Asset lending specialist CIT Group has named Vince Mollica as managing director of the equipment finance business.
In this role, he will lead the equipment finance sales organization with responsibility for commercial lending and leasing in the industrial, technology and office products markets, as well as for lender finance.
Mollica will report to Mike Jones, president of the business capital division.
Jones said: “Vince is a seasoned leader with deep industry expertise and over 23 years of experience at CIT.
“His skill set in vendor financing and business development makes him a natural fit to lead the equipment finance division and advance our growth strategy.”
The equipment finance division is part of CIT's business capital operation and works with manufacturers, franchisors, distributors, resellers, dealers and systems integrators to finance their equipment, software and services to commercial customers.
Mollica joined CIT in 1995 and most recently was senior vice-president for business development and structured transactions in the equipment finance operation.
Prior to this, he had key roles in vendor finance and led programs for a number of technology clients. Earlier in his CIT tenure, Mollica was in the finance function and prior to joining the company, he was with Bank of America and PricewaterhouseCoopers.
Separately, CIT Group has also announced that CIT Northbridge Credit has funded a $25 million revolving line of credit facility provided to Midwest High Reach, one of the premier independent equipment rental companies in the Chicago area.
Midwest High Reach is a privately-held, full-service rental company providing equipment rentals, sales and service to the construction industry.
Its equipment offerings include aerial boom lifts, scissor lifts, excavators, mini-excavators, rollers, light towers, air compressors, generators and welders.