Letter From Our President, Don Coolbaugh
A year ago seems like a decade ago. So much has changed for many of us and the industries we serve. After falling over 90% some of those same industries remain well below pre-pandemic levels and have many months and even years to go before they come back to anything resembling full capacity. On the other hand, some of our newer trucking segments like last-mile delivery (Box Trucks and Step Vans) had increasing demand throughout the year. Construction came back strong and other trucking and vocational eqpt seem to have stemmed the tide much easier.
I am already noticing green shoots starting in transportation and my hope is that this trend continues through the spring and the work we did last year to support our customer base and industries in the limo, bus, school, and travel industries, in general, will be supported by the current growth in their markets. Headwinds still remain and we are keeping a close eye on supply chain issues affecting vehicle manufacturing.
We are optimists at heart and although negativity abounds and can control people for a while the human spirit is strong and the will to live, grow, enhance oneself and have fun will win. The majority of those we speak with are of the same mindset so positivity abounds in my world. To say we have worked overtime the past year is an understatement. We had two main jobs we focused on, One being the support of long-standing relationships that needed our help and the Second working at pivoting the business to segments that were actually growing in last year’s environment. There were certainly winners and losers and as we supported those in transportation the trucking segments had some of the best growth seen in the 3rd and 4th quarter of 2020. We established new relationships with companies like FedEx and built stronger momentum with current construction and service truck manufacturers like Service Truck International and Tiger Crane. This work stabilized what would have been a very tumultuous year. We know of many lenders closing their doors last year or closed large segment groups in transportation. Our work has helped TransCapital expand its footprint back into those same segments we supported the past 20 years in Coach, Limo/Livery, Bus, School Bus, Paratransit, and Ambulance.
Since our early days under our flagship Advantage Funding, we have always supported the markets we serve. We recommit to those that need our help even more today. With a newly established partnership and growing bank lines, we are in a better position this spring to help all of our industries. We sincerely hope and pray for the continued success and healing of our family, friends, and customers alike.
If you need us we will be here!
Don Coolbaugh
