Each year the Equipment Leasing & Finance Foundation produces a variety of resources on the equipment leasing and finance industry to help you navigate critical issues and stay up-to-date on current trends. At the helm of 2018 research is Thomas Ware, Senior Vice President, Analytics and Product Development, at PayNet, Inc. The following is an interview delving into Ware’s history with the Foundation and what we can look forward to this year.
Why did you become involved with the Foundation, and how has your contribution evolved?
I became involved because I am interested in knowing more about the future, where the industry and its participants are headed, and how doing business will be different. Having this information (and acting on it) can materially affect long-term success. I also very much enjoy trying to look at things from a 50,000-foot level, seeing the big picture and getting involved with in-depth research that is academic but also practical.
I have worked with the Foundation for many years, helping to provide PayNet data for a number of Foundation studies. I joined the Research Committee in 2014 and tried to be an active participant. Late last year I was both surprised and flattered to be asked to be Chairman of the Research Committee. The Foundation has produced a great volume of substantive studies over the years and has a well-established and effective process for shepherding researchers and their studies. Carrying on that tradition, and trying to build on it, will be a significant task.
What impact on the industry does the Foundation Research Committee have?
I think the Foundation Research Committee has a material impact on the industry, as it is the industry’s “Eye on the Future” and has the mission, resources and scale to take an in-depth look into issues to an extent almost no individual lender could afford. The outcome of the studies affects many lenders’ plans and initiatives and supports ELFA’s advocacy efforts.
What upcoming projects of the Foundation Research Committee are you most looking forward to?
I am particularly looking forward to two studies that were the direct result of brainstorming by the ELFA Credit & Collections Committee’s planning for its upcoming conference (the ideas of Dana Pace of PNC in particular), which are (1) “The Impact of Self-Driving Vehicles on Equipment Finance” and (2) “The Impact of New Energy Production Technologies on Equipment Finance.” An integral aspect of the equipment leasing and finance industry is the equipment itself. Ensuring that we take likely changes in the equipment into account is essential.
What value does the Foundation provide that keeps generous corporate and individual donors pledging year after year?
I think both corporate and individual donors recognize that without their contributions, the research the Foundation commissions, manages and distributes simply would not exist. The benefits they derive for their companies and themselves from Foundation research would also not exist.
Access free industry research studies and reports via the Foundation’s digital library at www.leasefoundation.org/industry-resources.
