Monthly Leasing and Finance Index  new business volume up 16% y/y

Monthly Leasing and Finance Index  new business volume up 16% y/y, down 10% m/m

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $900 billion equipment finance sector, showed their overall new business volume for May was $9.4 billion, up 16 percent year-over-year from new business volume in May 2021. Volume was down 10 percent from $10.5 billion in May. Year-to-date, cumulative new business volume was up nearly 8 percent compared to 2021.

Receivables over 30 days were 1.6 percent, down from 2.1 percent the previous month and down from 1.9 percent in the same period in 2021. Charge-offs were 0.12 percent, up from 0.05 percent the previous month and down from 0.30 percent in the year-earlier period.

Credit approvals totaled 76.8 percent, down from 77.4 percent in April. Total headcount for equipment finance companies was down 3.0 percent year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in June is 50.9, an increase from 49.6 in May.

“May activity for MLFI-25 equipment finance company participants shows strong origination volume and very stable credit quality metrics. The economy continues to provide jobs and corporate America, in general, reports strong balance sheets—all in the face of a waning health pandemic,” said Ralph Petta, president and CEO, ELFA. “Offsetting this good news is high inflation, creating havoc for many consumers, and continued supply chain disruptions and higher interest rates, which are squeezing much of the business sector. As a result, many equipment finance providers approach the summer months with guarded optimism.”

You May Also Like

Kenworth offers OOIDA members $1,000 savings on new sleeper trucks

Buyers can use the discount on new or special order Kenworth T680, T880 and W990 trucks with a 52-in. or larger factory-installed sleeper.

Kenworth-T880-mid-roof-sleeper-truck

Kenworth and the Owner-Operator Independent Drivers Association (OOIDA) announced a $1,000 savings offer to OOIDA members on purchases of certain new Kenworth sleeper trucks for 2024. Kenworth said members can apply the discount on both new stock or special order T680, T880 and W990 trucks with a 52-in. or larger factory-installed sleeper.

NACFE: small depots are ready to scale electrification

Dipping your toes into electrification is one thing, leaping into running 15+ BEVs is another. Though NACFE says for many, the time is right.

NACFE-DEPOT-Scaling-Report-Cover-Run-On-Less-BEV-Electrification-fleet-trucks
FinditParts, Diesel Laptops partner to streamline heavy-duty truck repairs

Diesel Laptops’ Diesel Decoder plugs into a diagnostic port and sends data to an app. Customers can then order components from FinditParts.

truck-diagnosis-generic
ACT Research notes significant drop in U.S. trailer orders for May

May net trailer orders fell about 46% y/y, while ytd net order activity is down 25% from the same period in 2023.

ACT-net-trailer-orders-down-may-24
Daimler Truck N.A., Salem, Electrada partner to electrify logistics

The companies say the partnership builds on growing zero-emission vehicle integration, and furthers commitments to sustainable trucking.

Daimler-Salem-Electrada-EV-Partnership-2
Other Posts
Beyond a one-size-fits-all trucking decarbonization strategy

Much of the responsibility now falls on the fleet, but that should be a welcome change.

2024-ACT-After-the-Show-Floor-1400
Martin Brower expands Volvo EV fleet to deliver to Canadian McDonald’s

Adding 10 Volvo VNR Electric trucks supports McDonald’s goals of reaching net-zero greenhouse gas emissions by 2050.

Martin-brower-McDonald-Volvo-VNR-Electric-truck
Used Class 8 truck sales drop 1.5% amid weaker freight market

In addition to the slight drop in m/m sales, ACT noted a 15% drop in used Class 8 pricing, y/y.

Used-Cl8-Retail-Summary-Heat-Map-May-2024
PGT Trucking adds new facilities in KY, SC

The company aims to offer increased service opportunities for our customers and drivers while expanding its reach in the southeastern U.S.

PGT-Flatbed-Truck-non-specific