News Topics

Associations

AED Names Modern Group President/CEO Farrell to Board

Paul Farrell, president and CEO of Modern Group, was named to the board of directors of the Associated Equipment Distributors, taking effect in January. read more

Economy

ELFA: February New Business Volume Down 3% Y/Y

The ELFA released its Monthly Leasing and Finance Index for February, which showed a 3% drop in new business volume year over year, a 5% drop in volume month-to-month and that the ELFF’s index remained high at 71.1. read more

Equipment Sector

ATA Truck Tonnage Year/Year Index Decreased 2.8% in February

American Trucking Associations’ For-Hire Truck Tonnage Index equaled 138.7, which was down 2.8% compared with February 2016. read more

Industry

Bestpass Expands to Leased Equipment Providers

Bestpass unveiled a toll management system designed specifically for those who lease equipment of any size. Bestpass has more than 300,000 transponders on the road and processes about $1.5 million in tolls per day. read more

International

TrueNoord Closes Financing Facility for Four Leased Embraer E190 Aircraft

TrueNoord closed the first tranche of a term financing facility with DVB Bank and PK AirFinance, a GECAS company, for four of the six Embraer E190 aircraft that it purchased from BOC Aviation in January. read more

Lease Accounting

LeasePlan CFO Highlights Must-Know Changes to Lease Accounting Standards

LeasePlan USA’s CFO, Dave Dahm, stressed the importance of staying ahead of the changes made by the FASB and IASB, which can have significant impact on fleets. read more

Legal / Fraud

Greene Named New NAELB Legal Counsel

Kenneth C. Greene will serve as legal counsel of The National Association of Equipment Leasing Brokers following the departure of Joseph Bonanno. read more

Mergers / Acquisitions

Avation Commercial in Talks to Sell Off Six ATR 72s

Commercial aircraft leasing company Avation said it is in talks to sell off six of its ATR aircraft to an undisclosed buyer and is expected to raise $31 million in net proceeds. read more

New Ventures

Industry Veteran Launches Liberty Commercial Finance

Equipment finance and leasing veteran Eric Freeman has launched Liberty Commercial Finance, a new independent equipment lease and finance company with offices in Irvine, CA and Denver. read more

Of Interest

Reuters: Kabbage Raising Money for Acquisitions

Reuters reported online lender Kabbage is in talks to raise equity funding that could be used for acquisitions. OnDeck was named as a possible target. read more

People

Browning Joins 1st Source Bank as President of Specialty Vehicle Finance

Kirk Browning joined 1st Source Bank’s Specialty Finance group as president of the Auto/Light Truck & Specialty Vehicle Fleet Finance Divisions. read more

Program Agreements

Husqvarna Partners with Advance Acceptance to Offer Lease Programs

Husqvarna partnered with Advance Acceptance to offer equipment lease programs for commercial and municipal customers through their independent dealer network in the U.S. read more

Recent Earnings

Willis Lease Finance 2016 P/T Earnings Up 87.4% on Record Revenue

Willis Lease Finance reported 2016 pre-tax earnings of $23.9 million, up 87.4% from $12.8 million in 2015 on record revenue of $207.3 million. read more

Securitization

Westlake Financial Issues Largest Ever ABS at $700MM

Westlake Financial issued a $700 million asset-backed securitization backed by $748.7 million of automotive loans. read more

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Terry Mulreany
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