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The Equipment Leasing Association has released its 2002 Survey of Industry Activity (SIA) report results, which reveal that the $208 billion equipment leasing industry followed the trend line of most industries in the challenging 2002 economic times. Respondents to the latest ELA survey experienced a year-over-year contraction, as respondents reported more than $117.2 billion in new business volume in 2002. Overall new business volume was reported as $114.6 billion in 2001; however, survey participants providing both 2001 and 2002 new business volume showed a 4.6% decrease year over year. Portfolio performance remained steady, however, with 96.3% of average receivables current (less than 30 days past due). Average receivables in 2001 reported at 97%. The annual SIA provides key statistical, financial and operation information for equipment leasing and finance organizations that are members of ELA.
Commenting on these results, ELA Chair Ed Dahlka, President, LaSalle National Leasing Corp. stated, “industry leaders would agree that the last two years' down cycle was severe, yet most players are optimistic about the future.” Looking forward, Dahlka added that “next year, 2004, will be a key recovery year and the leasing industry has much to look forward to as they focus on operational discipline and excellence.”
Key Findings from the Survey
Maintaining a similar optimistic outlook, ELA president, Michael Fleming stated, “The survey results show that the U.S. equipment leasing industry, while challenged by economic conditions, remained in fairly good shape regardless of the slight contraction.” Noting that these results were not a surprise, Fleming added, “We expected these figures as equipment leasing is a strategic financing option, whose value-added services such as asset management and equipment remarketing, help businesses beyond just acquiring equipment. Its flexibility is unparalleled, and we expect lease financing to become a financial mainstay of businesses emerging from the economic slump who cannot wait any longer to upgrade or acquire new equipment.”
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