Arvest Equipment Finance deals in 2020 represented a 13.4% increase in gross production over 2019, the company reported.
AEF closed more than $279 million in new production last year, which was a record total for the division of Arvest Bank that operates in four states, including Oklahoma.
At the same time, the Equipment Leasing and Finance Association’s monthly and leasing finance index showed overall new business was down earlier in 2020. In June, the business volume was $8.9 billion, a decrease of 10% from the new business volume from the previous year.
“We have an amazing team,” Arvest Equipment Finance President Eric Bunnell said. “We had to pivot a lot with the challenges we had in 2020.”
The company reported deals involving commercial heavy equipment were at the top of the list followed by transportation transactions centered over a broad range of equipment, such as bucket and lift trucks to semi-tractor-trailer rigs.
“I am so proud of our AEF team and its resilience,” Bunnell said. “Like many companies, we were faced with a lot of challenges in 2020, but our team remained flexible and kept its focus on providing excellent customer service in spite of whatever challenges arose. The result, in addition to a lot of satisfied customers, was another year of record production and a very rewarding year for all our team members.”
Additionally, AEF’s total portfolio jumped more than 21% year-over-year, from $421.8 million in 2019 to $513.7 million in 2020.
Medical equipment deals grew “organically” during 2020 for AEF as it dived into a competitive industry already filled with major investors.
“We’ve seen an opportunity with doctors and hospitals,” Bunnell said. “We want to be there when they have a need.”
The medical equipment industry involves a variety of machines including X-ray, MRI and CT-Scans.
AEF also enjoyed its fourth consecutive year of double-digit growth, which Bunnell attributes to annual goal setting.
“We have a dedicated sales team and they are tasked with a set amount for our portfolio. We look at different industries that are expanding and our customer service,” he said. “Rates everywhere are competitive, but we hope it’s our customer service that wins them (customers) over.”
AEF adds hundreds of customers each year and continues to follow-up on a proactive basis, Bunnell said.
Nineteen members of the AEF team hold the title of Certified Lease and Finance Professional, which ranks AEF in the top 10 companies in the nation for the number of employees who hold that designation.
AEF is headquartered in Fort Smith, Ark., with locations in Little Rock, Kansas City and Tulsa, and does business throughout Arvest’s four-state footprint.