What’s happening in the captive and vendor finance sector of the equipment finance space? Equipment Leasing & Finance magazine caught up with Joe Banister, Vice President, Business Development and Program Management at LEAF Commercial Capital Inc., to take the pulse of this sector. Banister is Chair of the Captive & Vendor Finance Business Council Steering Committee (BCSC), a group of 18 or so members from financial services organizations providing sales-assisted financing and vendor- and manufacturer-support activities, either on a third-party or captive basis.
From your perspective serving on the Captive & Vendor Finance BCSC, what issues are businesses in the captive and vendor finance sector focused on this year?
While pressures like inflation and rising rates, which were key focus areas for us in 2023, have eased somewhat, other challenges have stepped into the spotlight, including hot topics like succession planning and artificial intelligence. After a lot of discussion, the committee has identified a number of issues likely to have the greatest impact on our industry in 2024, which includes:
- Regulation: State Disclosure Laws
- Human Resources: Succession Planning and Talent Development
- Technology: AI/Machine Learning – Opportunities, Risks and Challenges
- Climate Finance: Battery Technology/EV Residual Positions
- Risk: Vendor Risk Management and Fraud Detection
- Business Intelligence: Predictive Models
- Managed Services: Usage Based Models
How did you get involved with the committee?
LEAF leadership has always believed strongly in the value of ELFA as an advocate and resource for our industry, and we’ve been highly active in the association since its beginning. In my role as VP, Business Development and Program Management, I have spent years developing captive-style programs for our partners so when the opportunity arose to get involved with the ELFA, the Captive and Vendor BCSC seemed like a perfect fit. After my first year, which I found really enjoyable, I was asked to succeed retiring Chair Eileen Schoonmaker midway through my second year, a role I’m honored to continue serving in my third year with the Committee. Throughout my involvement with ELFA, I’ve been so impressed with the very real passion and dedication displayed by ELFA staff liaison Bill Choi and the entire team as they work tirelessly to champion the issues important to our companies, partners, customers and the wider industry, as well as develop resources that have been invaluable to all of us as we navigate a constantly changing business landscape.
Join the Roundtables!
The Bank, Captive and Vendor Finance, Independent and Small Ticket BCSCs are planning best practices roundtables to be held April 16 in Chicago. See details on the Calendar of Events.About the BCSCs
The BCSCs represent ELFA’s five key business segments: Captive and Vendor Finance, Bank, Independent, Service Provider and Small Ticket. Learn more. Interested in joining? Contact Ed Rosen at [email protected].
