Welcoming Change as Opportunity

The equipment finance industry gathered—and gave back—at a memorable  61st ELFA Annual Convention

The hallmark resiliency of the equipment finance industry was on full display at the 61st ELFA Annual Convention last month. 

On Sept. 28, just 11 days before the Annual Convention, Hurricane Ian swept through Florida. In the wake of the storm, the original Convention hotel on Marco Island announced it would close to the public for a week.

On Oct. 2, ELFA announced that the Annual Convention would still take place on Oct. 9-11, but in a new location: The JW Marriott Grande Lakes in Orlando. The new venue, located 4.5 hours north of Marco Island, was fully operational without any advisories or restrictions, and ready to welcome ELFA attendees.

The decision to move the Convention was not made lightly, as ELFA President and CEO Ralph Petta explained to attendees. “We convened an emergency meeting of the Executive Committee of the Board,” recounted Petta in his Convention remarks. Leadership and staff agreed that “it was important to make this happen; that you wanted to network with your peers and receive important developments impacting the industry, your businesses and the world, but you also wanted to support the local economy and the many folks impacted by the storm.”

Outgoing ELFA Board Chair Mike DiCecco reiterated that the association was committed to contributing to the storm relief effort. “Our hearts go out to everyone who has been impacted by Hurricane Ian,” he said in his Convention remarks. “We put a lot of thought into whether and how to hold our Annual Convention. We are here because of all of you—and in the tradition of the ELFA Community’s commitment to ‘giving back,’ a portion of every Convention registration fee will be donated to Hurricane Ian disaster relief.” The association contributed $25,000 to the American Red Cross Hurricane Ian Relief Fund. 

An impressive 904 attendees participated in the Convention—on par with the number of in-person participants at the 2021 Annual Convention. Over three days, attendees embraced the opportunity to learn, network and do business together.

Sessions Address Hot Topics

At the General Sessions, keynote speakers shared their perspectives on a range of issues relevant to the industry, all centered around the Convention theme, “Welcoming Change as Opportunity.” 

Silicon Valley veteran Dex Hunter-Torricke

Silicon Valley veteran Dex Hunter-Torricke kicked off the Monday General Session, sharing his insights on the impact of future technology on business. He predicted that the next decade will be the most disruptive in human history, with trends like automation, AI and the metaverse forever changing the way we live, work and communicate. Hunter-Torricke encouraged attendees to prepare not by looking at the present and extrapolating into the future, but by thinking unconventionally. “Create space in your organization where you can think about more outlandish things,” he advised. Following his remarks, Outgoing ELFA Chair Mike DiCecco joined him on-stage for a Q&A session. 

Ginny Clarke at the Foundation Luncheon

At the Equipment Leasing & Finance Foundation luncheon, Ginny Clarke, former Director of Executive Recruiting at Google, shared her insights on the future of work. Clarke encouraged companies to take proactive steps to increase their diversity, which research shows is an essential component of success. “Companies need lots of points of view around the table who represent different backgrounds,” she said, noting that more diverse organizations solve problems faster and reap more rewards. Following her remarks, Clarke participated in a Q&A session with Foundation Chair Nancy Pistorio. 

Geopolitical strategist Peter Zeihan

At the Tuesday General Session, geopolitical strategist Peter Zeihan delved into how current events and trends in geography, demography, energy and trade are shaping the future, drawing on his new best-selling book The End of the World Is Just the Beginning. Zeihan then responded to audience questions fielded by Incoming ELFA Chair Bob Neagle.

Industry professionals spoke at 13 concurrent breakout sessions on a wide range of hot topics affecting the industry, including transportation, the supply chain, new digital tools, climate financing and the Foundation’s new Horizon report on the size the equipment finance industry. 

In addition, “People Power” sessions examined essential human capital and DEI issues. In advance of the Convention, members of the Equity Committee, Emerging Talent Advisory Council and Women’s Council joined together via the “Colleague Connection” program to welcome first-time attendees. They reached out to more than 150 first-timers to share tips and answer questions to help them make the most of their first Convention experience.

Attendees also participated in numerous networking opportunities, including a combined People Power reception on Sunday evening followed by a Welcome Reception in the Exhibit Hall; an Exhibit Hall Reception on Monday evening; and a Closing Party and “After Glow” Reception on Tuesday evening.

2022 Board Chair Mike DiCecco

Huge Changes are Here, says DiCecco 

In keeping with the theme “Welcoming Change as Opportunity,” Outgoing Chair Mike DiCecco focused his Monday morning Convention address on significant changes taking place in the equipment finance industry. He pointed to three major areas:

• The Workplace. As many organizations adapt to a new hybrid environment, they are looking for innovative ways to maintain community, culture and colleague engagement. “If ever we’ve been challenged to develop new ideas and goals for the workplace, that time is now,” he said. 
• The Competitive Landscape. Amid a series of marketplace trends—from a continuing flow of new entrants into the industry, to a shortage of high-quality transactions, to climbing interest rates—members will be challenged to meet customer needs while also protecting their margins.
• The Economy. Supply-chain issues remain a top concern for manufacturers and ELFA member companies, and new threats—such as a recession—are looming.

“These changes are huge, and they demand a response from us,” said DiCecco. “But I want you to know, ELFA is already moving us in the right direction.” He shared a few examples from the past year. 

The association’s continued focus on diversity, equity and Inclusion is advancing the association and industry in new and enriching ways. “Work by our Equity Committee, Women’s Council and Emerging Talent Advisory Council is transforming ELFA forever by broadening our outreach and sending the message that we support and actively pursue equal opportunity and growth for all,” he reported, adding that the inaugural ELFA Equity Forum will take place Nov. 6-7 in Washington, D.C.

The new ELFA Knowledge Hub, an online data source for business intelligence, allows members to find resources to help them do business in our quickly changing environment. 
Participation in ELFA training and professional development offerings reached all-time highs in 2022, and the launch of Career Pathways offers members a step-by-step roadmap to career advancement.

DiCecco passed the leadership torch to incoming Board Chair Bob Neagle.

DiCecco closed by sharing that 2022 marks his 30th year in equipment finance. Reflecting on his start as “an Equipment Finance Credit Guy” in the 1990s, he showed throwback photos from the time. “If ELFA helped that guy on the screen with an awesome mustache to advance through a 30-year career in equipment finance, what could it do for your colleagues?” he asked with a chuckle. He thanked ELFA for three decades of learning, leadership development and personal growth, culminating in the opportunity to serve as Chair. “Thank you again for an unforgettable year.” 

President and CEO Ralph Petta

Petta Announces New Strategic Plan

ELFA President and CEO Ralph Petta began his “State of the Association” address on Tuesday morning with a heartfelt greeting. “I want to thank every one of you for being here,” he said. “Last year was our first-in person convention after skipping the 2020 in-person event because of COVID. And here we are in 2022, in Orlando instead of Marco Island, getting chased by another life-altering event—Hurricane Ian.”

He thanked the attendees, sponsors, exhibitors, partners and vendors for their support, with a special shout-out to the association staff. “Permit me to brag on my colleagues on the ELFA staff for pulling this thing off. What typically takes six months happened in about six days! Rock stars, every one of them!”
 
Petta then turned his attention to the future of the association. He recounted the effort over the past year to build a new, long-range Strategic Plan that will guide the association’s activities and priorities over the next five to seven years (learn more in the story “Future Focus”). He shared highlights from the extensive member research that has been incorporated into the new plan. 

Among the top areas of concern reported by members are workforce issues, including access to training and development to help individuals grow personally and professionally throughout their careers. ELFA is working to foster more engagement with employees at every level through its new Career Pathways program and enhanced virtual opportunities, said Petta. “We want training and attendance at ELFA events to be affordable for all members. And we are taking concrete steps to make that happen.”

Managing the risks associated with ESG (Environment Social and Governance) is also top-of-mind for members. Petta reported that ELFA recently submitted a comment letter to the International Sustainability Standards Board on a set of proposed standards recognizing ESG and its impact on our industry. The association will be developing more content in this area in the coming year.

Advancing diversity, equity and inclusion is another key goal for members. “ELFA will continue its efforts in DEI, encouraging involvement in the affairs of ELFA, in our governance, and bringing events and networking opportunities to help members broaden the talent and ideas that create their success,” said Petta. 

The economy is also a key focus area for members. To cope with inflation, interest rate volatility and the possibility of recession, members need up-to-the-minute business intelligence to keep their companies agile and competitive. ELFA will continue to build out the Knowledge Hub to help members access the latest business intelligence in every area of the industry. Other critical areas where ELFA will focus its attention include federal and state advocacy and technology.

“You’ve told us about these challenges, and we’re listening to you,” said Petta, in closing. “We’re going to be here with you now and into the future, advocating on your behalf, and bringing the tools, events, education, business intelligence and opportunities all designed for a singular purpose: to support your continued success. That’s why we’re here. Now, and 10 and 20 years from now.”

Michael J. Fleming Distinguished Service Award winner Brittany Ogden

The Convention drew 904 attendees.

More than 40 exhibitors showcased the latest products and services in the exhibit hall.

Breakout sessions covered a variety of hot topics.


Musical Inspiration—The conference kicked off with a rousing musical performance of “Don’t Stop the Leasing” by ELFA’s own Financial Statement Band. Clockwise from top left: Musicians included Chris Enbom, Paul Bent, Alexa Carnibella, Ralph Petta, Nate Gibbons and Mike Coon.


Save the date: The 2023 ELFA Annual Convention will be held Oct. 22-24, at the JW Marriott Phoenix Desert Ridge in Phoenix, Arizona.