Portfolio Perspective: Managing Risk & Seizing Opportunity

In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Jeffry Elliott, CEO of Elevex Capital, to explore the structural shifts reshaping the equipment finance industry.

After decades inside large bank environments, Jeffry shares why regional banks are increasingly focused on deposit-driven lending and how that shift is forcing them to pull back from transactional finance, including equipment finance. As banks consolidate, manage regulatory pressures, and prioritize core relationships, new gaps are emerging across the market.

The conversation explores how independent platforms are stepping in to fill that void, particularly in underserved middle market and specialty segments. Jeffry also shares the thesis behind Elevex Capital, including its focus on technology, capital markets, and asset management, and how those pillars position the company for the next phase of industry evolution.

At its core, this episode is about a turning point—where the structure of the market is changing, and new opportunities are being created for those prepared to move into them.

Key Topics Discussed:

• Deposit-driven lending and its impact on banks
• Why regional banks are pulling back from equipment finance
• The effect of bank consolidation and regulatory pressure
• The long-term impact of Silicon Valley Bank and Signature Bank failures
• Where lending gaps are emerging across the market
• The role of independents in filling underserved segments
• The legacy and exit of GE Capital
• Middle market and specialty lending opportunities
• The importance of asset-based structuring and residual risk
• Elevex Capital’s three pillars: technology, capital markets, asset management
• AI and automation in equipment finance operations
• The growing shortage of experienced asset managers
• Rebuilding training and development in the industry

Notable Takeaways:

“They’re less focused on profitability… and more focused on core banking relationships that bring deposits.”

“They don’t view equipment finance as deposit gathering… so they’re starting to trim it.” 

“They’re pulling back in areas that need lending the most… that creates opportunity.” 

“Nobody’s training them… there’s just a lack of focus.” 

“We want to be a true lessor… not just a credit player.” 

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In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Erik Eddington, COO of CH Brown Equipment Finance, to discuss how operational discipline, culture, and speed can drive meaningful performance gains.

Coming from a background in commercial and agricultural banking, Erik shares what it was like stepping into equipment finance with a fresh perspective and how that outsider lens helped identify inefficiencies and opportunities for improvement.

The conversation explores how CH Brown doubled its conversion rates without expanding its credit box, why speed is critical in a broker-driven environment, and how technology and process improvements are being used to eliminate bottlenecks. Erik also shares how the company has navigated volatility in transportation while staying committed to the asset class that built its business.

At the core of the discussion is a simple principle: strong performance comes from aligned teams, clear communication, and a culture that supports how people work together.

Key Topics Discussed:

• Transitioning from banking into equipment finance
• Identifying inefficiencies through an outsider perspective
• Doubling conversion rates from ~30% to over 60%
• Why speed is critical in broker-driven lending
• Eliminating bottlenecks without expanding credit risk
• Implementing a new LOS and AI-driven processes
• Same-day funding and operational realities
• Managing a transportation-heavy portfolio through volatility
• Risk mitigation strategies and underwriting adjustments
• Building a culture-first organization
• Breaking down silos across teams
• Using CliftonStrengths to improve collaboration
• Leadership philosophy: listening to the team

Notable Takeaways:

“We’re doing the work for these deals… let’s make sure they actually get on the books.”

“The broker is our true customer.”

“If you don’t like coming to work, you’re not going to stay.”

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In this special one-year anniversary episode of ACS Portfolio Perspective, Andrew Pace steps out of the host seat and into the guest role to reflect on what the podcast has uncovered over its first year.

Drawing from more than 20 conversations with lenders, lessors, and industry leaders, Andrew shares the common challenges that surfaced across the industry, including portfolio stress, misalignment, and delayed decision-making. He also highlights the themes that consistently emerged, such as the tension between risk and growth, the importance of early intervention, and the gap between policy and execution.

The episode explores how the podcast has shaped Andrew’s approach to listening, leadership, and client conversations, while reinforcing ACS’s role as a connector across the industry. Looking ahead, Andrew outlines the topics, guest perspectives, and opportunities that will define the next phase of the podcast.

At its core, this episode is a reflection on what happens when leaders are willing to ask better questions, share openly, and learn in real time.

Key Topics Discussed:

• Why ACS launched a podcast and what gap it aimed to fill
• Common challenges across lenders and lessors
• The shift from isolated problems to shared industry experiences
• Lessons learned about listening and leading conversations
• Why candid, unpolished discussions create better insights
• Recurring themes: risk vs. growth, early intervention, execution gaps
• How the podcast has influenced ACS’s role in the industry
• The importance of curiosity over positioning in client conversations
• Feedback from listeners and real-world impact of episodes
• Vision for year two, including new topics and guest types
• Building a more connected and collaborative industry

Notable Takeaways:

“Everyone assumed they were dealing with these challenges alone.”

“This podcast became a way to surface those shared experiences.” 

“I wanted to learn out loud.” 

“Better questions matter. We don’t need all the answers.” 

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.

In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Deborah Reuben, CLFP, innovation strategist, CEO and Founder of TomorrowZone®, and author of Enter the TomorrowZone, to explore how leaders can move beyond reactive decision-making and design future-ready organizations.

Deborah shares how the conversation around innovation has shifted from why it matters to how to actually do it, especially in regulated industries like equipment finance. She introduces key concepts from her work, including the “Yesterday Zone,” where teams get stuck in constant urgency, and the “TomorrowZone,” where leaders step back, gain clarity, and intentionally shape what comes next.

The discussion covers practical challenges leaders face today, including the tech-first trap and navigating the messy middle of transformation. It also offers a framework for building alignment, shared understanding, and momentum across teams. At the core is a simple but powerful principle: clarity first, then technology.

Key Topics Discussed:

• How innovation conversations have shifted from “why” to “how”
• The “Yesterday Zone” vs. the “TomorrowZone” mindset
• Why leaders get stuck in reactive, firefighting mode
• The tech-first trap and why technology alone does not solve problems
• Innovation in regulated industries and working within constraints
• The importance of clarity, guardrails, and shared understanding
• The 60-day co-creation approach
• Why ownership and alignment drive successful execution
• Navigating the messy middle of transformation
• Why people, not technology, transform organizations
• Architecting for the future vs. reacting to the present

Notable Takeaways:

“We don’t have to convince people that innovation is necessary… the conversation has shifted to what exactly do I need to do right now?” 

“You could find yourself in a trap of rebuilding the past instead of shaping what’s next.”

“Buying new technology actually feels like progress… but sometimes the real problem has nothing to do with technology.”

“You can’t go around it… you can only go through it.” 

“Clarity first, then technology.” 

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.

In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Mark Musumeci, Director of Risk Operations at Volvo Financial Services USA, to explore how captive finance organizations navigate risk, relationships, and performance through challenging market cycles.

Mark shares how Volvo Financial Services balances supporting OEM partners with maintaining a healthy portfolio, and why relationships with customers, dealers, and vendors are central to that mission. Drawing from recent experience managing through a prolonged freight recession, he discusses the importance of downturn preparation, operational agility, and cross-functional collaboration.

The conversation also highlights the role of leadership in high-pressure environments, including building psychologically safe teams, developing talent, and maintaining strong culture during uncertainty. Mark emphasizes that while systems and processes matter, long-term success ultimately comes down to people—both internally and across vendor partnerships.

Key Topics Discussed:

• What makes captive finance companies different from independent lenders
• Balancing brand protection with portfolio performance
• The importance of customer relationships in collections and recovery
• Navigating a prolonged freight recession in transportation markets
• Downturn preparation and operational agility
• Cross-functional staffing and team flexibility
• Building psychologically safe, high-performing teams
• The role of vendor partnerships in managing portfolio stress
• Process improvement through automation, telematics, and efficiency tools
• Evaluating vendors as long-term strategic partners vs. tactical resources

Notable Takeaways:

“We exist to help our OEM partners sell more trucks… but also operate as an efficient finance company that is profitable and adds value.”

“They can pick up pretty quickly if you actually care about their business or if you're just dialing for dollars.” 

“Even the best of the best customers out there were feeling a financial strain because of the struggling market.” 

“It’s not just collecting… it’s really resolving. It’s understanding the customers.”

“If you care about your teams and your teams care about each other, you're going to have so much more results.” 

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.

In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Reid Raykovich, CEO of the Certified Lease & Finance Professional (CLFP) Foundation, to explore how education, ethics, and professional standards are shaping the future of equipment finance.

Reid shares the remarkable story of how the CLFP Foundation evolved from a struggling organization with limited resources into the industry’s leading certification body. Under her leadership, the CLFP community has grown more than tenfold while maintaining a strong commitment to professionalism and ethical standards.

The conversation dives into the value of certification, the power of community within the CLFP network, and the role of education in strengthening the equipment finance industry. Reid also discusses the Foundation’s recent affiliation with ELFA, its expansion into international markets, and new initiatives to introduce equipment finance to the next generation of professionals through university partnerships and micro-credential programs.

Key Topics Discussed:

• The turnaround and transformation of the CLFP Foundation
• Why ethics and professional standards matter in equipment finance
• The real value of the CLFP designation for industry professionals
• Building a strong professional community through certification
• The role of volunteers in scaling the CLFP Foundation
• The new affiliation between the CLFP Foundation and ELFA
• Expanding CLFP internationally in Canada, Australia, and the UK
• ANSI accreditation and its potential impact on industry credibility
• Bringing equipment finance education into universities
• Creating specialized credentials for niche areas of equipment finance

Notable Takeaways:

“Something I'm really proud of is we’ve grown from about 150 members to nearly 1,800 today.”

“Professionalism, ethics, recognition, and knowledge — that’s really why people pursue the CLFP designation.”

“If too many people are passing, then it’s not rigorous enough.”

“Our mission is building a better commercial equipment finance industry one individual at a time.” 

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.

In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Ron Elwood, Senior Vice President at Navitas Credit, to explore what it takes to build and sustain a leading third-party origination platform in today’s competitive equipment finance market.

With more than 25 years of industry experience — starting in credit underwriting and rising to executive leadership — Ron shares how Navitas achieved record-breaking performance in 2025 while many competitors struggled. From disciplined underwriting to strategic broker partnerships and the evolving role of AI, this conversation offers practical insight into managing risk without sacrificing growth.

Ron also discusses his leadership role within the National Equipment Finance Association (NEFA) and why industry involvement is critical for long-term professional fulfillment.

Key Topics Discussed:

• Transitioning from credit analyst to sales-focused leadership
• Why “relationships over transactions” wins in the broker channel
• What “stick to your knitting” means in competitive markets
• Credit discipline through COVID and the 2025 downturn
• Recognizing red flags early and pivoting quickly
• AI in credit decisioning and portfolio insights
• The impact of auto-scoring and the “Internet of Things”
• The long-term value of NEFA involvement
• Why equipment finance remains one of the most resilient industries

Notable Takeaways:

“If you are a funding source in the space and you have a long-term mentality… you really do have to keep that balance in mind in order to protect the business.”

“It’s hard not to be optimistic just based on how resilient we’ve proven to be over the years.”

“True fulfillment in what we do in our career really can come from community impact.”

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.

In this episode of ACS Portfolio Perspective, Andrew Pace sits down with Paul Fogle, Managing Director of Quality Equipment Finance and Immediate Past President of NEFA, to unpack the real work behind building and rebuilding an independent equipment finance platform. Paul shares how Quality scaled from $20M to $240M, what the prolonged over-the-road trucking downturn taught the industry, and how “Quality 2.0” reshaped their underwriting, pricing, asset mix, and funding strategy. The conversation also dives into how data, fraud tools, industry community, and professional development through CLFP help lenders stay sharp in a rapidly evolving market.

Key Topics Discussed:

• Scaling an independent lender from $20M → $240M
• Finding a market gap in B & C credit
• The OTR trucking collapse: why it was different, longer, and more severe than expected
• “Quality 2.0”: using loss data to reweight underwriting factors and shift asset concentrations
• Funding strategy and balance sheet discipline: retained earnings, leverage, liquidity stress
• Technology + analytics + fraud prevention tools in underwriting
• NEFA’s collaborative culture and the value of participation/committees/philanthropy
• CLFP certification: why it matters and what it teaches beyond your day-to-day role

Notable Takeaways:

“We were never over leveraged. And we put the majority of our earnings back into the company. So we had a good base of retained earnings, a strong balance sheet that in hindsight really helped us weather the storm.”

“What came out of Quality 2.0 is a different company than we were. And we were more, we are more sophisticated.”

“We looked at our losses. We looked at the data on the deals that were still good and went bad. And we really went to town to learn, okay, what could we do differently or better?”

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.

Dan Krajewski has helped scale some of the largest platforms in equipment finance. In this episode, he joins ACS’s Andrew Pace to share the playbook for building sustainable growth — including MAZO Capital’s transformation from a discounter to a full-service, balance sheet lender.

With more than 40 years in the industry, Dan breaks down what it takes to raise capital, build infrastructure, and grow volume in today’s market. From GE Capital and CIT to MAZO, he’s seen the cycles, navigated the pivots, and knows exactly what it takes to scale.

Key Topics Discussed:

• MAZO Capital’s transition from discounter to lender
• Capital markets and sourcing for growth
• Scaling operations from $100M to $500M volume
• Market dynamics and competitive advantages in 2026
• Leadership and lessons learned from 40+ years in equipment finance

Notable Takeaways:

“We’re not just raising capital to raise capital — we’re building an entire platform that can sustain $500 million in annual volume.”

“It’s not about how fast you can grow. It’s how well you can build something that lasts.”

“At MAZO, we’re bringing a GE-level discipline to a nimble, independent platform.”

“I’ve seen the cycles. We’re building with 2026 in mind — not just 2024.”

“You have to understand your competitive advantage and stay laser-focused on it. For us, it’s being fast, flexible, and relationship-driven.”

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions. 

In this episode, Saurin Shah shares his entrepreneurial journey from GE Capital to building and scaling two successful equipment finance platforms — Nations Equipment Finance and now MidCap Equipment Finance. Hosted by Andrew Pace, Chief Client Experience Officer at ACS, the conversation covers risk management, platform growth, team-building, credit discipline, and lessons from past cycles. Saurin also shares insights into balancing institutional discipline with entrepreneurial energy and how MidCap is positioned to weather future downturns.

Key Topics Discussed:

• Entrepreneurial roots and GE Capital background
• Lessons from building Nations Equipment Finance
• Launching MidCap Equipment Finance and developing a distinct culture
• Balancing credit discipline and growth
• Managing originator pressure vs. risk protocols
• Hiring and retaining sales talent in a competitive market
• Portfolio diversification and securitization strategies
• The role of technology in operations and inspections
• Navigating today's lending climate and future trends in equipment finance
• Insights into recovery costs and collateral risk

Notable Takeaways:

“It’s very easy to send the money out the door. It’s very hard to protect those investments, manage the portfolio, handle delinquencies and defaults, work through recoveries.”

“There is no red tape. Everybody does everything… I try to remove as much of the layers as possible and give everybody an opportunity to lead and be heard.”

“Salespeople are the hardest people to find. It’s becoming tougher and tougher to find really, really good salespeople that bring together two unique skill sets…”

“We let some of the bigger guys compete against each other, and we sort of see what falls through the cracks… We like to work on transactions that have some sort of uniqueness.”

Subscribe to Portfolio Perspective: Managing Risk & Seizing Opportunity for more industry insights and field-tested strategies.

For more information, visit Asset Compliant Solutions.