Greg Larson, president and CEO of AILCO, explains what his company has done to survive and thrive in harsh economic times. Detailing what worked for his organization, Larson cites reliability, predictability and consistency as AILCO’s biggest drivers for success in times of economic downturn.
Greg Larson, President and CEO, AILCO
Consistent and reliable experience has been a theme for Greg Larson and his team for the last 25 years he has led AILCO as president and CEO. With a background primarily in commercial banking, Larson has served three different banks over the course of 30 years. When the bank he was previously with was sold, Larson chose to run AILCO after receiving eight different job offers because the company aligned best with his experience and expertise in commercial banking.
Upon transitioning to AILCO, Larson was drawn to the vast diversity of its product offerings within the equipment leasing and vehicle finance spheres. Due to the sometimes monotonous nature of the banking industry, where large financial institutions tend to offer the same range of services as their competitors, Larson made it a point to define AILCO as a beacon of experienced, consistent and traditional funding practices.
“We have found strong demand for what we bring to market and that is we are a traditional, predictable, consistent funder,” Larson says. “You can count on us to make similar decisions year in and year out. You can talk to us on the phone. We don’t drive AILCO based on just the efficiency of AILCO, we customize how we take the applications, how we underwrite and how we communicate with our referral sources to what’s best for the referral source, not to what’s always most efficient for AILCO.”
In 2020, AILCO greatly benefitted from its solid foundation, trusted experience and veteran-lined team of professionals to offer wisdom and guidance in otherwise chaotic times. AILCO was not spared from the brunt of the economic pressures of the COVID-19 pandemic, as its volume fell by 51% for five months. Using that time wisely, AILCO reassessed its technological platform and proactively solicited business to pick up several new referral sources as some of its competitors went out of business. Larson credits AILCO’s consistency and predictability for helping the company survive the pandemic to this point as well as for putting it in a better financial position than when it entered.
What’s on the horizon? Barring a resurgence in the pandemic with the delta variant on the rise, Larson says AILCO sees great opportunity in assisting companies in combating the labor shortage through artificial learning and automation.
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