January new business volume up 16 percent
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 $725 billion equipment finance sector, showed their overall new business volume for January was $5.9 billion, up 16 percent from a volume of $5.1 billion in the same period in 2012. Volume was down 49 percent from December, following the typical end-of-quarter, end-of-year spike in new business activity.
Receivables more than 30 days old increased to 1.8 percent in January after hitting their lowest level in the last two years in December at 1.6 percent. They were down from 1.9 percent in the same period in 2012. Charge-offs were at an all-time low of 0.3 percent, down from 0.6 percent the previous month.
Credit approvals totaled 78.3 percent in January, down 0.3 percent from December. Finally, total headcount for equipment finance companies was up 0.7 percent from the previous month, and increased 0.6 percent year over year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) for February is 58.7, an increase from the January index of 54.2, reflecting industry participants’ increasing optimism despite a wary eye on economic conditions and government management of fiscal policies.
From our partners
Sandvik Construction launches the newly developed CH540 cone crusher - the latest crusher in a market-leading series. The all new…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- PHOTOS: Reclamation photo contest entries showcase post-mining opportunities433 Views
- Loader operator dies after sand avalanche at Massachusetts sand and gravel company407 Views
- A total of 27 states have sued the Obama administration over the new EPA water rule375 Views
- The final Waters of the U.S. rule has been released to the Federal Register374 Views
- Location is key for Dolese Bros. Co.'s Davis Quarry345 Views