collison ryan 400

Hitachi Capital America (HCA) posted a double-digit increase in assets last year amid plans to continue its push to widen its lending base beyond its traditional transportation market.

Total assets surpassed $3 billion and total funded volume reached $4.6 billion, the company revealed.

Strong growth was recorded in its Canadian division, Hitachi Capital Canada (HCC), which saw total volume and assets increasing by more than 50%.

Led by newly-appointed president François Nantel, HCC also reported new business volume was up in all three sales segments - vendors, brokers and direct sales - while the division’s lending portfolio almost doubled.

HCA president and COO Ryan Collison said: “We closed out a very busy year with results we’re proud of.

“A few years ago, we made a decision to diversify our business both in the US and in Canada, all while expanding beyond transportation financing. By adding a variety of commercial financing solutions, in addition to even more options for our truck customers, we are witnessing positive contributions from all of our diverse divisions.”

Last year marked a record-breaking year for HCA’s vendor services division, which posted a 27% increase in total assets to $417 million.

Additionally, vendor services welcomed the medium and small ticket division into their suite of services.

This new division, now called funding and portfolio services, offers products including third-party funding programs, equipment and software financing portfolio acquisitions, and portfolio servicing.

The company says other notable highlights in the HCA commercial finance portfolio include a significant increase in syndicated lending, which was a key driver in the business finance division nearly doubling the size of its portfolio, coupled with a sharp increase in the trade finance division’s assets, which is nearing $1 billion in total.

During the year, two industry veterans joined HCA’s transportation finance division. Thomas Ball and Dave Herring will help increase the company’s market share in the capital markets and heavy duty.

Meanwhile, the leader of HCA’s medium duty truck finance group, Russ Yanaga, led the team to a 22% increase during the year.

Collison said: “In 2017, our team produced strong growth and enhanced profitability, while also laying the foundation to support our company’s continued expansion in 2018.

“We’re proud of the work we accomplish and are looking forward to implementing plans consistent with our strategy for long-term profitable growth.”