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
Developing a solid relationship with Demolition Technologies Specialized Services enables Crushing Tigers…
MORE FROM Aggbeat Online
Manufacturer news: Hlavinka Equipment opens Texas Hlavinda JCB division; Terex Washing Systems appoints new global sales director; Skelly and Loy promotes Aungst to VP of AMS; Luff Industries adds Riddell as territory manager; Caterpillar opens first Data Innovation Lab; Yokohama Tire Corp. will help build eco-friendly playground
SUBSCRIBE & FOLLOW
- Vulcan Materials to meet August deadline for restoring eastern hillside of Azusa rock quarry476 Views
- MSHA issues serious non-fatal accident alert, best practices in response to water truck accident452 Views
- MSHA Fatality Review Committee determines several fatalities are chargeable to the mining industry319 Views
- Excavator explodes into flames after engine malfunction on New York jobsite (VIDEO)280 Views
- Eric Olsen appointed future CEO of Lafarge Holcim merger254 Views