David Jencks Previews IFA’s In-Depth Transportation Factoring Training Course

David Jencks, Esq., of Jencks Law, P.C., provides a preview of the International Factoring Association’s upcoming In-Depth Transportation Factoring Training Course - Everything You Were Afraid to Ask and More - and shares his perspective on the current state of the transportation industry and why educational courses are important to stay ahead of the game during an ever-changing economic environment.

The International Factoring Association’s In-Depth Transportation Factoring Training Course is an extensive program designed to provide thorough and focused training for transportation factoring professionals operating at mid to high levels. This course is tailored for individuals who already have experience in the field and aspire to enhance their expertise and competencies. It will offer a structured and engaged learning experience featuring interactive elements and offering opportunities for dialogue and cooperation with fellow industry experts.

By the end of this course, attendees will possess the skills and knowledge needed to effectively manage transportation factoring relationships, mitigate risk and optimize revenue. With the hybrid class format, attendees have the option of attending in-person or online. A selection of operational forms will also be provided with the class.

To register to attend either in-person or virtually for this event, click here.

David Jencks, Esq., from Jencks Law, P.C., who serves as the primary organizer of the event, offers a sneak peek of the upcoming training course and shares his insights regarding the present condition of the transportation sector and its implications for factors.

Tell us about the In-Depth Transportation Factoring Training Course. Where did the idea for this class come from?
David Jencks: This course builds upon the foundation laid by the IFA's introductory Successful Transportation Factoring Training Class. This course will delve deeper into discussions and explore selected timely topics. During the course, attendees will be exposed to real-life industry challenges and dilemmas, allowing for discussions on effective problem-solving strategies. We will also examine emerging trends and issues within the transportation sector while addressing long-standing issues that have persisted over time. The idea for this class came from wanting to spend more time on fewer subjects and letting attendees learn from their colleagues.

The course subline says, “Everything You Were Afraid to Ask and More.” What are some of the things that you feel people are afraid to ask?

Jencks: I think there is an entire set of questions and issues surrounding insurance, leasing and emerging motor carrier structures that people don’t understand and don’t want to look like they are behind their peers. I can assure anyone that they are not. But I wanted to have a class where we prompt the questions and get valuable insight from both moderators and attendees on how they are handling change and other recurring issues.

What do you hope factoring professionals take away from the course?

Jencks: I hope they can leave with a few things that can make them more efficient, more able to discover potential issues that need to be addressed, and create and understand a risk profile for certain transactions.

What guest speakers will be addressing the class and what role do they play?

Jencks: We’ve got three terrific and experienced moderators who have been doing this awhile and see the issues we’ll raise every day. The issues will be practical and they will share real-world experience, solutions and management techniques. We also have a logistics company that will be leading a session on Factors working with brokers. They will talk about the life in a brokerage firm, working with Factors and where the industry is headed.

What can Factors learn from the current state of the transportation industry? What major obstacles are they dealing with?

Jencks: Our goal is to focus on fraud and emerging carrier structures. Factors are dealing with those issues every day. How are companies discovering fraud as quickly as possible? What type of motor carrier structures will they allow in their shops and how will they manage them? These are the most practical obstacles in transportation factoring today.

How do you see transportation evolving in the next two years? How does this impact factors?

Jencks: Well, I’m a broken record, but I believe Factors are going to have to at least consider what motor carrier structures are acceptable to them. They will have to find new ways to manage those newer structures. They are going to have to have a keen eye to understand and decide the risk associated with emerging carrier structures.

Why is it important for transportation factoring professionals to stay educated?

Jencks: Between competition, the prevalence of fraud and changing motor carrier structures, now more than in my previous 23 years in this business, financiers to the transportation industry could more quickly fall behind in their understanding of what’s really going on out there. It’s important to stay educated and connected to others in the industry to not only be aware of the risks and challenges, but to learn about what opportunities are available as well.

You have been teaching IFA transportation courses and events for 15 years. What keeps you up to date with teaching this material?

Jencks: I’m fortunate that I get to work with many transportation factors. It allows me a seat to see the good, the bad, the ugly and emerging trends in transportation. I don’t have all the answers, but when we put a group of transportation factors in a room, we usually leave with a better and broader understanding of the pressing issues of the day and how we are going to deal with them.