Shawn Arnone, Head of Manufacturer & Government Alliances at Key Equipment Finance, sat down with us to share his thoughts on what is ahead for the industry.
What are you currently seeing in the market?
At times like these when the country’s economic outlook is uncertain, you start to see people and businesses pull back a little - maybe even slow down to see what will happen next. At Key, we are moving forward and building on our 50-year-strong history. We understand there is uncertainty for everyone, but we are here, and more focused than ever on our current and future relationships.
How can Key combat some of the uncertainty?
Building and cultivating relationships is a huge part of success in this industry, especially in uncertain times. At Key Equipment Finance, we know that keeping those relationships strong is the most important part of our jobs.
In both good times and bad, it is crucial to know who our customer is and what they need. We also must know ourselves and our own capabilities so we can be honest about the value we bring to relationships. Part of building and maintaining good relationships is to focus on where we can have the most impact for our clients and take a targeted approach. That approach makes us more of an expert and a trusted consultant to our clients.
What is ahead for the industry?
The equipment finance industry has had ups and downs in the past year, but it will continue to evolve and grow. Understanding why investments are being made in specific industry verticals can help predict future opportunities. Companies continue to modernize and upgrade their equipment and service needs and the demand remains robust. Combine that with continued supply chain challenges from the past three years, our pipelines are poised with promising opportunities to pursue. We expect to see a steady uptick in government spending as funds from the federal government continue to be utilized. We are also seeing growth in clean energy and a great deal of potential where technology and manufacturing meet.
What perspective does Key Equipment Finance bring to the current market?
In the last five decades, we have adeptly maneuvered through various economic climates, both favorable and challenging, and look forward to continuing that legacy. Our track record speaks volumes, having weathered every storm and standing firm. What sets us apart is our rich history and experience, having already navigated diverse scenarios and fostering a culture of reliance. We have always maintained a high level of service, regardless of circumstances, and will continue to do so.
In today’s landscape, transparency and integrity are even more crucial and are the pillars of our business. If we ask the right questions and actively listen to the answers, we can then take that information to provide candid advice about available solutions and limitations. Sometimes there is hesitation to give bad news or ask for something you might think will be tough. Genuine openness and honest feedback fosters goodwill and establishes a foundation of trust and credibility in our relationships.
We at Key Equipment Finance are committed to the industry and we are going to continue with the same level of dedication, integrity, and transparency we have had the last 50 years for the next 50 years and beyond.
Shawn Arnone is Group Head - SVP of Manufacturer & Government Alliances at Key Equipment Finance, and he has over 30 years of experience in the equipment finance industry. He can be reached at shawn.arnone@key.com or on LinkedIn.
