New Hires/Promotions in the Leasing Business
and Related Industries

Keith Connors was hired as  Senior Vice President, Capital Markets, Pinnacle Financial Partners, Nashville, Tennessee. He is located in the New York City Metropolitan Area. Previously, he was Vice President, Capital Markets, Flagstar Bank (March, 2023 - June, 2024); Vice President, Capital Markets, Signature Bank (October, 2018 - April, 2023). He joined GE Capital July, 2013, Analyst , Commercial Excellence and Salesforce Effectiveness, promoted July, 2014 to Manager, Commercial Excellence and Effectiveness, promoted Assistant Vice President, GE Industrial Finance (March, 2016 - September, 2018). Prior, he was at GE, starting July, 2010, Financial Management Program (FMP), promoted Analyst, Corporate Finance and Operating Components FP&A), (July, 2010 - August, 2012).
https://www.linkedin.com/in/keithjconnors/

Freddy Jalivand, CLFP, was promoted Program Manager, Equipment Broker Division, Balboa Capital, a Divisor of Ameris Bank, He is located in Anaheim, California. “I'll be partnering with Third Party Originators as a funding source for their lessees!  Looking forward to connecting with industry professionals and exploring new opportunities."
Previously, he was Senior Relationship Manager, Hanmi Bank (October, 2021 - March, 2024).  He began his career at Providence Capital Funding, Inc., as Intern (October, 2007 - December, 2007), promoted Senior Account Executive (January, 2008 - March, 2012), promoted Head of Department (April, 2012 - October, 2021).
https://www.linkedin.com/in/freddyjalilvand/

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Americans Didn't Let Inflation Spoil Their Appetite
By Felix Richter, Statista

Despite inflation causing financial headaches in many households across the United States, Americans haven't lost their appetite for dining (and drinking) out. According to the National Restaurant Association, restaurant industry sales are expected to top $1.1 trillion this year - a new record for the industry that will employ more than 15 million people by the end of the year. "Restaurants are finding ways to adapt to the challenges of increased food costs and supply chain disruption," Michelle Korsmo, President & CEO of the National Restaurant Association, said in a statement earlier this year. "Restaurants have responded well to customers’ desire to have more opportunities to enjoy restaurant meals, which continues to grow sales, create employment opportunities, and foster a strong sense of community."

Those claims are backed up by data from the U.S. Census Bureau, which underscores the industry's strength and resilience over the past three, undoubtedly challenging, years. According to the Census Bureau's monthly retail sales report, sales of food services and drinking places amounted to $93.9 billion in April 2024, up 5.5 percent from the month a year ago. While some of that increase can certainly be attributed to higher prices on the menu, the Bureau of Labor Statistics reported that the Consumer Price Index for Food Away From Home increased 4.1 percent year-over-year in April, indicating that the increase in sales can only partly be attributed to higher prices.

In fact, sales growth of restaurants, bars etc. has been outpacing price increases throughout the inflation crisis. Since February 2020, food services and drinking places, as they are officially called, have seen (seasonally adjusted) monthly sales surge 36 percent. Meanwhile, consumer prices for food away from home have risen by 26 percent and prices of alcoholic beverages away from home have risen by 19 percent.

Food services and drinking places, i.e. restaurants, bars, cafeterias, etc., made an impressive recovery from Covid lockdowns and associated shifts in consumer spending. As the following chart shows, restaurant sales appear to have returned to their pre-pandemic growth path, with several bumps in the road to recovery attributable to surges in Covid infections.

 By Felix Richter, Statista

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Leasing and Finance Industry Help Wanted

Trucking jobs take a big hit in May
By Tyson Fisher, Landlinemedia

Thousands of trucking jobs were lost in May as overcapacity, low rates and high operating costs continue to plague the industry.

According to the latest numbers from the Bureau of Labor Statistics, more than 5,000 trucking jobs were eliminated from the economy in May. This marks the second consecutive monthly loss, which was preceded by a five-month growth streak.

David Spencer, Vice President of Market Intelligence at Arrive Logistics, explained, “I am not surprised by the May employment data, given the persistent challenge of low rates and high operating costs for carriers,” Spencer said. “This is evident in the carrier revocation data, which shows that over 30,000 carriers have exited the market since Q3 of 2022. Ultimately, with no significant spot rate increases expected in our forecast this year, we anticipate employment will continue trending downward. Employment levels over the next few months will be a good indication of capacity correction progress, and, in turn, how far we are from the start of the next inflationary cycle.

“The drop in trucking jobs is to be expected considering low spot rates throughout the year. Low spot rates have led to lower contract rates. Consequently, carriers are being forced to reduce their driver count. April and May’s job reduction could signal the start of a downward trend.”

Five months in, trucking jobs are down by nearly 2,000 for the year. Total employment in trucking is down by 30,000 jobs compared to a year ago.

Revised numbers reveal weaker trucking job growth in March, with an increase of 2,400 trucking jobs (compared to the initially reported gain of 4,100) and a loss of 900 jobs in April (compared to the initially reported decrease of 300).

Accounting for all transportation sector jobs, employment rose by nearly 11,000 jobs.

Across all industries, employment increased by 272,000 jobs, far better than the 190,000 jobs economists predicted. However, the unemployment rate rose 0.1 percentage point to 4.0% for the second consecutive month. Compared to the previous year, the unemployment rate for transportation and material-moving occupations increased from 5.6% to 5.7%.

 
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Top Ten Leasing News Read by Readers
June 3 - June 7

(1) Roglieri Arrested for Wire Fraud
FBI agents took the loan broker into custody Friday morning
By Ken Greene, Esq., Leasing New Emeritus
https://leasingnews.org/archives/Jun2024/06_03.htm#arrest

(2) Prime Capital Ventures Owner Arrested for Fraud
"if convicted...faces up to 20 years in prison..."
https://leasingnews.org/archives/Jun2024/06_03.htm#doj

(3) Roglieri Allegedly Threatens to Murder
  FBI Agent, Judge, and Trustee
By Ken Greene, Leasing New Emeritus
https://leasingnews.org/archives/Jun2024/06_05.htm#threatens

(4) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Jun2024/06_07.htm#hires

(5) California Bill Would Deem Some Lenders
  As Licensed Exemptions May be Confusing
By Keith Bishop, JD Supra
https://leasingnews.org/archives/Jun2024/06_03.htm#ca

(6) CLFP Foundation Adds 19 New CLFPs
With Photos
https://leasingnews.org/archives/Jun2024/06_03.htm#clfp

(7) Academy for Certified Lease
  & Finance Professionals
8 Classes Scheduled June – November
https://leasingnews.org/archives/Jun2024/06_03.htm#academy

(8) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Jun2024/06_05.htm#hires

(9) Commercial Finance/Leasing Finance Conferences
https://leasingnews.org/archives/Jun2024/06_07.htm#conf

(10) Story Credit Financing
Business Loans, SBA Loans, Working Capital
https://leasingnews.org/archives/Jun2024/06_05.htm#sc

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2024 Cannabis Revenue in the United States
Report from Statista

Highlights

Revenue in the Cannabis market in the United States is forecasted to reach US$42.98bn in 2024.

The Cannabis market in United States has been experiencing significant growth and evolution in recent years.

• The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.89%, leading to a market volume of US$49.56bn by 2029.

• When compared globally, the United States is expected to generate the highest revenue in 2024, amounting to US$42.98bn.

• In terms of per person revenues in 2024, US$279.90 are generated based on total population figures.

• The United States sees a growing trend in cannabis investments with increased focus on regulatory developments and market expansion.

Customer preferences: Consumers in the United States are increasingly seeking out a wide variety of cannabis products, including edibles, concentrates, and topicals, in addition to traditional flower products. This shift in consumer preferences has led to a surge in product innovation and diversification within the market.

Average Revenue Per User Chart

Trends in the market: One of the key trends in the United States cannabis market is the legalization of both medical and recreational cannabis in a growing number of states. This has created a more favorable regulatory environment for cannabis businesses, leading to increased investment and market expansion. Additionally, the rise of online retail platforms and delivery services has made cannabis products more accessible to consumers across the country.

Local special circumstances: The United States has a complex regulatory landscape when it comes to cannabis, with each state having its own set of laws and regulations governing the production, sale, and consumption of cannabis products. This patchwork of regulations can create challenges for businesses operating in multiple states, but it also allows for experimentation and innovation at the local level.

Underlying macroeconomic factors: The growth of the cannabis market in the United States is also influenced by broader macroeconomic factors, such as changing consumer attitudes towards cannabis, increasing acceptance of its medicinal properties, and the potential for tax revenue generation for states that have legalized cannabis. These factors, combined with ongoing regulatory developments, are expected to continue shaping the future of the cannabis market in the United States.

 

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Financing Cannabis Funding Sources
Many Work with Third Party Originators

Alliance Commercial Capital
Alternative Finance Network
Cannabis Equipment Leasing
International Financial Services (IFS)
NEC Financial Services
Number One Enterprise
Slim Capital
Vertical Companies

Full List:
https://leasingnews.org/Pages/cannabis_financing.html

Boxer Mixed Breed
(Buffalo Area) Alden, New York Adopt-a-Dog

Gretchen
Female
7 months, 1 day
29.5 lbs.
Shots up to date
Spayed

Meet Gretchen - she is affectionate, alert, and agile. She was found a stray in West Virginia, a typical untrained outdoor pup. She has learned how to walk with a leash and how to potty on walks. She’s not thrilled being alone in the crate but has learned to tolerate it and sleep in it through the night. With proper training and guidance, she will be your best friend, sidekick, and bodyguard.

If you are interested in Gretchen and pre-approved to adopt, please message the Facebook page. If you haven’t been pre-approved yet, you can fill out an application on our website: www.awesomepawsrescue.org (101)

Awesome Paws Rescue
PO Box 162
Alden, NY 14004
awesomepawsrescue@gmail.com

https://www.awesomepawsrescue.org/adoption-center

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

ELFA Unveils Plans for Emergence2024,
July 11-12 in Philadelphia

Members of the 2024 Emerging Talent Advisory Council Recognized

Washington, D.C. – The Equipment Leasing and Finance Association today revealed the agenda for Emergence2024, a two-day event focused on cultivating the next generation of equipment finance industry leaders. Taking place July 11-12 in Philadelphia, the agenda will feature hot-topic sessions and interactive networking opportunities, all centered around the theme “Dream Big, Start Small, Level Up.”

“Emergence2024 is the premier event for emerging leaders in the equipment finance industry,” said Matt Vazzana, CLFP, Chair of the Emerging Talent Advisory Council (ETAC), which is involved in planning and hosting the conference. “This event will deliver key insights, practical strategies and unique networking opportunities to accelerate professional growth. We are excited to help the next generation of talent elevate their careers and can’t wait to see everyone on July 11-12!”

Highlights of the Emergence2024 agenda include:

• After You Press Start: How to Unlock Levels to Advance as a Leader in Your Career
• Become a Multiplier of the Talent Around You - Learn strategies to become an extraordinary leader who levels up the performance and potential of your team.
• Career Pathways - Explore options and best practices to drive your personal and professional growth within the equipment finance industry.
• Level Up Lightning Exchange: Ignite Your Inner Leader - Discuss leadership topics in small groups with industry veterans.
• Near-Term Economic Outlook for the Equipment Finance Industry - Economic insights from a Keybridge economist.
• Multiple networking opportunities, including a networking breakfast and lunch, cocktail reception, optional fun walk, dine around and more!

Planning Committee
ELFA recognized the members of its 2024 Emerging Talent Advisory Council who are hosting Emergence2024, as well as the task force planning the event (marked with *):

• Matthew Vazzana, CLFP, National Account Executive, Huntington Technology Finance (Committee Chair)
• *Amanda Brubaken, CLFP, Group Lead, Mitsubishi HC Capital America, Inc. 
• Eric Cable, Director - Lender Finance and Capital Markets, First Citizens Bank Equipment Finance
• *Craig Colling, CLFP, Senior Vice President - Vendor Channel Leader, Ascentium Capital, A Division of Regions Bank
• Lisa Corby, Syndication Manager, Capital Markets, Verdant Commercial Capital LLC
• James Cress, Vice President & General Manager, Stryker Flex Financial (Board of Directors Liaison)
• Kirsten Dargy, Marketing Manager, LTi Technology Solutions
• Jacquelyn Dusseau, CLFP, Director of Data Analytics & Corporate Development, Fleet Advantage, LLC
• *Sylvianne Evans, CLFP, Documentation Manager, US Bancorp Business Equipment Finance
•  Nicolas Goehring, SVP, Lead Portfolio Manager - Equipment Financing & Leasing, Associated Bank
•  *Steven Holben, CLFP, Senior Director, Digital Sales Strategy & Originations, Mitsubishi HC Capital America, Inc. 
• *Trevor Kemp, Senior Risk Analyst, Toyota Industries Commercial Finance, Inc.
• *Jenaleigh Lathrop, CLFP, Equipment Finance Trainer, Arvest Equipment Finance
• Austin Law, CLFP, Portfolio Manager, Stryker Flex Financial
• Will Mennesson, CLFP, VP, Head of Credit, AP Equipment Financing
• *Jake Nguyen, CLFP, VP, Credit Manager, Wintrust Specialty Finance
• Turner Parlin, Head of US Business Development, Alfa
• *Jordan Reeve, Implementation Manager, Caterpillar Financial Services Corporation
• Vanessa Roberts, CLFP, Customer Success Coach, Leasepath
• *Kelby Spring, Financial Services Sales Manager, Equifax
• * Camtu Vo, Manager of Product Development, DLL

More Information
Details about Emergence2024 are available at https://www.elfaonline.org/events/2024/Emerge.

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. ELFA has been equipping business for success for more than 60 years. For more information, please visit www.elfaonline.org.

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

News Briefs

What Retail Apocalypse?
    Shopping Centers Are Making a Comeback!
https://www.nytimes.com/2024/06/09/business/shopping-centers-mall-demand-comeback.htm

Kia recalls nearly 463K Georgia-built
    SUVs due to fire risk
https://www.ajc.com/news/business/kia-recalls-nearly-463k-georgia-built-suvs-due-to-fire-risk/2DALZZMRKFEY7FMJLA7EX3FTZE/

After editor's departure, Washington Post
    publisher faces questions about phone hacking stories
https://www.pressdemocrat.com/article/business/washington-post-phone-hacking/

Real-Estate Broker Meridian Bulks Up Controls
    After Fannie, Freddie Blacklist
https://www.wsj.com/finance/banking/real-estate-broker-meridian-bulks-up-controls-after-fannie-freddie-blacklist-313f585d?st=82aclj1yry8thge&reflink=desktopwebshare_permalink

 

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Drug Testing for Bars and Nightclubs must be available in
     California starting July 2, 2024
hhttps://www.desertsun.com/story/news/politics/elections/2024/06/07/california-roofie-drug-testing-kit-law-for-bars-takes-effect/74006289007/

[headlines]
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Sports Briefs---

Caitlin Clark told Indiana Fever head coach
   that Team USA snub 'woke a monster'
https://www.yahoo.com/sports/caitlin-clark-told-indiana-fever-195324960.html

Steve Young explains why Sacramento’s
fastest-growing high school sport is ‘made for girls’
https://www.sacbee.com/news/local/article289000174.html

Levi’s Stadium: Cost of cops at NFL games
has more than doubled in past decade
https://www.eastbaytimes.com/2024/06/09/levis-stadium-the-cost-of-cops-at-nfl-games-has-more-than-doubled-in-the-last-decade/

‘She pitched outstanding’: Oakland Ballers’
   Kelsie Whitmore becomes first woman to start
Pioneer League game
https://www.eastbaytimes.com/2024/06/07/she-pitched-outstanding-oakland-ballers-kelsie-whitmore-becomes-first-woman-to-start-pioneer-league-game/

[headlines]
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California News Briefs---

Historic Berkeley race track holds final event
   Animal-welfare groups pleased to see it go
https://www.eastbaytimes.com/2024/06/09/golden-gate-fields-last-race-protest/

Mahan: The answer to solving San Jose’s
homeless problem? All of the above
https://www.eastbaytimes.com/2024/06/08/opinion-the-answer-to-solving-san-joses-homeless-problem-all-of-the-above/

Food is expensive, but not at California's
extreme discount' grocery store
https://www.sfgate.com/food/article/grocery-outlet-bay-area-discount-market-19476872.php

What's on the paper slips that Disneyland
members pass each other?
https://www.sfgate.com/disneyland/article/paper-slips-disneyland-cast-members-19474290.php

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Gimme that Wine

 

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

David Bruce Winery purchased by
   Michigan-based Hillsdale College
https://www.siliconvalley.com/2024/06/09/david-bruce-winery-purchased-by-michigan-based-hillsdale-college/

How a Depression-era law could be used to make
booze and wine cheaper
https://www.eastbaytimes.com/2024/06/07/how-a-depression-era-law-could-be-used-to-make-booze-cheaper/

Warren Winiarski, who put California winemaking
on the international map, dies at 95
https://www.pressdemocrat.com/article/news/warren-winiarski-judgment-of-paris-stags-leap/

Demand for low and non-alcoholic wine drives
innovation in Sonoma, Napa and beyond
https://www.pressdemocrat.com/article/lifestyle/non-alcoholic-wine-low-alcohol-wine-california-wine-industry/

Dolly Parton Unveils 'Dolly Wines' - Her First Ever
Collection of Wines in Partnership with Accolade Wines
https://www.winebusiness.com/news/article/288442

Is Black Wine the New Orange?
The wine is finding fans!   
https://www.nytimes.com/2024/06/06/t-magazine/black-wine-teinturier-grapes.html

Quintessential’ Margaux released at
30% reduction on last year’s release
Time to Buy a Couple of Cases!
https://www.thedrinksbusiness.com/2024/06/quintessential-margaux-released-at-30-reduction-on-last-years-release/