Senior Vice President
Wells Fargo Equipment Finance Canada
Over the past two years, low oil prices have had a definite negative impact on the economy in Western Canada, with lasting effects on many businesses. However, despite a decrease in energy products exports, the Oil and Gas industry profitability index reported by the Conference Board of Canada actually showed an increase in May 2016. While this profitability increase can be due to many factors, our customers continue to focus on operational efficiencies in order to remain competitive.
One way our customers are becoming more efficient is by reducing their equipment maintenance costs by technologically revitalizing their equipment fleets. A specific and detailed maintenance schedule can reduce downtimes, increase availability, and overall efficiencies to improve bottom line.
If the current 2016 global oil demand outlook moves upwards, we might see a slow rise in oil prices. If that happens, energy businesses may need to implement changes even faster in order to lower their costs and become more competitive. Having the right technology acquisition solutions in place will be critically important.
With Wells Fargo Equipment Finance's pre-approved line of credit, our customers can quickly and efficiently take advantage of new technology purchasing opportunities in this ever-changing business environment. Having a deep knowledge of the industry and the issues currently facing Western Canadian businesses, our team is well versed in structuring multiple leasing and financing options that fit our customers? needs.
As VP Sales, Russell has led an asset-based lending team in Western Canada with GE Capital and, now, Wells Fargo, for more than 16 years. He has been successful in driving year-over-year growth in new business volume and profitability within the region. Russell's practical approach and smart business philosophy have given him the ability to lead business growth by simultaneously focusing on his customers and team.