Equipment leasing execs prepare for possible downturn
By Industrial Distribution Staff -- Industrial Distribution, 6/1/1999
Arlington, Va.--After experiencing their best year ever in 1998, equipment leasing industry executives are urging companies to develop business models for the future, which should include plans for an inevitable downturn.To stay competitive, firms must address issues of technology, funding availability, product differentiation, and personnel and training, according to members of the Equipment Leasing Assn. The industry was estimated at $183 billion last year.
"People who have done well have two characteristics," says Michael Short, director of strategic marketing at GE Capital-Commercial Equipment Financing. "One, those who were adaptive, willing to change and were never satisfied and two, [those with] a strict adherence to underwriting and credit quality. You must have both of these over time. They are fundamentals."
In a report by the association's Industry Future Council, members said another major challenge is a shortage of personnel, particularly high quality salespeople. Executives urge firms to look to new sources for personnel, take a great deal of care in making employment decisions, as hiring mistakes are costly, and, commit to a sound training program for all employees.
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