Equipment Finance News’ most-read stories in 2024 reflect readers’ interest in corporate fines, mergers and acquisitions activity, a major trucking bankruptcy and nine equipment finance executives to keep an eye on in 2024.
1. John Deere fined $10M by SEC
Firstly, John Deere agreed to a $10 million settlement with the U.S. Securities and Exchange Commission for violations of the Foreign Corrupt Practices Act involving its subsidiary Wirtgen Thailand. The SEC found that Wirtgen Thailand had made improper payments to foreign officials and private employees, which generated $4.3 million in profits for the OEM. The fine, considered modest compared to larger settlements, reflects the scope of the issue and Deere’s failure to integrate Wirtgen’s compliance systems after its 2017 acquisition. Deere’s fine adds to an overall down year for the company.
2. Kubota moves to limit dealership consolidation
Secondly, Kubota implemented a policy on May 17 limiting the number of dealerships a single dealer can own within a state to preserve the local dealership experience for customers. The move, Kubota said, was aimed to balance dealer growth while fostering healthy competition, as the company sought to position its dealerships as the preferred choice for communities. Since the announcement, several Kubota dealership transaction stories have occurred.
3. Canada’s Pride Group files for bankruptcy
Thirdly, Canadian transportation and logistics firm Pride Group and its 25 affiliates filed for Chapter 15 bankruptcy in the U.S. in March, while also seeking restructuring in Canada due to soft market conditions in the trucking industry. Despite the filings, Pride Group said it anticipated business continuity while restructuring. The bankruptcy stemmed from market challenges, including an oversupply of trucking services and rising diesel and interest rates following pandemic-driven demand spikes.
4. Recent equipment finance acquisitions, closures
Additionally, the equipment financing market also underwent a significant shift in 2025 as some banks exited the sector or paused operations, while others capitalized on opportunities through acquisitions. Rising costs, low-performing loans, and a challenging funding environment have led some lenders to cease or scale back operations in 2024 across several stories. Meanwhile, acquisitions have surged both nationally and internationally. Despite the challenges, the market remains active as financial institutions adjust strategies to navigate evolving dynamics.
5. 9 equipment finance executives to watch in 2025
Finally, equipment dealers, lenders, manufacturers and service providers spent much of the year advancing the equipment industry as opportunities, procedures and technologies emerge in equipment finance and operations. Consolidation, regulation and risk-sharing trends remain into 2025, requiring more collaboration and coordination. As a result, EFN was proud to name nine executives to watch in the year ahead.
The third annual Equipment Finance Connect at the JW Marriott Nashville in Nashville, Tenn., on May 14-15, 2025, is the only event that brings together equipment dealers and lenders to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.
