New Hires/Promotions in the Leasing Business
and Related Industries

Robert Davies was hired as Senior Vice President, Head of Clean Energy, Key Equipment Finance, Inc., Denver, Colorado. He is located in Presto, Pennsylvania. He joined Fifth Third Bank January, 2021, Team Lead, Renewable Energy & Healthcare, promoted July, 2021, Senior Vice President,  Team Leader, Renewable Energy. Previously, he was Vice President, Equipment Finance & Leasing, Columbus, Ohio (December, 2005 - August, 2011, same position but in Pittsburgh, PA (August, 2011 - 2016). Full Bio:
https://www.linkedin.com/in/robert-davies-354a24126/details/experience/  https://www.linkedin.com/in/robert-davies-354a24126

Jennifer Patton was hired as Senior Business Development Manager, Navitas Credit Corp., Mt. Laurel, New Jersey. She is located in Greater Philadelphia. Previously, she was Senior Business Development Manager, Marlin Capital Solutions (March, 2017 - July, 2020);  Business Development Manager, Wells Fargo (August, 2016 - March, 2017).
Full Bio:
https://www.linkedin.com/in/jenniferpatton9/details/experience/
https://www.linkedin.com/in/jenniferpatton9/

Charissa (Edwards) Sumerlin was promoted to Chief Credit Officer, Pinnacle Financial Partners.  She joined Pinnacle as Credit Projects Manager, January, 2021, promoted Deputy Chief Credit Officer,  (January, 2022 - July, 2024). Full Bio:
https://www.linkedin.com/in/charissa-sumerlin-7138636/

David Trost was hired as Senior Product Manager, Northteq, Minneapolis, Minnesota. He is located in Greater Boston. Previously, he was General Manager, Financial Services, FortifiD, Inc. (January, 2023 - June, 2024).
Full Bio:
https://www.linkedin.com/in/trostdc

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

Chesswood To File Restated Financial Statements
and MD&A As a Result of Prior Disclosed Errors In Borrowing Base Calculations

TORONTO - Chesswood Group Limited ("Chesswood") (TSX: CHW) has determined that it will have to prepare and file restated financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2024 as a result of its previously disclosed errors in calculating its borrowing base for purposes of its senior secured revolving credit facility, and the resulting breach of the credit facility, suspension of borrowing capacity and suspension of originations by Pawnee Leasing and Rifco.

Management and members of Chesswood's Audit & Risk Committee are working with Chesswood's auditors to determine the ultimate restatements to be made, but it is expected that the restatements will include (i) the write down of certain (and perhaps all) intangibles, including goodwill, (ii) the write down of long lived assets and certain deferred tax assets and liabilities, (iii) correcting disclosure related to compliance with, and available borrowings under, the credit facility and (iv) revised going concern and controls and procedures disclosure.

Chesswood's management is also engaged in review of the prior year borrowing base calculations and prior year financial statements and MD&A to determine whether restatement is required.

About Chesswood Group Limited

Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors. Our shares trade on the Toronto Stock Exchange (under the symbol CHW).

For information on Chesswood Group Limited and its operating subsidiaries:

www.ChesswoodGroup.com
www.PawneeLeasing.com
www.TandemFinance.com
www.VaultPay.ca
www.VaultCredit.com
www.Rifco.net
 www.WaypointInvestmentPartners.com
www.EasyLegal.ca

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

ELFA Reports New Business Down 2% in June
Year to date, cumulative NBV was up 4.1% compared to 2023

(Source: Leasing News)

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), a survey of economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, reports that in June:

• New business volume (NBV) was $10 billion, down 4% from June 2023.
• Month over month, NBV was down 2% from $10.2 billion in May 2024.
• Year to date, cumulative NBV was up 4.1% compared to 2023.

ELFA President and CEO Leigh Lytle. said, “Our latest MFLI report shows modest cooling in the equipment leasing and finance industry. A pullback in origination activity at banks caused overall new business volume to dip in June after double-digit growth in the previous two months. That said, portfolio quality remained consistent, fluctuating within a narrow range as receivables improved and losses dipped.

“We expect financial conditions to remain solid in 2024 as recent inflation data leads the Fed to begin easing borrowing costs in September. That would boost equipment demand, which in turn should bolster economy-wide investment through the end of the year.”


Todd Wainwright, SVP, Head of Commerce & Strategic Partnerships, Amur, said, “The current moment, while not simple, is a very interesting one for Amur and other well-capitalized independents. Banks have been so dominant in our industry for so long, but with banks looking to lend less, we expect to see continued opportunities to be the go-to source of financing in the marketplace.
“ Given our 28-year track record and time-tested platform, we are proud that we have been able to stay consistent and reliable with our partners regardless of market fluctuations.“

Additional findings include:

• Receivables over 30 days were 2.0%, down from 2.3% the previous month and up from 1.8% in the same period in 2023.
• Charge-offs were 0.5%, up from 0.4% the previous month and up from 0.4% in the year-earlier period.
• Credit approvals totaled 75%, unchanged for the second consecutive month.
• Total headcount for equipment finance companies was down 0.9% year-over-year.

 

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Securing Key Relationships
  By Scott Wheeler, CLFP

For the most prepared, aggressive originators in the commercial equipment finance and leasing industry, 2024 is the time to secure additional "key" relationships with both vendors and end-users. I continue to hear confirmation from the strongest originators that they are adding new "key" accounts while their competitors are in disarray. There are plenty of opportunities waiting to be secured by originators willing to provide superior service and expertise to strong vendors and end-users. A top producer shared the following three-step process that he is focused on in 2024.

Step 1: Identify targeted accounts to pursue. This is the most important step. He is seeking vendors and end-users that are fully aligned with his current funding capabilities. He is specific about what characteristics are required to be a "key" relationship and is focused on vendors and end-users that fully meet his criteria.

Step 2: Create an aggressive campaign to pursue each individual targeted account. He leads with his company's attributes and his personal value proposition which make his offering the best option to be a primary financial partner for the targeted prospect. The purpose of the campaign is to qualify the targeted account and to fully penetrate all the decision makers.

Step 3. Establish a formal launch of the relationship with agreed-upon commitments and realistic expectations by both his company and the "key" account. He develops specific production targets which all parties agree upon as realistic and obtainable over a specific period (monthly, quarterly, annually).

This originator has a plan and is aggressively working his plan.

He is 100% committed to building new key accounts in 2024 with the expectation that these relationships will positively impact his career trajectory in 2025 and beyond. His final comment was telling:

"There are plenty of vendors and end-users seeking financial professionals who are knowledgeable about the current market and are willing to create relationships based upon a positive approach to unlimited future potential."

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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Ranked: America’s Most Trustworthy News
Organizations in 2024 - Visualcapitalist

America’s trust in the media has plateaued over the last few years with only around one-in-three Americans saying they trust the news.

We visualize the percentage of Americans who trust (or distrust) various news organizations. Importantly, this is not an exhaustive list of media brands. Data is sourced from a 2024 YouGov survey commissioned by the Reuters Institute for the Study of Journalism.

More than 2,000 nationally representative Americans were asked to rate a brand’s trustworthiness on a scale of 0–10. Responses that picked 0–4 were coded as “don’t trust;” similarly 6–10 were coded as “trust.” The middle number, 5, was categorized as “neither.”

CNN & Fox Are the Most Divisive News Outlets
Local TV stations and newspapers are still Americans’ most trusted news organizations, despite the gutting of local news outlets over the last decade.

Meanwhile, broadcasters ABC, BBC, and CBS are also more trusted than not for at least half of those surveyed. Print and digital newspaper The New York Times also managed a 50% trust rating—the only named newspaper to do so.

Towards the bottom of this sample of companies, HuffPost is the least trusted (39%) news brand. In 2012, the organization was the first commercially-run U.S. digital news website to win a Pulitzer Prize. In 2015 ownership moved when Verizon acquired AOL (which owned HuffPost). As of 2020, the company is now by Buzzfeed Inc.

Fox News is the most polarizing brand listed, with an equal 43% share for “trust” and “don’t trust.” It is also the only listed outlet where more than 40% of those surveyed didn’t trust it.

By Marcus Lu Graphic Design: Sam Parker
www.visualcapitalist.com

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New Foundation Report Examines the Trucking Sector
and Its Opportunities for Equipment Finance Companies

Washington, DC,– Despite ongoing volatility in the trucking industry, the U.S. continues to rely heavily on trucking to transport the vast majority of its freight. Trucking will represent 73% of total freight tonnage and 79% of the revenue of the entire U.S. freight market by 2034 according to a new study, “Vertical Market Outlook Series: Trucking,” released by the Equipment Leasing & Finance Foundation (Foundation). 

Valerie Gerard, Foundation Research Committee Chair and Co-CEO of The Alta Group, said, “This report provides an overview of the U.S. long-haul trucking market, addressing macroeconomic factors, technological innovations, and challenges that will impact the sector going forward,.

 “It is an indispensable resource for equipment finance professionals to use in their strategic planning, and as a guide to the trends and shifts to monitor in order to support their clients and prospects as the industry moves forward.”

 The study provides an outlook on the U.S. trucking industry, including key trends and developments impacting this sector over the next one to two years. It is the 10th release of the Foundation’s forward-looking Vertical Market Outlook Series designed to help readers recognize and understand opportunities and challenges that may affect their businesses.

The report was commissioned by the Foundation and prepared by global advertising, technology, and data company Big Village, which also produced the previous studies in the Vertical Market Outlook Series. The new study presents data and research from a variety of sources, and examines a range of issues, including:

• On-the-road transport vertical landscape: definition and composition.
• Macroeconomic environment: federal regulations, supply chain, operational cost trends, freight volume trends, decarburization impact, transport rate trends, and sustainability.
• Market dynamics and trends: bankruptcy, M&As, financing, the role of technology, and changing industry structure.

Download the full report at https://www.leasefoundation.org/industry-resources/vertical-outlook

All Foundation studies are available for free download from the Foundation’s online library at http://store.leasefoundation.org

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

Retriever/Labrador
Fort Collins, Colorado Adopt-a-Dog

Dexter
AAAR-A-184
Male
5Y/7M/2W
Adoption Fee: $75.00

This pup’s adoption fee has been partially sponsored by All Aboard or an All Aboard partner! The new adoption fee is reflected on the profile.

Dexter came in very shut down and scared. In his foster home he has made lots and lots of progress. He is small and large dog friendly and cat friendly too! He is still shy around humans but is house and kennel trained as well. He will need an involved and patient foster like the one who has him now. He is an AMAZING boy. He needs a home with another dog and a yard as he is still struggling with people, but is amazing with dogs. If you are looking for a dog to be your dog's best friend, Dexter is your guy!

All Aboard Rescue
1721 W. Harmony Rd. #102
Fort Collins, CO 80526
Phone: (970) 286-9902
https://aaanimalrescue.org/

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Early Bird Registration Available
NVLA Annual Conference, October 16 -18
Wyndham Grand, Clearwater Beach, Florida

Keynote Speaker

Michelle "Mace" Curran, Combat Veteran, Former
USAF Thunderbird Lead Solo, F-16 Fighter Pilot

Michelle Curran has led an impressive career as a Fighter Pilot during her 13 years in the United States Air Force. From 2019-2021, she flew as the only female pilot for the Air Force Thunderbirds and performed for millions across the country and internationally. Michelle was also named the Distinguished Alumna of the Year by the University of St. Thomas in 2021. She has been featured on several well-known media platforms, including The Kelly Clarkson Show, CBS Evening News, and Glamour.

For more information and to register:
https://www.nvla.org/page/2024conference

Sloan Schickler, Esq., Schickler & Schickler, will be covering the conference for Leasing News. She is also presenting there.

News Briefs

Tesla’s Profit Falls for
    Second Straight Quarter
https://www.wsj.com/business/autos/teslas-profit-falls-for-second-straight-quarter-3e849b36?mod=business_lead_story

GM Delays EV Projects in Latest
    Industry Pullback
https://www.wsj.com/business/earnings/general-motors-gm-q2-earnings-report-2024-f8dcdd49?mod=business_lead_pos4

A very strong quarter at General Motors overshadowed
    by potential headwinds for industry
https://www.bostonglobe.com/2024/07/23/business/general-motors-strong-quarter/

Google’s $23 Billion Plan to Buy Cybersecurity
    Start-Up Wiz Falls Apart
https://www.nytimes.com/2024/07/23/technology/google-wiz-deal-ipo.html

A running list of layoffs in the
    Boston-area tech sector
https://www.bostonglobe.com/2023/02/08/business/running-list-layoffs-boston-area-tech-sector/

US public EV chargers set to surpass gas
    stations in 8 years
https://www.eastbaytimes.com/2024/07/19/us-public-ev-chargers-set-to-surpass-gas-stations-in-8-years

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America’s 60-Year-Olds Are Staring at Financial Peril
    A bruising recession and the disappearance of pensions have left many young boomers financially exposed
https://www.wsj.com/personal-finance/americas-60-year-olds-are-staring-at-financial-peril-62599a76?st=rubpn92ba1jovdm&reflink=desktopwebshare_permalink

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Sports Briefs---

Stanford, Cal ready for cross-country flights this football   
   season in their new ACC home
https://www.pressdemocrat.com/article/sports/cal-stanford-college-football-acc/

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California News Briefs---

Desalination plant proposed for
  San Francisco Bay
https://www.mercurynews.com/2024/07/23/desalination-plant-proposed-for-san-francisco-bay/

Sunol recall vote ousts school board members
who pushed to ban gay Pride flags
https://www.eastbaytimes.com/2024/07/20/sunol-voters-recall-school-board-members-who-pushed-to-ban-gay-pride-flags/

Huge San Jose hospital project heads to key
public development review
https://www.eastbaytimes.com/2024/07/22/san-jose-hospital-real-estate-build-property-real-estate-healthcare/

California's fastest growing city unveils
new $374M public high school
https://www.sfgate.com/local/article/alameda-county-new-public-high-school-19577984.php

S.F. restaurant suffers thousands in losses
after third break-in in four months
https://www.sfchronicle.com/bayarea/article/bernal-heights-restaurant-break-in-los-yaquis-19592091.php

S.F. police officers’ average pay could hit $500,000
under proposal.
https://www.sfchronicle.com/sf/article/s-f-police-officers-average-pay-could-hit-19591652.php

Bay Area tech layoffs: Major Japanese online
retailer cuts U.S. workforce by half
https://www.sfchronicle.com/tech/article/mercari-layoffs-us-19591480.php

Silicon Valley Investors’ Plans for
a New City Put on Hold
https://www.nytimes.com/2024/07/22/business/economy/california-forever-solano-county-city-on-hold.html

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Gimme that Wine

 

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

Former Google exec rolls Healdsburg’s Armida,
    Idlewild wineries into new business
https://www.pressdemocrat.com/article/industrynews/david-drummond-overshine-wine-armida-idlewild-acquisition/

Winery Hiring Adjusts from Post-Pandemic Surge
June declined 32% versus a year ago to 455
https://www.winebusiness.com/news/article/290216

The State of Washington (Cabernet)...is really good,
& getting even better! Part II
https://joelbutlermw.substack.com/p/the-state-of-washington-cabernetis-378

Arborum Napa Valley Commits $1 Million to Local and  
Environmental Causes Before August 20 Wine Release
https://www.winebusiness.com/news/article/290278