A Commitment to Industry and Community

On ELFA’s 60th anniversary, a 40-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 Dave Walton, President of Caterpillar Financial Services Corporation, which is celebrating 40 years as a member of ELFA. See the other Q&As in this series at www.elfaonline.org/milestone-interviews.


2021 marks Cat Financial’s 40th year as an ELFA member. To what do you attribute your company’s longevity in the marketplace?

As Caterpillar’s finance company, we’re here to help our customers succeed with financial solutions. We’re closely aligned with Caterpillar and have been fortunate to grow our business as Caterpillar grows around the world. At Cat Financial, we have the desire to continuously improve our products and services to meet our customers’ and our dealers’ expectations and stay ahead of the competition as it changes. We are adapting and evolving to be the best partner to our customers, dealers and Caterpillar as we have for 40 years.


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

Cat Financial is one of the largest equipment finance companies in the world. As such, we believe the equipment finance industry is something that requires our commitment. We benefit greatly from the relationships we build at ELFA and the resources that ELFA provides. Our ELFA membership offers our employees a sense of community. 

As a captive finance company, we’re proud to be part of the Cat® family and have a role in helping Caterpillar grow profitably. At the same time, we are part of a broader industry filled with impressive professionals and leaders building companies using the same principles we use to run our business. It’s definitely beneficial for us to join our industry peers in ELFA.

"It’s definitely beneficial
for us to join our industry peers in ELFA.”

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 like to see or do you expect to see the industry evolve by ELFA’s 100th anniversary in 2061?

One way the industry has evolved can be seen in our suite of products. Providing customers with financing isn’t enough. We need to provide additional services that support their equipment, making it affordable and easy to acquire. At Cat Financial, we work with our dealers and Caterpillar business partners to arrange for extended protection and preventive maintenance contracts. Our continued focus on making it easy to do business with us has kept pace with customers’ expectations and their personal preferences. 

Transaction time is another example. When I started with Cat Financial, it was considered a bold goal to commit to returning a credit decision within two days. Within the last five years, our expectation was to do it in one hour or less. We have continued to tighten that window because our customers expect expedited services. They are accustomed to getting things done quickly in their personal lives, so we must meet those expectations in ways that weren’t possible or considered necessary a few years ago. 

Trying to predict the future is futile, but I think it’s about adhering to some key principles: understanding your customers and their business, leveraging the capabilities you have, cultivating a great customer experience and having the financial strength to take chances and continuously innovate. There are always ways to improve—that’s what I expect from Cat Financial and from the industry to remain relevant to our customers’ future success.