Rita E. Garwood,
Editor in Chief,
Monitor

A shift in momentum, aggressive expansion strategies and key player reshuffling shaped the landscape of Monitor’s 2025 Vendor Top 40 ranking, revealing a dynamic equipment finance market of $43.6 billion in vendor/dealer volume.

AUXILIOR CAPITAL LEADS THE SURGE
Auxilior Capital Partners delivered the most dramatic year-over-year gain, increasing its vendor volume by $715 million — the largest jump in this year’s rankings. This leap catapulted the independent from No. 22 to No. 11, signaling its emergence as a top-tier competitor. On a percentage basis, Auxilior also led the pack, growing more than 153% year over year.

PEAC Solutions followed closely, making its official entrance into the top 10 with a $629 million (113%) year-over-year gain, reinforcing its formidable presence in a rapidly evolving vendor finance landscape. PNC Equipment Finance, meanwhile, notched the third-largest absolute gain at $523.9 million, keeping its No. 4 position intact.

TOP 5 SOLIDIFY THEIR STRONGHOLD
Wells Fargo Equipment Finance claimed the No. 1 position from DLL USA, closing 2024 with $7.6 billion in vendor volume despite a 7.4% decline from the previous year. After restating its volume to align with ELFA reporting, DLL USA dropped to second with $6.9 billion, still up 6.9% year over year. Rounding out the top five were Bank of America Global Leasing ($3.8 billion), PNC Equipment Finance ($3.4 billion) and U.S. Bank Equipment Finance ($2.4 billion).

Together, these top five vendors captured over 55% of total Top 40 volume, underscoring the consolidation of market power among the industry’s largest players. Market share data show Wells Fargo holding 17.4%, with DLL USA close behind at 15.7%.

ON THE UPSWING
Beyond Auxilior and PEAC, several firms saw notable jumps. JB&B Capital more than doubled its vendor volume with a 113% increase, and AP Equipment Financing posted nearly 99% growth. Oakmont Capital Services, which climbed to No. 29, also landed among the top five percentage gainers.

WELCOME TO THE CLUB
A few firms entered the ranking for the first time. Regions Equipment Finance made its debut at No. 21 with $470.6 million in vendor volume. Coming in at No. 36, Northland Capital Financial Services reported $129 million in vendor originations. Also new to the ranking are No. 37-ranked Customers Commercial Finance ($127.4 million), No. 39-ranked Stearns Bank ($123.2 million) and No. 40-ranked JB&B Capital ($123.2 million).

DEPARTURES
A few long-time vendor finance contenders are missing from this year’s report. Huntington Asset Finance (ranked No. 7 last year) and Sumitomo Mitsui Finance and Leasing (ranked No. 15 last year) failed to submit a survey by the vendor ranking deadline.

Key Equipment Finance (No. 16 last year) opted out of the vendor finance ranking as it has shifted the focus of its business. Flagstar Financial & Leasing (ranked No. 31 last year) and HomeTrust Bank (ranked No. 38 last year) reported vendor volume that was not high enough to make the top 40 this year.

SEGMENT COMPOSITION
U.S. Bank Affiliates made up the largest group in the Top 40, with 22 companies contributing a combined $26.3 billion — 60.4% of total vendor volume. The three Foreign Affiliates followed with $8.17 billion (18.7%). The 13 Independents came in very close third place, generating $7.86 billion (18.0%). And the two Captives reported $1.24 billion, or 2.8% of the total.

Independents led the pack in both dollar and percentage gains, achieving $2.1 billion (37.4%) year-over-year growth. Banks came in second with a $663.8 million (2.6%) increase, followed by Foreign Affiliates with a $296.4 million (3.8%) uptick and Captives with $37.1 million (3.1%) growth.

VENDOR MARKET GROWS DESPITE SHIFTING HEADWINDS
The overall Top 40 vendor volume increased from $40.5 billion in 2023 to $43.6 billion in 2024 — a year-over-year growth of $3.1 billion (7.7%).

While growth was broad-based, it was far from uniform. Of the 40 companies listed, 27 reported year-over-year gains while 13 experienced declines. The net increase suggests that while competitive pressures remain intense, there is ample room for aggressive growth strategies, new market entry and innovation in vendor partnerships.

LOOKING AHEAD
The story behind the 2025 Vendor Top 40 is one of recalibration. Established giants are consolidating their dominance, but there’s clear evidence that smaller and newer entrants are rapidly gaining ground. As interest rates stabilize and capital deployment strategies evolve, the market may see even more volatility — and opportunity — in the coming year.

The data suggests an industry that rewards agility and execution, with winners coming from across the spectrum: traditional banks, foreign-owned entities and nimble independents. As competition sharpens and vendor expectations evolve, the 2026 rankings may look even more different than this year’s reshuffling suggests.

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 2024 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.