ELFA Survey Shows February New Business Volume Up 4% Year-Over-Year
Volume is trending up 4.9% year-to-date.
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, showed their overall new business volume for February was $7.9 billion, up 4% year-over-year from new business volume in February 2023. Volume was down 15% from $9.3 billion in January. Year-to-date, cumulative new business volume was up 4.9% compared to 2023.
Receivables over 30 days were 2.2%, down from 2.3% the previous month and up from 1.8% in the same period in 2023. Charge-offs were 0.4%, down from 0.5% the previous month and up from 0.3% in the year-earlier period.
Credit approvals totaled 76%, unchanged from January. Total headcount for equipment finance companies was up 1.8% year-over-year.
Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in March is 55.2, an increase from the February index of 51.7 and the highest level since April 2022.
ELFA is the premier source for statistics and analyses concerning the equipment finance sector. Please visit www.elfaonline.org/knowledge-hub/knowledge-hub-home for additional information.
CONTRACTOR SUPPLY MAGAZINE
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