A Commitment to Culture and Community

On ELFA’s 60th anniversary, a 35-year ELFA member company reflects on the past and looks to the future 

THE YEAR 2021 MARKS ELFA’S 60TH ANNIVERSARY. We’re celebrating by taking a look back as well as forward, imagining what the future will hold. In this issue we talk to Fred Sasser, Executive Chairman Emeritus, and Jeffrey Walsh, Chief Executive Officer, from Sasser Family Companies, which is celebrating 35 years as a member of ELFA. We’ll talk to other companies celebrating “milestone” ELFA membership anniversaries throughout 2021.


Fred Sasser                                                                Jeffrey Walsh

 
2021 marks Sasser Family Companies’ 35th year as an ELFA member. To what do you attribute your company’s longevity in the marketplace?

Our values have remained constant for more than 90 years. A hybrid transportation asset management and financial services company, we are intentional about operating in businesses where we believe we add value. Our principles are rooted in a commitment to a great culture and are embodied by treating people—our employees, our vendors and our customers—with respect and integrity. Sasser is guided by stewardship, which calls on all of us to protect, preserve and enhance our business and the communities where we live and work. For example, we have an employee-led council, Change for the Better, which uses employee input to select charities that we support each year. During our summer and winter volunteer days, our entire company volunteers at several local charitable organizations. Sasser has worked with one local charity, Avenues for Independence, for more than 50 years. We also schedule our company social events around our service days so that all of our employees from across the country can participate together in Chicago. I believe our focus on culture is our best strategy. It has been supported by our shareholders and leadership for more than 90 years and it is lived every day by our employees. It has also enabled us to “punch above our weight” in our ability to attract talent. While industry cycles have gone up and down, Sasser has been a stable force in the marketplace all these years.



Why is it important for your company to be a member of ELFA?

We believe it is our responsibility to the industry to be an active participant in organizations that support asset leasing and financing. A number of our employees during the years have served on ELFA committees and participated in its programs. We actively encourage our employees to participate in the terrific training opportunities offered through ELFA. We have employees who have not only taken training, but also presented training at ELFA conferences along with contributing written articles for ELFA—deepening their professional experience. The networking opportunities are another plus. Sasser formed a coalition of railcar lessors that interacted with the FASB around lease accounting changes that was largely made up of members whom we met through ELFA’s Financial Accounting Committee. Our membership in ELFA has proven to be mutually beneficial. 


The equipment finance industry is evolving. What are some ways you’ve seen the industry evolve over the course of your career? In what ways would you do you expect to see the industry evolve by ELFA’s 100th anniversary in 2061?

There continues to be consolidation in the industry. This trend has continued for years, so it will be interesting to see how that evolves and whether we will continue to see rationalization and consolidation in the future. We’ve noticed that companies have realized the value of leasing and the market has grown and adapted. We are hopeful the industry continues to provide value added products and services to attract new players. We are focused on clearly defining our value propositions in each of our businesses. By doing so, we have had staying power and developed long-term relationships with our customers. Our differentiator is focusing on the underlying asset and delivering services that are value added such as maintenance, repair and delivery. Unlike many other ELFA members, our focus is on transportation operating leases rather than lending. We are approaching our company’s 100th anniversary in 2028, and I expect we will be around to help ELFA celebrate its 100th as well.