Small business lending data collection rule change expected in March
Changes to the Equal Credit Opportunity Act (ECOA) that would require equipment lenders to submit to the Consumer Financial Protection Bureau credit application data for women-, minority- and black-owned businesses are expected in the coming months. The CFPB has been since
Terex Corp. ends 2022 with $4.1B backlog
Equipment manufacturer Terex Corporation posted an increase in total backlog orders in 2022 as demand held steady across its aerial work platform and material processing segments. The company reported a record $2.9 billion backlog for their aerial work platforms (AWP) to
Chicago Fed’s Lavelle joins Equipment Finance Connect speaker faculty
Martin Lavelle, senior business economist at the Federal Reserve Bank of Chicago, will take the stage to discuss the Fed's view on current economic trends within equipment finance at 10 a.m. on Feb. 28 during the 2023 Equipment Finance Connect
Cat Financial revenues jump despite drop in new business volume
Cat Financial, the finance subsidiary of equipment manufacturer Caterpillar, posted increased revenues despite declining new business volume thanks to favorable interest rates. For the full year, Cat Financial posted $11.4 billion in originations, a decline of 13.3% from 2021, according to
Expanded Equipment Finance Connect agenda focuses on best practices for finance operations
Royal Media’s newly expanded agenda for the 2023 Equipment Finance Connect emphasizes educational sessions on best practices for finance operations. Equipment Finance Connect, taking place Feb. 27 and 28 at the Westin Charlotte, includes engaging workshops, roundtable discussions and professional networking
Equipment companies turn to bundling, SaaS solutions
Equipment companies are bundling products and services including maintenance and warranties to create turnkey solutions for customers. A growing trend in the equipment industry is the shift to an “as-a-service” approach, with companies wanting one provider that can do everything, equipment
Leasing, rentals gain traction on high-tech assets
Equipment companies are turning to rentals and leases for assets featuring advanced technology that carries a shorter lifespan. “One of the trends that we're seeing lately is that there is a preference to rent or lease items that are higher technology
PACCAR Financial Services profits soar in Q4
PACCAR Financial Services, the finance arm of truck manufacturer PACCAR, posted record profits driven by elevated prices and used-truck sales. PFS’ new business volume clocked in at $6.2 billion for the full year 2022, according to the Q4 earnings release. Growth
Fed: Equipment supply chain, commercial lending mixed
Equipment supply chain disruptions have eased, but several regions are still experiencing challenges that drive up costs as commercial lending demand slows. The Federal Reserve System Wednesday released the January edition of its Beige Book, based on data collected as of
CIT director Harold Ray to join fireside chat at Equipment Finance Connect
Harold Ray, director of the industrial finance division at CIT, is set to take the stage for a fireside chat to discuss the state of the equipment finance industry amid a rising interest rate environment and inflationary pressures at Equipment
