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March new business volume up 18 percent month-to-month
- April 25, 2018
- News Release
- Shop Management
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 $1 trillion equipment finance sector, showed their overall new business volume for March was $9.1 billion, up 2 percent year-over-year from new business volume in March 2017. Volume was up 18 percent month-to-month from $7.7 billion in February. Year to date, cumulative new business volume was up 12 percent compared to 2017.
Receivables over 30 days were 2.00 percent, up from 1.60 percent the previous month and up from 1.40 percent the same period in 2017. Charge-offs were 0.51 percent, up from 0.28 percent the previous month and down from 0.68 percent in the year-earlier period.
Credit approvals totaled 75.2 percent in March, up from 74.2 percent in February. Total headcount for equipment finance companies was up 0.3 percent year over year. During 2017 headcount was elevated by acquisition activity at an MLFI reporting company.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in April is 68.3, easing from 72.2 in March.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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