Equipment finance executives evaluate importance of vetting financing partners
Equipment dealers must evaluate their vetting process for third-party financing partners to stop bad actors and prevent misinformation. Dealers who do not have a process for sales personnel to vet financing partners put themselves at risk, said RJ Grimshaw, president and
Digital channels key to securing equipment, work truck sales leads
Equipment and work truck dealers should leverage online sales channels to secure leads and widen the sales net as more consumers browse inventory and shop through digital avenues. Many equipment and work truck dealers post inventory on their websites but need
2 common roadblocks inhibit equipment sales, financing
Lender and consumer roadblocks are negatively impacting the financing process for equipment dealers. “One, the customer is declined by the primary lender, so we’ll take that as a workflow or a key question to evaluate,” Beckham Thomas, founder and chief executive
Equipment vendors must protect personal information under FTC rule change
Equipment vendors soon will be held to the same standards as banks when it comes to protecting consumer and employee information. Changes to the Federal Trade Commission’s Safeguard Rule will expand the definition of a financial institution to include equipment vendors. The
Slow, mixed growth ahead in loan market
CHARLOTTE — Slower growth is likely in the U.S loan market this year, but businesses remain steadfast despite concerns of a recession. “I’m getting more and more feedback from business contacts that 2023 looks like a growth year, but a muddling-through
First Citizens Bank Equipment Finance eyes $750M in industrial originations in 2023
CHARLOTTE — First Citizens Bank Equipment Finance has its eye toward growth in its industrial portfolio this year as the lender looks to capitalize on new technologies and leverage its salesforce to enter new markets. First Citizens expects to originate $700
Dealer rentals to grow as bonus depreciation phases out
CHARLOTTE – Rental business at dealerships is poised to gain traction in the coming years as depreciation tax benefits on equipment begins to phase out. Rentals are already gaining traction on equipment with advanced technology, and more segments of the equipment
Automation, standardization increase aftermarket product attachment
CHARLOTTE — Automation is key for equipment dealers looking to sell aftermarket products as it will help increase attachment rates and streamline their integration into the sales cycle. “What I’ve found visiting dealers is that, on the front end, there’s no
Kubota NA financing income jumps as inventory improves
Kubota Corp.’s North American financing income jumped as the Japanese OEM raised prices to combat continued inventory constraints. North American finance income for the full year 2022 clocked in at $585.8 million, according to the company’s earnings supplement. NA finance income
Small business lending data collection rule change expected in March
Changes to the Equal Credit Opportunity Act (ECOA) that would require equipment lenders to submit to the Consumer Financial Protection Bureau credit application data for women-, minority- and black-owned businesses are expected in the coming months. The CFPB has been since
