A 360-Degree View of the Future

Equipment finance professionals learned,
networked and got down to business at the ELFA Annual Convention 

What lies ahead for the equipment finance industry? That question permeated the 62nd ELFA Annual Convention, Oct. 22-24 in Phoenix, Arizona. The three-day event brought together more than 1,000 industry executives—the largest turnout since 2019—for a 360-degree view of the evolving equipment finance marketplace. The mood was upbeat as attendees networked, discussed industry trends and explored new opportunities, all focused on the convention theme “Future360.”  Many also conducted business meetings, taking advantage of being at the largest annual gathering of industry leaders.   

Big Announcement

The Monday morning General Session kicked off with a high-energy performance by the ELFA rock band The Financial Statement, after which outgoing ELFA Board Chair Bob Neagle hit the stage with a big announcement: Leigh Lytle has been selected as the new ELFA President and CEO, succeeding Ralph Petta, who is retiring at the end of the year after 36 years with the association (see details in ELFA News).

More big news came at the Monday Foundation luncheon, when Executive Director Kelli Nienaber announced that the Equipment Leasing & Finance Foundation is partnering with the W.P. Carey School of Business at Arizona State University to develop the first-ever curriculum for a certificate of study in equipment finance. The first course will be offered to students in spring 2024, an important investment in the industry’s future workforce. 

Educational Moments

Keynote speakers shared insights on a range of issues relevant to the equipment finance sector.  


Economist Jason Turner used a series of Jimmy Buffet lyrics to illustrate current economic trends. He reported that the global economy is holding up relatively well and in the United States inflation has been fading. However, he cautioned that while the odds of a soft landing have increased, a short, shallow recession is likely. Following Turner’s remarks, Neagle joined him on-stage for a Q&A session.  




Author Tim Urban delved into the future of Artificial Intelligence, warning that although AI offers exciting opportunities, it also poses a major threat to public safety. During a Q&A session with incoming Board Chair Rob Boyer, Urban called for increased regulation of AI. 




Breakout sessions covered a variety of hot topics. 

At 14 educational breakout sessions, more than 55 industry speakers addressed a wide range of topics, including technology and innovation, climate finance, hiring strategies, legal and regulatory developments such as Section 1071 and more. In addition, attendees participated in numerous networking receptions and “gave back” at a series of charitable events (see below).  

Neagle Highlights the Power of People and Their Words 

In his Board Chair address on Monday morning, Bob Neagle reported on actions the Board of Directors is taking to advance the ELFA Strategic Plan. Initiatives include mentoring emerging talent, funding the development of additional training for emerging talent, and investing in technology to advance association operations and enhance the ELFA community.    

He encouraged attendees to make the most of their time at the Annual Convention. “We have such a huge capacity to teach and inspire others,” he said, “and the conference we’re at is a perfect chance to do both.” He highlighted some of the valuable lessons he has learned throughout his career. 

Listen – One of Neagle’s first mentors in equipment finance, Ray Butler, gave him sage advice on one of his first sales calls. Butler pulled Neagle aside and said “We’re going into this meeting.  You shut up and listen.” Neagle acknowledged that this advice “is probably considered a bit impolite these days, but it was in the late 80s when I got into this business.” Neagle boiled down the takeaway for Convention attendees: “Look for people at the convention who have something to say and LISTEN.” 

Find Your Voice – Neagle credits his former boss Paul Buchanan with one of his favorite quotes: “The reluctance is in the asking.” The quote refers to the idea that you’ll never get what you want if you don’t ask. Buchanan observed that when confronted with change or in challenging times, people often balk at taking the lead or speaking up. The takeaway: “It’s important to find your voice and bring it to the party.” 

Stretch Yourself – Neagle’s next leadership lesson came from a poem by Robert Browning about Renaissance painter Andrea Del Sarto: “A man’s reach should exceed his grasp or what’s a heaven for.” The lesson? Aim for lofty goals.  “Don’t be content to meet the easily attainable. Stretch in your professional life, stretch in your company’s plans and stretch the next few days to reach for all that the Convention has to offer,” said Neagle.  

Inspire Others – When Neagle’s son graduated from the US Marine Corps’ basic training, Neagle heard a full-bird colonel say, “You probably wonder what we do here. We make leaders who inspire me.” He was struck by the idea that a young, unproven Marine could inspire a senior officer—just like an early-stage equipment finance employee can inspire a CEO or others. The takeaway: “Be an inspiration here and wherever you are.” 

Neagle closed his remarks by sharing a heart-felt thanks to Ralph Petta.  

“Ralph has led our association for many years now. Talk about a 360 view: this guy’s seen it all—from a world-shaking financial crisis to a once-in-a-generation tax shift and even a global pandemic. Yet, through each turn of the cycle—through every up and down—we all slept easier knowing Ralph was at the tiller.” 

He ended on a positive note—and a call to action. “If there’s one thing that’s clear, let’s agree it’s this: the future of our industry is bright. And if there’s one thing I hope you take away from my remarks, it’s that you—our community—will be at the fore of making that happen.”

Petta Looks at the  Past, Present and Future of ELFA 

Ralph Petta began his final “State of the Association” address on Tuesday morning by reflecting on his 36-year career at ELFA.  He recalled his start at the association in 1987, when his mentor Mike Fleming, the association’s CEO, taught him about delivering value to members.  

“Mike Fleming was forever drilling into my head the value of developing programs, products and services designed to provide member organizations a sound return on their investment in the association and, ultimately, to help them succeed.” 

Petta marveled at how much those programs, products and services have evolved over the years. He pointed to the area of advocacy as one example. “Our focus has transitioned from supporting esoteric federal tax structures of the ‘80s and ‘90s to working to improve the worldwide lease accounting standard….. to, for over 10 years now, working to improve Section 1071 of Dodd-Frank.” 

Looking ahead, Petta highlighted some of the ways the association leadership is positioning ELFA for future success: 

Re-imagining education and training programs to appeal to a younger generation. This effort will be aided by new investments in technology approved by the Board of Directors at its October meeting. 

Increasing awareness of and attracting new talent to the industry through academic outreach, including the new curriculum under development by the Foundation with Arizona State University’s W.P. Carey School of Business.  

Focusing on technology and innovation by working with ELFA’s Technology Innovation Council and Operations & Technology Committee to hold events designed to help members learn what’s on the minds of their peers, share ideas and discover new approaches for tackling their innovation challenges.  

Striving to make the association diverse and inclusive, a key priority for ELFA’s Board of Directors and its long-range Strategic Plan. Petta pointed to the hiring of Director of Diversity, Equity and Inclusion Eboni Preston-Laurent and the success of the 2023 Women’s Leadership Forum, Emergence2023 and Equity Forum as steps in the right direction. 

Petta’s remarks were interspersed with video clips from five emerging leaders who shared their thoughts about the association and the industry: Amanda Brubaken of Mitsubishi HC Capital America, Jenaleigh Lathrop of Arvest Equipment Finance, DelRoy Stauffer of Odessa, Matt Vazzana of Huntington Technology Finance and Camtu Vo of DLL. 

Pondering where ELFA might be in 2085, Petta forecast that the central mission of member service that Mike Fleming drilled into his head years ago will not change: “Maybe we’ll be financing transport vehicles traveling to Mars… But one thing I’m sure of—we’ll be here, continuing to create value for our members, while adapting to change to ensure that, no matter what, we’ll provide you what you need to be successful.” 

Petta thanked the ELFA staff, the thousands of volunteers he’s gotten to know with over the years and the eight ELFA Chairs he’s worked with as President and CEO: Bill Stephenson, Tony Crachiolo, Dave Schaefer, Jud Snyder, Martha Ahlers, Kris Snow, Mike DiCecco and Bob Neagle. He paid special thanks to Neagle for heading up the search and transition committee this year, which resulted in the selection of a new President and CEO.   

As Petta concluded his remarks, Neagle joined him on stage and presented a surprise video tribute, featuring photographs from his tenure and well wishes from members.  


The Financial Statement band

The session closed with a spirited rendition of the song “Tulsa Time” by The Financial Statement, with Petta in his customary spot behind the keyboard. They sang: 

Livin’ on Tulsa time 
Gonna set my watch back to it 
‘Cause you know I’ve been through it 
Livin’ on Tulsa time 

The song ended with a standing ovation from the audience. Petta joined his bandmates in a final bow and exited the stage.  

As attendees filed out of the General Session room, the voiceover gave an important reminder: Save the date! The 2024 ELFA Annual Convention will be held Oct. 27-29 at the JW Marriott Downtown Austin in Austin, Texas.  




A record 41 exhibitors showcased the latest products and services in the sold-out exhibit hall. 


Scene from the Women’s Council Reception 



Michael J. Fleming Distinguished Service Award winner Dominic Liberatore.


Neagle passed the leadership torch to incoming Board Chair Rob Boyer.


Dr. Chris Howard of Arizona State University addressed the Foundation Luncheon.


Members at the Equity and Emerging Talent reception 


Outgoing Foundation Chair Nancy Pistorio, Incoming Chair Zack Marsh and Executive Director Kelli Nienaber.