Continuity and competition defined Monitor’s 2026 Vendor Top 40, as the group extended its growth trajectory to $46.8 billion in total vendor and dealer volume — a $2.5 billion, or 5.7%, increase over the prior year. While the top of the rankings remained largely stable, the story unfolding in the middle and lower tiers was anything but. A surge of returning players, aggressive climbers and fresh entrants underscored an industry that continues to reward strategic focus and disciplined execution.
Wells Fargo Holds the Crown
For the second consecutive year, Wells Fargo Equipment Finance claimed the No. 1 position in Monitor’s Vendor Top 40, closing 2025 with nearly $8.1 billion in vendor volume — a $485.8 million, or 6.4%, increase over the prior year. Its market share stands at 17.3%, a slim edge over runner-up DLL USA.
DLL USA retained the No. 2 ranking despite reporting a $600.8 million, or 8.7%, decline to $6.3 billion in vendor channel originations. The contraction widened the gap between the top two, but DLL’s $6.3 billion volume still represents a commanding 13.4% of total Top 40 activity. Bank of America Global Leasing ($3.9 billion), PNC Equipment Finance ($3.5 billion) and U.S. Bank Equipment Finance ($2.6 billion) rounded out the top five.
The top five’s 47.8% share reflects a modest decrease from the prior year’s 55.1% concentration, suggesting that while the leaders remain dominant, the competitive field below them is gaining density.
Big Climbers in the Middle of the Pack
The most striking absolute gains of the year came from the upper-middle tier of the rankings. Auxilior Capital Partners continued its strong momentum, growing $381.6 million, or 32.3%, to $1.56 billion and advancing from No. 11 to No. 9. Verdant Commercial Capital posted the third-largest year-over-year increase, adding $329.6 million to reach $1.05 billion — a 46% jump — advancing from No. 16 to No. 15. Mitsubishi HC Capital America climbed from No. 12 to No. 11, adding $328.2 million (31.4%) to end the year at $1.37 billion. Dell Financial Services also posted a notable surge, growing $302.6 million (39.7%) to $1.06 billion, rising from No. 15 to No. 14.
Percentage Leaders: Smaller Players, Outsized Gains
Among the year’s most impressive performers on a percentage basis, three companies stood out for more than doubling or nearly doubling their vendor volume. Bell Bank Equipment Finance, making its first appearance in the Top 40, posted a 108.2% year-over-year increase — the largest percentage gain in this year’s rankings — growing from $55.9 million to $116.4 million. Customers Commercial Finance followed with 88.3% growth, rising from $127.4 million to $239.9 million and climbing from No. 37 to No. 29.
UniFi Equipment Finance, also a new entrant, posted 79.9% growth to reach $110.1 million. First Commonwealth Equipment Finance grew 79.0% to $171.3 million, and Pinnacle Financial Partners expanded 55.9% to $170.4 million. Both are appearing in the Top 40 for the first time. Verdant Commercial Capital rounded out the top five percentage gainers at 46.0%.
Welcome Back — and Welcome In
Several firms returned to the ranking after a one-year absence. Huntington Asset Finance re-entered at No. 13 with $1.08 billion in vendor volume after a one-year hiatus. Sumitomo Mitsui Finance and Leasing also rejoined the rankings at No. 19, reporting $633 million in vendor volume.
New to the Top 40 are First Commonwealth Equipment Finance (No. 35), Pinnacle Financial Partners (No. 36), Bell Bank Equipment Finance (No. 38) and UniFi Equipment Finance (No. 39). Their arrival signals active growth in regional banking equipment finance programs and points to a widening of competitive participation in the vendor channel.
Segment Composition: Banks Dominant, Captives Surging
U.S. Bank Affiliates again made up the largest segment in the Top 40, with 24 companies contributing a combined $29.6 billion — 63.1% of total vendor volume — and growing $1.9 billion, or 7.0%, year over year. The 11 Independents generated $7.7 billion (16.4% share), adding $417.1 million (5.8%) in volume. The three Foreign Affiliates reported $7.99 billion (17.1% share), but experienced a $181.3 million (2.2%) contraction — largely reflecting DLL USA’s volume decline.
The two Captives combined for $1.6 billion, or 3.4% of total volume, and posted the highest segment growth rate at 29.3%. While Captives remain a small slice of the overall pie, their outsized growth rate reflects continued strength in OEM-affiliated financing programs and manufacturer-driven equipment demand.
Vendor Market Extends Its Expansion
The total Top 40 vendor volume grew from $44.3 billion in 2024 to $46.8 billion in 2025, a $2.5 billion, or 5.7%, increase. While that growth rate trails last year’s 7.7% expansion, it reflects a market that has matured considerably — and one in which gains are increasingly hard-won. The broad base of participation, with 30 of 40 companies reporting growth, indicates that demand for vendor-channel financing remains robust across segments and asset categories.
Looking Ahead
The 2026 Vendor Top 40 tells a story of a market finding its equilibrium. The perennial leaders at the top are holding their ground, while the middle and lower tiers are churning with ambition — new entrants, returning veterans and established mid-tier players all competing for a larger slice of a growing market. As economic conditions evolve and vendor expectations continue to rise, the firms that combine operational scale with relationship depth are likely to pull ahead.
The composition of next year’s ranking will depend on whether the current crop of high-percentage gainers can sustain their trajectories — and whether the decliners can arrest their slides. What seems certain is that the vendor finance arena will remain fiercely competitive, with no shortage of firms eager to prove they belong among the industry’s best.
The Monitor team thanks all the companies that participated in the vendor ranking; this annual event would not be possible without their cooperation.
Basis for Rankings
The rankings and data in this report were derived from equipment finance companies, which provided information on funded 2025 volume from vendor- and/or dealer-related relationships to qualify for inclusion in the vendor channel rankings. Many Monitor 100 participants originate new business volume from more than one source, but this aspect of our annual rankings is unique to the vendor channel. •
Rita E. Garwood is Editor in Chief of Monitor.