The commercial equipment finance and leasing industry continues to turn challenges into new opportunities. Looking back over the past two years it is quite amazing how much has been accomplished by so many in the industry. Uncertainty has been a constant for nearly two years. Small and medium size businesses have persevered and invested in new equipment to gain efficiencies and produce more profitability. The U.S. economy is resilient. Participants in the commercial equipment finance and leasing industry have continued to provide capital to the U.S. economy and have made the necessary changes to best serve the needs of U.S. businesses.
No one could have predicted, in March, April, or May of 2020, that commercial finance and leasing portfolios would have performed so well throughout the pandemic; or that the industry would be flush with capital - with investment dollars chasing every type of commercial equipment asset. Liquidity difficulties, for most finance and leasing companies, never developed throughout the pandemic. The industry is doing well despite multiple headwinds (ex: supply chain difficulties, inflation concerns, labor shortages). Many would rightly suggest that the government stimulus money has greatly impacted business activity and helped many businesses meet their financial obligations.
There is more to the story and credit needs to be given where it is rightfully deserved. Many individuals in the commercial equipment finance and leasing industry have gone the extra mile over the past two years and faced many challenges with professionalism, determination, and pure hard work to get the job done. The extra mile includes that documentation clerk that stayed late on the 29th of the month to finish a set of documents for month end. The extra mile includes the sales rep (fully masked) that visited a vendor in the depths of the pandemic to resolve a relationship issue. The extra mile includes the credit analyst who spent the time to fully understand a customer's needs and strengths. The extra mile includes the technology professional who developed new ways for all of us to stay connected. The extra mile includes the collection staff that did not overreact in the first few months of the pandemic but were calming voices that helped clients navigate through a rough period and regain currency within just a few short months.
The commercial equipment leasing and finance industry is comprised of thousands of remarkable professionals that continue to turn challenges into opportunities. I am constantly amazed by the extra miles that are accomplished on a regular basis by so many in the industry. Thank you for all that you do every day to make our industry a vital part of the U.S. economy.
Wheeler Business Consulting works with banks, independents, captives, origination companies, and investors in the equipment leasing and finance arena. We provide training, strategic planning, and acquisition services. Scott Wheeler is available to discuss your long-term strategy, to assist your staff to maximize outcomes, and to better position your organization in the market.
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