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Best Practices for Successful Independent Contractor (IC) Finance Programs
For decades, motor carriers have faced significant challenges in helping the owner-operators they do business with source equipment. Those challenges often occur in peaks and valleys, tending to be particularly acute at times when interest rates are very high, or at times-like now-when qualified drivers are in high demand.
This webinar will be presented by Jim Freund and Rich Plewacki, two highly experienced industry experts, each with a unique perspective on the issue of IC finance programs. Jim is Executive Vice President & Chief Marketing Officer at ENGS Commercial Finance Co., a leading equipment finance company that offers IC financing programs. Rich is a partner at Benesch, Friedlander, Coplan & Aronoff LLP, a top transportation law firm that regularly advises motor carriers on managing IC equipment leasing programs.
Jim and Rich will present webinar attendees with the fresh insights they've gained from their experience. They will discuss a variety of approaches to equipment sourcing, and the dos and don'ts of in-house and third-party sourcing. Their presentation will also include guidance for motor carriers contracting with third-party equipment lessors, and provide sample contract language for such arrangements. Jim and Rich will offer their views on how motor carriers, finance companies, and independent contractors can "meet in the middle" to each adequately protect their interests. The takeaway will be an appreciation of best practices for managing IC programs, and an awareness of red flags to watch out for.
About the Presenters:
James B. Freund, Executive Vice President, Chief Marketing Officer & Corporate Secretary, Engs Commercial Finance Co.
Jim is a principal shareholder of Engs Commercial Finance Co., the largest independent lender to the Transportation space, and the 4th largest independent commercial finance company in the U.S. Jim is responsible for the company's Sales & Marketing. He has been in the truck, trailer and equipment finance space for 30+ years, providing equipment financing solutions as well as developing, managing and financing Independent Contractor finance programs for carriers. Jim started his commercial finance career with Transamerica Commercial Finance Corp., where he was Senior Legal Counsel responsible for the legal affairs of the company's largest business segment. Jim then became a co-founder of Capital Alliance Financial Services, LLC, a commercial equipment finance company, which was ultimately acquired by American Express. At American Express, Jim served as Senior Vice President & Director and led the company's Transportation and Industrial Equipment segments into market leaders. Jim earned a Bachelor of Science degree in Finance from Marquette University School of Business, a Juris Doctor degree from John Marshall Law School, and a Master in Business Administration from Loyola University's Quinlan School of Business in Chicago.
Richard A. Plewacki, Partner, Benesch
Rich Plewacki is a Partner in the nationally-recognized Transportation & Logistics Practice Group at Benesch. He has been in the transportation industry, both as a business man and an attorney, for over 45 years. He is heavily involved with the IC Model and Equipment Leasing, starting in 1995 with the launch of RPS, now known as FedEx Ground. His practice is national in scope and he works with motor carriers in all segments of the industry. Rich's practice also includes advising and representing third-party logistics providers, national shippers, and equipment leasing companies. Rich is an active member of the ATA's Independent Contractor Policy Committee and the Labor & Regulatory Policy Committee, and served on the ATRI Advisory Committee. He is also a member of the TCA Board of Directors and active with several committees within the TCA. He earned his Bachelors of Business Administration Degree from Bowling Green State University and a Juris Doctor from the University of Akron School of Law. His full bio can be found here.
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