupies the second spot, while Russia is seventh with 80,000 million barrels.

Source: Visualcapitalist

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Profits per Employee
Top U.S. Companies in 2023

Why is Profit per Employee Important?

Profit per employee is calculated by dividing a company’s yearly profit by its full-time staff.

Consequently, high profit per employee usually signals financial success, efficient human resource management, and an industry that creates a high amount of leverage per team member.

Energy companies dominate our ranking, suggesting they have relatively small workforces for the amount of money they earn.

The list includes 12 energy companies (48%), seven tech companies (28%), three finance companies (12%), two construction companies (8%), and one healthcare company (4%).

At the top of the list is ConocoPhillips, one of the world’s largest public energy companies, with operations in over a dozen countries. The company generated almost $2 million in profit per employee with its 9,800 workers.

In second and third places are Fannie Mae and Freddie Mac, government-sponsored enterprises that buy and guarantee mortgages to promote liquidity in the housing market.

Surprisingly, ConocoPhillips generated more than three times the profit per employee compared to the first tech company on the list, Apple (13th).

A Steep Drop From the Top

In total, the top 25 U.S. companies generated a profit of $536.7 billion with an average profit per employee standing at $490,660.

That said, the top 10 within this cohort boasted an average profit per employee of $1.13 million, while the bottom 10 companies sit at an average of $348,300.

Of course, companies not making the ranking would have even more modest numbers. For example, it’s estimated that Starbucks makes around $80,000 per employee and Coca-Cola makes around $100,000 per employee.

By Marcus Lu
Article/Editing: Bruno Venditti,
Graphics/Design: Miranda Smith

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

Dakota Financial Implements AI Core Elements
Integration of Data Console and TrailView™

St. Paul, Minn.— Asset-based direct funding source Dakota Financial has partnered with Tamarack Technology on the implementation of Tamarack’s AI Product Suite: TrailView™ Customer Service Portal and Data Console. By deploying data-centric technologies, Dakota is enhancing team productivity, customer service and overall business performance.

Michael Green, Chairman of Dakota Financial, said,“One of the reasons we were excited about the Tamarack Product Suite is the operational overview and insights that we get via the collection and organization of all of our data into one reporting framework.

“An element of Tamarack’s Business Intelligence solution, the Data Console product enables Dakota Financial to consolidate data from various sources into one place for comprehensive business intelligence along with both standard and custom reporting. Now, Dakota has the ability to create custom reporting and identify actionable insights that will enhance decision-making across the organization.”.

Erin Smith, Customer Relations Manager at Dakota Financial, said, “Our customers are usually on the road working hard to transport goods across the country, so having access at their fingertips is vital for them,

 "Our customers appreciate the convenience and transparency, which in turn fosters mutual trust. As portal usage continues to rise, we anticipate reallocating resources to further enhance our services."

TrailView consists of both a customer-facing portal and an administrative portal tailored for customer service representatives. The customer-facing portal enables Dakota’s customers to effortlessly access their contract details, eliminating the need for intermediary assistance by Dakota’s internal service technicians (via phone or email).

Furthermore, customers benefit from real-time visibility into their equipment financing accounts as well as enhanced self-service functionality for account management, payments and support requests.

About Dakota Financial

Dakota Financial is an asset-based direct funding source that provides creative financing solutions to small and medium-sized businesses throughout the U.S. Founded in 2002, Dakota has provided financing to over 15,000 customers in all 50 states. The company delivers national funding programs to its partners specifically designed for their customers that have prior bankruptcies, tax liens, judgments, repossessions, or slow plays. Dakota brings deep expertise across various industries with an asset focus on trucks, trailers, construction equipment, material handling, agriculture equipment, and machine tools. The company funds traditional leases as well as equipment finance agreements, private party sales, start-ups, and owner/operators from $10,000-$400,000. In 2023, it was named by Inc. Magazine as a “Best Place to Work.” For more information visit https://www.dakotafinancial.com

About Tamarack Technology, Inc.

Tamarack Technology is a leading provider of AI-based automation and business intelligence software specifically designed for the equipment finance industry. For more than 20 years, Tamarack has helped lessors protect their investments, improve business performance, and provide customers with access to solutions that enhance financial results. The company’s professional services help customers with technology integration, implementation and data migration for the leading industry portfolio management platforms. Tamarack's suite of AI products connects and integrates key ecosystem applications using historical and real-time data to automate burdensome manual processes, drive operational efficiency with better, faster decision-making, and improve organizational productivity. For more information, emaildiscover@tamarack.ai, visit www.tamarack.ai or call (888) 952-8268.

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German Shepherd/Mixed Breed
Twin Cities, Minnesota

Lady
Female
9 months, 1 week
35 lbs.
Spayed
Up-to-date vaccinations
microchipped
Foster Home Location
Adoption fee: %600

Activity Level? High! I'm still a puppy so I have lots of energy!
Noise Level? I whine to go outside and potty and occasionally bark at the door but I am generally very quiet.
Good with Dogs? Yes,
Good with Cats? Yes
Good with Kids? Yes
Good with Strangers? I love everyone!
Potty Trained? Yes
Crate Trained? Working on it, still getting better.
Shedding? I don't shed much.

About Lady:

Hi my name is Lady! I am a high energy playful puppy. My foster family says I am very smart and learn so fast. I am potty trained and I let my foster family know when I need to go out.

I am learning how to sleep in my crate at night and getting the hang of it. I love walking and am getting better on my leash daily. I love everyone I meet and will kiss you all day. I love other dogs and cats but need to learn how to say hello appropriately. (I have a lot of energy).

I do not want the other dog in the house to have my toys or my food, which is called resource guarding. My foster family is helping me work through this.

Lady is a sweet dog who loves anything and everyone she meets. She is shy at first but works through it. This beautiful girl is looking forward to finding her furrever home.

MEET ME/ADOPT ME: If you'd like to arrange a meeting or begin the adoption process, please fill out an adoption application by visiting https://www.twincitiespetrescue.org/adopt/ or clicking "adopt me! A volunteer from Twin Cities Pet Rescue will contact you within 3 business days.

Twin Cities Pet Rescue
https://twincitiespetrescue.org/
nfo@twincitiespetrescue.org

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Meet the Presenters
2024 AACFB Annual Conference
April 16-18, Renaissance Glendale, Arizona

 

News Briefs

Macy’s Will Close 150 Stores but
    Expand Bloomingdale’s and Bluemercury
https://www.nytimes.com/2024/02/27/business/macys-earnings-strategy.html

More than half of Alabama Mercedes-Benz plant
    workers ginned union cards in 2 months, UAW says
https://www.al.com/news/2024/02/majority-of-workers-at-alabama-mercedes-benz-plant-have-joined-uaw-union-says.html

Starbucks agrees to US union
    organizing 'framework'
https://www.reuters.com/business/retail-consumer/starbucks-us-union-agree-form-framework-organizing-bargaining-2024-02-27/

Chipmakers Seek More Than $70 Billion
    in Federal Subsidies
https://www.nytimes.com/2024/02/26/us/politics/semiconductors-chips-us-subsidies.html

Boeing’s Safety Culture Faulted
    by F.A.A. in New Report
https://www.nytimes.com/2024/02/26/business/boeing-faa-safety-culture.html

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Equifax Introduces Business Verification Solution
Reading data - analytical models, easy-to-read
https://www.prnewswire.com/news-releases/equifax-introduces-business-verification-solution-302073326.html

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Sports Briefs---

Fans' Fest shows Oakland A's fans are only getting
stronger in their fight with John Fished
https://www.sfgate.com/athletics/article/fans-fest-oakland-as-fans-getting-stronger-fight-18687186.php

Warriors mark Steve Kerr’s record contract extension
with defeat of Hornets= 3 Year Deal worth $35 Million
https://www.sfchronicle.com/sports/warriors/article/warriors-make-steve-kerr-nba-s-best-paid-coach-2-18685555.php

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California News Briefs---

San Jose named 4th best for quality
    of life in the United States
https://www.cnbc.com/2024/02/25/us-news-report-us-cities-best-quality-of-life.html

San Francisco Macy’s to close in
   devastating blow to downtown
https://www.sfchronicle.com/realestate/article/sf-macys-close-18690200.php

Behind the Macy’s closure: ‘This is a Union
Square problem. Not a San Francisco problem’
https://www.sfchronicle.com/sf/article/s-f-macys-closure-union-square-18690336.php

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Gimme that Wine

 

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

Wine of the week: St. Supéry Dollarhide,
    2022 Napa Valley Sauvignon Blanc
https://www.pressdemocrat.com/article/lifestyle/wine-of-the-week-st-supery-dollarhide-2022-napa-valley-sauvignon-blanc/

Sonoma County wineries ready to welcome thousands
of visitors during Wine Road Barrel Tasting
https://www.pressdemocrat.com/article/lifestyle/sonoma-county-ineries-ready-to-welcome-thousands-of-visitors-during-wine-ro/

The Judgment of Bordeaux and the Sleeping Giant
North of the U.S. - The Niagara Wine Region
https://www.winebusiness.com/news/article/283797

Will George Clooney's Midas Touch
Drinks Work for Wine

https://www.winespectator.com/articles/does-george-clooney-make-wine-from-nespresso-to-casamigos-to-domaine-du-canadel?