The Equipment Leasing & Finance Association (ELFA) has published its latest monthly indices on consumer confidence and economic activity in the industry, showing positive results across the board. The Monthly Leasing and Finance Index (MLFI-25) examines the financial results of 25 of the largest equipment finance companies, while the Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) gauges the confidence of company executives.
According to the MLFI-25 for December, new business volume was $12.9 billion, a 90 percent increase over November. While a major spike in the final month of the year is typical, the volume was also up 20 percent over December 2013, one of the largest yearly increases on record. For the entirety of 2014, new business was up 8 percent from the previous year. The only area where there was a slight dip was in credit approvals, which are at 78.6 percent.
"The rise in new business volume for 2014 reflects what we hear in conversations with Dell customers and channel partners every day," said Bill Wavro, president of Dell Financial Services, one of the featured companies. "Whether an entrepreneur saving cash for key business investments or a large enterprise looking to lower total cost of ownership, customers are seeing how financing large equipment and technology transactions delivers a real bottom-line and operational benefit for their businesses."
The MCI-EFI for January is at 66.1 on a scale out of 100, up nearly three points from December. The index is based on a survey where executives are asked whether they expect increased hiring, spending and consumer demand and their forecasts for the U.S. economy as a whole.
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The largest equipment companies recorded much improved financial results in December.