Blog   Tagged ‘Marquette Transportation Finance’

Meet the Leadership Series: DiAne Reed (Marquette Transportation Finance)

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Q&A with DiAne Reed, Senior Vice President/National Sales Manager, Marquette Transportation Finance

Get to know UMB’s leadership a little better.

DiAne Reed MTF

Tell us about yourself.

I am originally from the Northwest, but when I moved to Charlotte, N.C. in 1989 I fell in love with the sunshine and fewer rainy days. I enjoy traveling—my favorite place is anywhere I can unplug and just live in the moment. I have been all over the world on 14 different cruises. I also enjoy spending time with my five grandchildren.

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DiAne Reed grandkids DiAne Reed grandkids

My work is my passion. Every day, I work to do what’s best for our clients and I love being able to provide the right financing solution for each business. I joined Marquette Transportation Finance (MTF)in 2002 and assumed my duties as senior vice president, national sales manager in 2005. I am responsible for the overall marketing and sales activities of the company and I have more than 30 years of finance sales and sales management experience.

What drew you to the transportation industry?

A national trucking company gave me an opportunity to learn the trucking industry inside and out. I started in dispatch, moved to production and then switched to sales and marketing. I was active in launching that company’s 48 State Interstate Authority—expanding their presence coast to coast. They encouraged everyone to know all aspects of the business, so I was able to roll up my sleeves and embrace the trucking industry. From there, I advanced into the niche of transportation finance which I have been committed to for more than 25 years.

Today the financial needs of the trucking industry are my passion. I always say I have diesel in my blood!

How has the industry changed since you began your career?

When I began my career, everything was in paper form—now companies have high-tech operations, including computerized logs. Now, shippers and carriers know the exact location of their freight, 24/7. Technology has also allowed for improved focus on security and safety, offering higher protection for both truck drivers and the people they share the road with.

I also see more women interested in entering the trucking industry every day. When I started in the industry, 1 in 100 employees were women, but within the last decade women are working to break the glass ceiling and are not afraid to enter fields known to be male-dominated, like trucking and finance.

Another aspect of trucking that has changed is the availability of working capital. The recent credit crunch affecting financial markets is filtering its way down to the availability of working capital financing to trucking companies. In response to financial turmoil, bank are tightening their credit standards and becoming more restrictive. Fortunately for trucking companies, alternative sources of financing, such as MTF, exist in the marketplace.

What are your transportation affiliations, and why are these connections important?

I’m actively involved in many associations including the American Trucking Association (ATA) , the Truckload Carriers Association (TCA), Women In Trucking (WIT), Commercial Finance Association (CFA), Turnaround Management Association (TMA) and the International Factoring Association (IFA). I am also a participant of the TCA communications and image committee.

These associations allow members to stay abreast of industry changes and challenges. And, they offer me a platform to participate in and encourage the continuing improvement of the transportation brand. Interacting with dedicated people in the industry is always inspiring. With the networking opportunities, I can discuss MTF and our values, as well as communicate the way we do business by partnering with clients from start to finish. We are a relationship-based business and we put a lot of emphasis on integrity and ethics.

Define accounts receivable (AR) financing

The most important thing to know about AR financing is that it is not debt. MTF funds and purchases AR accounts, which means we provide financing based on your current level of business. An AR line is assessed on several criteria:

  • The monthly dollar volume of purchases
  • The average AR turn (how long an invoice remains outstanding)
  • The number of invoices processed by MTF on a monthly basis
  • Risk associated with the transaction

The key difference between AR financing and traditional financing is that we don’t base our decisions on the credit or financial stability of our client. Rather, we base our decisions on the financial stability of our client’s customer base.

What makes Marquette Transportation Finance unique?

MTF is a leading provider of accounts receivable financing focused solely on the trucking industry. Our financing helps trucking companies fund growth, acquisitions and turnarounds, and helps them improve liquidity. A major advantage of lending to a niche market is the opportunity to completely understand the business, from invoicing requirements and cash cycles, to reasons for periodic over-advance requests, and current news and trends. Knowing your client’s business helps foster a strong relationship, and our entire business model is built on relationships.

The MTF team knows the trucking industry and can tailor a program to you and your business. We like to say that we offer the best of both worlds because we are backed by the financial strength of UMB Bank, but are small enough to provide you with a highly responsive, flexible and knowledgeable service staff who can handle any of your specific needs.

Describe your typical client—what do they need, why are they looking for alternative financing and why do they consider MTF?

Typically MTF clients aren’t eligible for traditional bank financing, or the bank facility is deficient in meeting the borrower’s financing requirements due to one or more of the following business characteristics:

  • Start-up or rapid growth
  • Acquisition and recapitalizations
  • Needs bridge financing In the midst of a turnaround
  • Customer concentrations
  • Working capital starved
  • Negative net worth
  • Debtor-in-possession (Chapter 11)
  • Highly leveraged

Every client receives supportive accounting services to help facilitate payments and steady receivables. These services are provided by a full back office team of individuals who are familiar with the transportation world.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


DiAne Reed has been in the trucking industry for more than 25 years, and is active in transportation associations across the U.S. As a team member at Marquette Transportation Finance (MTF), DiAne builds relationships and individually reviews client situation to offer custom finance plans that help them grow.



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Meet the Leadership Series: Rich Voreis (Marquette Transportation Finance)

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Q&A with Rich Voreis (President, Marquette Transportation Finance)

Get to know UMB’s leadership a little better.

Rich Voreis Rich Voreis

Tell us about yourself!

I’m an Illinois farm boy—I grew up outside of Chicago. The family farm traces its beginning back to the 1860s when it was homesteaded by my great-great grandfather, a German immigrant. I graduated from the University of Illinois and have had many tough seasons of football and basketball to endure as a sports fan. Speaking of basketball, the Harlem Globetrotters played their first away game in my hometown of Hinckley. My claim to fame is that while in grade school, I played basketball in the same gym that game was played in.

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My first job out of college was in baby product sales for Johnson & Johnson where I ended up being a key accounts manager for the Kansas City market. Many, many years later I’ve returned to Kansas City as a UMB associate.
Rich Voreis Marie and Rich Voreis
My wife, Marie, and I met in the Twin Cities, raised our children there and have now been married 33 years. Our children are:  Aaron, 36, Adam, 31, and Angie, 28. Thanks to Aaron, I’m now a grandpa, and Adam will be married soon! As our children grew up, we enjoyed many vacations and memories, including ski trips, cruises and cultural events.

What about your past shaped who you are today? Rich Voreis

My farmer parents laid a great foundation of who I am today. They, like many of their generation, instilled a strong work ethic, honesty, love and the importance of helping your neighbor because it’s the right thing to do. But that foundation alone didn’t shape who I am today. Experiences along the way have provided life lessons to mature that foundation.

What are your favorite ways to give back?
 

While our children were in school, Marie and I were very active in parent associations. Lately, I’ve been involved in a local nonprofit, Project for Pride in Living, Project for Pride in Living works with lower-income individuals and families to achieve greater self-sufficiency through housing, employment training, support services and education.

Where is your favorite place to travel?
Rich Voreis
I enjoy new people and new places, so my favorite place to go is somewhere I haven’t been. While I’ve experienced a fair amount of travel outside the UnitedStates, my bucket list of places includes Asia, Northern Europe and South America.

Marquette Transportation Finance

Tell us about your vision for transportation finance at UMB.

Marquette Transportation Finance (MTF), and its division Marquette Commercial Finance, provide flexible and responsive working capital financing to mid-market and small businesses across the nation. By providing an alternative source to traditional bank financing, MTF assists businesses in meeting their working capital needs to drive growth, fund acquisitions, improve liquidity and fund restructures. We routinely serve as a bridge lender for businesses until they are able to obtain traditional bank financing.

My team’s vision now that we are a part of UMB is to continue to foster our goal to be a best-in–class financer in our industry. MTF’s and UMB’s cultures are the same in that MTF has embraced the unparalleled customer experience since we were founded in 2002. Beyond the great culture fit, the strength and backing of UMB as a financial institution provides us with the opportunity to excel in the marketplace. We are now able to reach a larger audience due to the increased lending capacity and resources that UMB affords us.

What does your team do differently?  

At MTF, our team has a deep understanding of the transportation industry and its nuances, which allows us to walk the talk, so to speak, on providing great customer service. The industry knowledge of the team helps us tailor financing for each client, and we work hard to understand our clients’ business. We know many individuals, businesses and shippers in the industry, so we can also help make connections that assist our customers’ operationally.

Beyond service and professionalism, our business model is structured so we can manage risk very well and can act quickly when reviewing financing needs. While we are backed by the larger UMB, MTF’s office is nimble enough that we can truly provide one-on-one attention.

What is the greatest challenge facing the transportation industry right now?

The greatest challenge facing our industry now is a lack of strong loan demand coupled with a very competitive marketplace. Loan demand is cyclical and tied to the general overall economy. I anticipate it will pick up in the future as the economy moves, whether up or down

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Rich Voreis is the president for UMB Bank’s subsidiary, Marquette Transportation Finance, which also operates the division Marquette Commercial Finance. He is responsible for their overall management and growth. He joined UMB in 2015 with the Marquette acquisition and has 35 years of experience in the financial services industry.



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