Big game is out there.
False assumption: Many brokers assume large dealers and manufacturers only use balance sheet lenders for their customer financing options.
The real deal: In a recent survey* of over 1780 manufacturer dealers with over $200MM in sales, nearly 6 in 10 had relationships with equipment finance brokers as part of their preferred sales method.
By the numbers: Here is a breakdown by asset class:
Yes but: In 2021, we surveyed 250 brokers and found that only 6% actively prospect these types of vendors.
Takeaways for brokers: There is a wealth of untapped opportunity here. Bigger dealers and manufacturers are not just open to using brokers—the research tells us that most do! And while your share of funding volume may be a smaller percentage, a small percentage of huge volume is still more overall business.
TimePayment can help. We help brokers say “Yes” to more customers, by offering best-in-class equipment lease financing, industry-leading technology, access to API, and superior account service, training, and back-office support. TimePayment has helped over one million customers with transactions from $500 to $1.5MM+, and brokers rely on TimePayment for the speed, convenience, and technology solutions they need to grow.
Get started: It’s fast, easy, and free to sign up. Approved brokers start with lease finance programs like $1 Buyout, Lease-to-Own, Fair Market Value, 90 Day Deferred, and our exclusive TurboLease. Visit our Broker page if you want to learn more or contact us if you want to discuss how we can help your business.
*2023 Sawbux Greenwich Study of Commercial Finance Decision Makers