Relationship-Driven An Interview with Steven Posner, Chief Executive Officer, Putnam Leasing

EDITORS’ NOTE‍

Steven Posner is the Chief Executive Officer of Putnam Leasing, where he has built a legacy of leadership and industry expertise over nearly 47 years in the exotic and foreign automobile leasing space. Posner’s journey in the industry began on his 18th birthday in the summer of 1977, when he took a job as a transporter and driver for an automobile leasing company on Long Island. Over the next four years, he immersed himself in every aspect of the business, gaining a deep understanding of both operations and administration. His initiative and dedication quickly set him apart, leading to a role in sales and eventually Director of Operations for one of the region’s largest leasing companies. In May 1981, at just 21 years old, Posner became a junior partner in a newly formed leasing company that was later acquired by one of the industry’s leading firms. He joined Putnam Leasing in May 1989 as Vice President, and his career continued to ascend. He has since risen to CEO, a role in which he has made a lasting impact. Outside of his work at Putnam, Posner is committed to giving back. He has served for more than seven years on the Advisory Board of the Carrington Charitable Foundation, a nonprofit organization devoted to supporting post-9/11 combat-wounded veterans and Gold Star families. Posner also served as Chapter Chairman of the New York/Connecticut chapter of the National Vehicle Leasing Association from the late 1990s through 2002, demonstrating his long-standing commitment to both the industry and the broader community.

COMPANY BRIEF

For more than 40 years, thousands of luxury vehicle owners and enthusiasts have trusted Putnam Leasing (putnamleasing.com) and its highly personalized and flexible lease-to-own program, Lease Navigator. Putnam Leasing’s mission is to turn luxury vehicle ownership dreams into financial reality, whether that ownership lasts months, years, or a lifetime.

Will you discuss your career journey?

I started my journey in the automotive industry on my 18th birthday, August 22, 1977. At the time, I was a driver for an automobile leasing company on Long Island that specialized in foreign cars. I had interviewed for the position a week earlier, and during the interview they asked me how old I was. I knew that if I told them I was 17, they probably would not hire me, so I said I was 18. They hired me, and I started the following Monday, which happened to be my birthday.

What excites you about leading Putnam Leasing?

What excites me about leading Putnam Leasing is the opportunity to guide our team into new ventures and new opportunities. I believe in empowering people and encouraging collaboration. I have a lot of smart people around me, and while I’ve been doing this longer than most of them, I certainly don’t have all the answers. I get charged up when someone comes up with a really good idea.

The business has changed dramatically since I first started, which is why having the right team is so important. When I started working in New York, there were probably 25 to 30 companies in the Tri-State area that did exactly what we do – now there are three or four. The leasing business changed in the early ’80s when manufacturers became more involved. Mercedes-Benz, Porsche, and BMW came out with programs that were less expensive than what we could do. They developed a lease with super high residuals that drove the payments down tremendously and they circumvented the rate. The 25 to 30 companies we started with had to find different niches in the automobile business like leasing different kinds of vehicles – street sweepers, trucks, funeral cars, ambulances, limousines – which I had no interest in. My forte has always been exotic cars.

How do you describe Putnam Leasing’s mission serving clients?

I’ve learned that relationships are everything. I have customers who have been doing business with me since the early 1980s. They’ve followed me throughout my career and continue to refer business to us. We also have employees who have been with Putnam Leasing for 20 to 35 years. Our niche in the business is how we value and believe at the core of what we do is personalized service.

When clients call Putnam Leasing, they aren’t speaking to a different person every time. We have specialized departments to give customers the best experience, guaranteeing they are being treated with respect. When a salesperson joins our team, I tell them to get back to everybody within 24 hours. We don’t keep anybody waiting, stringing them along. If it’s a no, tell them; if it’s a yes, tell them; if it’s a maybe, tell them. If our salesperson says they are going to do something, they have to do it. We work to make every aspect of the process easier for them, whether it’s helping with insurance, registration, recommendations, or answering questions along the way.

All of our salespeople are genuine car enthusiasts, and in many ways we become trusted advisors to our customers. We share their passion for automobiles and enjoy helping them navigate the process.