2024 Leasing News Person of the Year
Randy Haug

Top Three Nominations from Leasing News Board of Advisors:

“I am a fan of the Randy Haug recommendation and have witnessed his hard work for NEFA, CLFP, the ELFA and many other endeavors over my 3+ decades in the business. In my opinion NEFA would not exist if it was not for the hard work of Randy and the CLFP benefitted greatly from his hard work – not to mention his ongoing support and stewardship of the Chris Walker Fund.”

“I think that Randy Haug is an excellent choice, and I am surprised that he has not already received this award. He has done substantial work for NEFA and ELFA throughout his many years in the industry. While working for his company, he has helped many companies improve their systems capabilities, and he has urged many young companies to join and participate in industry associations. Randy certainly has the credentials to be Leasing Person of the Year.”

“There certainly have been some great candidates brought forward so far. All of them who have their own personal stories and things that make them all great candidates. That is why I continue to be very high on this industry going forward. We are blessed to have such great, talented, smart and forward looking individuals that continue to propel our industry forward.

“He (Randy) is my first choice.”

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Randy Haug is the EVP, Vice Chairman, and Co-Founder at LTi. He is responsible for overseeing the market direction and strategies of LTi and serves as an advisor to clients regarding their business issues and strategies. He has spent the majority of his career in the equipment finance industry, working and mentoring LTi’s Executive Management Group, Divisional Managers, Product Managers, Sales, Account Managers, and Marketing team.

He is widely considered an industry thought leader and uses his consultative problem-solving and mentoring skills set to improve the lives of those at LTi as well as those in the industry with whom he collaborates.

He also enjoys working with both of his sons in the business, who have become Subject Matter Experts and leaders in their own right. While EVP, Vice Chairman, and Co-Founder is his primary job function by day, Randy also loves traveling, as well as spending time with his family, friends, his  grandson, and new granddaughter.

Haug is a member of the Equipment Leasing and Finance Association Board of Directors. He has participated in a number of different industry associations, including as a member of the Equipment Leasing and Finance Association, (ELFA) Advocacy Advisory Committee; Executive Committee Board Member & Development Committee Chair for Equipment Leasing and Finance Foundation (ELFF); Board of Trustee to ELFF; Past President of the National Equipment and Finance Association (NEFA); and Co-Founder of the Chris Walker Education Committee of NEFA, and past chair. He has also participated in a number of different industry association committees in both the ELFA and NEFA associations and has been an industry speaker and panelist at a number of educational events within those associations.

Randy is a servant leader and has sat on board level positions in many industry companies and organizations. Randy had been involved in the Equipment Finance industry for over 40 years, 36 while at LTI Technology Solutions, Inc. and its previously named LeaseTeam, Inc. company.

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Are You in Alignment?
By Scott Wheeler, CLFP

The activities of top originators in the commercial equipment finance industry are fully aligned with their stakeholders (company, funding sources, vendors, and end-users). The goals, objectives, and strategies of many stakeholders have changed significantly over the past eighteen months and therefore, originators must also change. The first step is to confirm the priorities of all stakeholders by asking:

• What are your personal objectives for 2025 and do they align with my stakeholders?
• Do the opportunities that you are pursuing align with the capabilities and objectives of your company and/or funding sources?
• What are the priorities of your vendors/end-users and do they align with your capabilities?
• What activities will produce the strongest assets?
• Can you articulate the prime assets that you are seeking?
• Is your database up-to-date based upon current capabilities? How will you build a stronger network of vendors and/or end-users in 2025?

Top producers are moving forward by working more efficiently and soliciting business which can be won and funded. They fully understand the wants and needs.

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 

Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: scott@wheelerbusinessconsulting.com

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support

Commercial Finance/Leasing Finance
Conferences and Forums

February 11-12: SFNet’s Asset-Based Capital Conference, Wynn, Las Vegas, Nevada
“Our Introduction to Asset Based Lending curriculum provides participants a broad overview of the ABL industry, touching all key fundamental aspects of all roles responsible for sourcing, underwriting and managing a profitable loan.”
https://www.sfnet.com/
More Information

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Feruary. 20: DeBanked, Miami, DeBanked Connect, Fontainbleau, Miami Beach, Florida
Broker Battle Returns:  There will also be 3 separate championships (Revenue Based Financing, SBA Lending, and Equipment Financing - Broker Battle

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February 23-25: ELFA Equipment Management Conference and Exhibition, JW Marriott, Las Vegas
Conference details
Attending List

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March 4-6: Funders Forum & Broker Expo, Hollywood, Florida
Mike Tyson will as the keynote speaker at the Funders Forum and Brokers Expo, taking place March 4-6, 2025, at the Hard Rock Hotel & Casino in Hollywood, Florida
Conference Details

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March 11-13: National Equipment Finance Association Spring Conference, Omni, La Costa Resort & Spa, Carlsbad, California.
Confernce Details

Vicki Shimkus CLFP, Balboa Capital, A Division of Ameris Bank | Broker Relationship Manager, will cover the conference for Leasing News.

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April 9–11: NVLA Conference, Clearwater Beach, Florida
Early Bird Registration Open 

This year's conference will feature Keynote Speaker, Michelle "MACE" Curran, Women in Leasing Poolside Social, informative education sessions, and ample networking opportunities.

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April 9-April 11 AACFB Annual Conference, Las Vegas, Nevada
Conference Details

Theresa Kabot, CLFP, K2 Funding, Kabot Commercial Leasing LLC, will be covering the conference for Leasing News readers.

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April 15-17: ELFA 36th Annual National Funding Conference, Chicago, Illinois
Conference Details

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September 10-12: AACFB Commercial Financing Expo, Austin, TX
Conference Details Coming Soon

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October 14-16 National Equipment Finance Association Fall Conference, Renaissance Minneapolis Hotel, Minneapolis, Minnesota
Confernce Details Coming Soon

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October 26-28: ELFA 64th Annual Convention, Marco Island, Florida
Confernce Details

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To be listed or update: kitmenkin@leasingnews.org

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2024 Was the Planet’s Warmest Year
In Recorded History

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L.A. Wildfires Among Costliest in
Recent History

 

As fires continue to rage across Southern California, leaving parts of Los Angeles reduced to ashes, the human and economic toll of the blazes continues to rise.

As our chart shows, the economic impact of the current fires is already expected to exceed the damages from entire 2020 and 2021 Western U.S. wildfire seasons, while trailing the 2018 wildfire season, which was by far the costliest and deadliest to date, with estimated economic losses of $500 billion and more than 100 deaths.

By Felix Richter
Statista

NYC Taxi Disaster Driven by Decades of
Inaction, ‘Massive’ Fraud
by Bloomberg

Image: Crain's New York

When ride-sharing companies captured bigger slices of the New York market, Uber executives were given box seats costing thousands of dollars to watch NBA games at Barclays Center. A few years prior, ATIC’s 40th anniversary celebration at the New York Athletic Club featured remarks by a state senator and a three-tier cake decorated with the city’s skyline and a sculpted taxicab.

And then there were charity events, lobbying and political donations — with at least $600,000 given over the past two decades to city, state and federal officials who hold sway over the insurance industry. It all adds up to sizable expenses for a family-run business in New York but particularly for a firm that has been considered insolvent by regulators for most of its existence.

For decades, ATIC’s insolvency was known to senior executives, their lobbyists, actuaries and state regulators, but not to the taxi drivers who rely on their insurance plans or the broader public. That was until September when state regulators revealed the depth of the company’s challenges following a Bloomberg report showing it posted $700 million in losses in the second quarter.

Successive administrations, Republican and Democrat, failed to address ATIC, even as it expanded to insure roughly 65% of New York City’s nearly 117,000 commercial taxis, livery cabs, black cars and rideshare vehicles. The insurer was able to continue operating as it kept taking on new customers — which helped it pay out claims — but regulators say it rarely had enough funds in reserve.

For Matt Daus, a former commissioner and chairman of the TLC, intervention should’ve come much earlier. “Now we are facing an industry epidemic with a best case scenario being another band-aid bailout where all other companies, consumers and/or taxpayers pay the premiums, or the company goes under with drivers losing their jobs and passengers having to pay higher fares with longer wait times,” he said. “It is a colossal mess that could have been prevented if government was proactive instead of being reactive.”

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

Tamarack and TURBO-Lease Form Strategic Partnership
Relationship accelerates the use of business intelligence and AI in equipment finance

St. Paul, Minn.—Tamarack Technology, Inc. and Colorado-based Better Programs, Inc., owner of TURBO-Lease™ software, have formed a strategic partnership to help small and startup equipment finance companies make better use of the data generated by their businesses and elevate customer service through digital transformation. The partnership grew out of a joint project with mutual client LSI Equipment Leasing.

Through the collaboration, equipment finance companies will have access to the software tools necessary to improve operational performance using business intelligence (BI)- and artificial intelligence (AI)-based automation. Tamarack AI® Products as well as the TrailView™ customer service portal product have been integrated into the TURBO-Lease contract management system (CMS) software – providing an all-in-one solution for faster growth, better customer service and improved financial performance.

Scott Nelson, president and CTO of Tamarack Technology, said, “Equipment finance companies of all sizes and maturity generate more data faster than ever,” said. “When data for leasing operations is captured and structured, it allows more informed decision-making and can also support AI-based automation to improve both the speed and quality of workflow outcomes. In tandem, the TURBO-Lease and Tamarack products provide an all-in-one solution that enables growth-oriented lessors to capture and leverage their data to improve productivity, reduce risk, and accurately document the performance of their business for prospective funding partners.”

TURBO-Lease’s intuitive yet comprehensive lease management software has provided affordable and effective lease accounting, contract management, and funding solutions since its introduction in 1987.


Chad Oleson, CLFP and CEO of Better Programs, Inc.,said, “Our customers understand how better access to data means better decision-making and better customer service.

“This partnership with Tamarack will allow us to extend the application and value of TURBO-Lease to meet the growing needs of our customer base.”

The Tamarack AI product suite was developed to enhance productivity and revenue capabilities while also documenting enterprise performance via credit and financial performance data. The products integrate data from across an organization's digital systems – past and present – to speed up operational workflows, provide consumer-level customer self-service, and automate decisions like approval, syndication and funding.

About Better Programs, Inc.
Better Programs, Inc. was founded in 1985 and released the first version of TURBO-Lease in 1987.  With over 35 years of experience in the software and equipment leasing industry, TURBO-Lease is a trusted platform to meet lease accounting software needs. Over 950 unique licenses have been sold across the US and Canada and the TURBO-Lease customer base is currently over 200 users strong and growing each year. For more information, please email sales@turbolease.com or visit www.turbolease.com. 

About Tamarack Technology, Inc.
For more than 20 years, Tamarack Technology, Inc. has been helping equipment finance companies improve productivity and profitability with software consulting and cutting-edge technology products. Today, Tamarack is the only professional services and product provider in the industry to deliver AI, business intelligence and customer self-service that maximize equipment finance operations across the entire software ecosystem. Tamarack’s industry experts understand equipment finance and can enhance a company's existing systems, close technology gaps and drive improved performance. For more information, please email discover@tamarack.ai or visit www.tamarack.ai.

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News Briefs

Capital One sued by US watchdog alleging
    bank cheated customers out of $2 billion
https://abcnews.go.com/Business/wireStory/capital-sued-us-watchdog-alleging-bank-cheated-customers-117675771

Red Note, a Chinese App, Is Dominating Downloads,
    Thanks to TikTok Users
https://www.nytimes.com/2025/01/14/business/tiktok-rednote-xiaohongshu-app.html

China’s $1 Trillion Trade Surplus:
    What to Know as Trump Takes Office
https://www.nytimes.com/2025/01/14/business/china-trade-surplus-trump.html

S.E.C. Sues Elon Musk Over Twitter-Related
    Securities Violations
https://www.nytimes.com/2025/01/14/technology/sec-elon-musk-securities-violations.html

F.D.A. Proposes New Food Labels to Detail Sugar,
    Fat and Salt Levels
https://www.nytimes.com/2025/01/14/health/fda-food-labels-sugar-fat-salt.html

Balance of Power Shifts Back Toward Bosses
    Workers face return-to-office mandates, smaller bonuses
https://www.wsj.com/economy/jobs/balance-of-power-shifts-back-toward-bosses-a2861df1?st=e6obdw&reflink=desktopwebshare_permalink

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Fake Job Postings Are Becoming
a Real Problem
https://www.wsj.com/lifestyle/careers/ghost-jobs-2c0dcd4e

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Sports Briefs---

In Bungling the Mike McCarthy Breakup, Has Jerry Jones Once Again Misplayed His Hand?
https://theringer.com/2025/01/13/nfl/jerry-jones-mike-mccarthy-part-ways-dallas-cowboys-coaching-search

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California News Briefs---

A surprising immigration raid in Kern County 
foreshadows what awaits farm workers and businesses
https://calmatters.org/economy/2025/01/kern-county-immigration-sweep/

Biden administration approves Koi casino project near   
   Windsor, paving way for Sonoma County’s third tribal casino
https://www.pressdemocrat.com/article/news/koi-casino-windsor-graton/?ref=home-A1top

Iconic Rose Bowl stadium unrecognizable as makeshift camp with families stuck in tents and RVs to flee deadly LA fires
https://www.the-sun.com/sport/13292289/rose-bowl-stadium-camp-families-los-angeles-wildfires/

California In-N-Out erupts into cheers as weary
 firefighters walk in
https://www.sfgate.com/food/article/california-innout-cheers-firefighters-20030316.php

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Gimme that Wine

 

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

Fior di Sole: The Largest Winery in Napa
    You've Never Heard Of
https://www.winebusiness.com/wbm/article/296276

Francis Ford Coppola’s Napa winery sues his
‘right-hand man’ for allegedly stealing wine tanks
https://www.sfchronicle.com/food/wine/article/inglenook-coppola-stolen-tanks-19875288.php