Key Equipment Finance Executive Vice President Peter Bullen was recently appointed to the Equipment Leasing & Finance Foundation (ELFF) Board of Trustees.
History with ELFA
Before this appointment, Bullen was on the Bank Council Steering Committee for the Equipment Leasing & Finance Association (ELFA) for a number of years. After his tenure was over on that committee, he wanted to stay involved with the association’s mission, and accepted the opportunity with ELFF. The Equipment Leasing & Finance Foundation is a separate entity from the Equipment Leasing & Finance Association, charged primarily with supporting the equipment finance industry through academic programs and research.
Bullen will serve a three-year term on the ELFF Board of Trustees with other professionals in the equipment leasing and finance industry, including academics, service providers and representatives from captive finance companies, independent and bank-owned equipment finance providers. Bullen is part of the nominating committee, which oversees new committee and board appointments and the finance committee, which manages the finances of the organization.
An evolving industry
Bullen believes the equipment finance industry is continuing to evolve, which makes research from the ELFF more important than ever.
“New companies are entering the equipment finance industry each and every month,” Bullen said. “With greater competition brings lower returns and a move towards becoming a commodity product or service. Each industry participant has to fight hard to articulate their value proposition in order to grow and achieve acceptable returns.”
Bullen says two challenges facing the industry today are the commoditization of products and development of future leaders, two challenges that the ELFF is poised to help solve.
Bullen also points to the ELFF’s guest lecture program as a way to combat the challenge of leadership development. Through the program, industry members go to local universities to talk to students about the industry and career opportunities within it.