The importance of an equipment lender with industry expertise.

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Experience is great. Expertise is better.

Across the landscape of equipment lenders, there of companies full of experience in a wide variety of industries. Decades of funding assets in all kinds of credit situations and economic circumstance behind their chase for the next manufacturer, dealer or vendor. Our complements. But that’s not enough.

Where experience is a valuable asset, expertise is a growth engine. Expertise is the application of experience through the effective and consistent delivery of ideas, insight and solutions. All the equipment finance experience in the world struggles to power growth without the ability to make it really work for those delivering commercial equipment to market. To make it work, the lender needs to deliver new ideas, programs and solutions so regularly you count on them to achieve your revenue goals.

An expertise-driven lender…

  • Knows the industries that count of the equipment you sell AND offers suggestions of how you can use finance to position yourself well in these businesses.
  • Knows the challenges business owners in these industries face AND offers potential solutions and ideas that make you think differently.
  • Knows how to overcome the obstacles in the sales process AND is able to implement programs that minimize issues and avoid obstacles outright.
  • Knows how to how to have total cost of ownership conversations with owners AND gives them easy tools to understand the importance of the buying decision.
  • Knows the issues you face marketing commercial equipment in your asset class AND can regularly deliver tools, resources and best practices to differentiate you in the marketplace.

We could carry on like this indefinitely, but these points demonstrate that an equipment lender that just asks for applications and pushes them through an approval machine, is not delivering expertise and value-add to the manufacturer, dealer or vendor regardless of their experience level.

At SLS, we’re a relationship-focused, expertise-driven equipment finance provider with proven programs for a wide variety of industries. By exploring the value of our simple, unique, common sense approach, our customers consistently find new and powerful paths to growth. Should you have any questions, we would welcome a conversation on any insight that makes lending…uncomplicated.

 

The undisputed key to more equipment sales

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If you make your equipment easier to pay for, more people will buy it. The previous sentence is not a famous quote. It’s not a parable or the end of some tale spun by some unrealistic self-help book. It’s a truth. A fact. It’s like saying the sky is blue or that kids like Easter candy. Leading with a payment is the undisputed key to ensure more equipment sales. But…

“Only 9% of all commercial equipment sales teams lead with a payment.”

NINE PERCENT? The research company that did this survey touched more than 2100 commercial equipment sales professionals from trucking to construction, restaurant equipment to IT. And when the results came back…they expanded the research to another 1500 sales pros because they simple couldn’t believe it. When they finished…still…nine percent.

Let’s leave the world of commercial equipment sales for a minute and take a look at what the car guys do. In 2015, Chevrolet needed a jump in sales in their struggling European market. They built an ad campaign for the European version of the Chevy Cruze that led with a monthly payment amount. 3 months later—24% increase in sales. Excited, Chevrolet moved to a 0% financing initiative in the next 3 months and 3 months later—sales dropped 11%. They moved back to the low payment campaign for the following quarter and guess what—21% sales increase. And here’s the kicker…the absolute payment amount was more expensive than their closest competition in Europe, those guys just didn’t lead with a payment.

What does this all mean? PEOPLE ARE NOT FINANCE EXPERTS. They don’t understand the real impact of interest rates, residual creation, secondary market implications, etc., but they do understand the amount of money that comes out of their bank every month. And here’s the hard pill to swallow: this biggest problem might be you. Nine percent is crazy. The most impactful way to demonstrate how easy it is to own your equipment is simply being underutilized.

When people are afraid of doing something, they make excuses. Facts get lost, things get emotional and we let fear and lack of knowledge drive behavior. So, let’s clear that up.

At SLS, we help manufacturers, dealers and vendors lead with a payment. But we help you do more than that. Our programs deliver on the promise of affordability, ease of doing business and personal touch. You could say we just keep things uncomplicated. If you’d like to start leading with payments, let’s talk.