Vendor sentiment reflects a mixed bag of opportunity for equipment finance brokers amidst economic headlines.
By the numbers: 24% of vendors are forecasting a negative impact to their sales based on the current economic indicators.
Yes, but: 76% predict no negative impact, with 9% responding that they expect an increase to their upcoming sales.
Take a closer look: We broke down the responses from a recent study* of more than 2,200 dealers and resellers by industry to see what vendors think now about the headlines of recession. What we saw was how strong overall the sentiment is that, despite some similarities, the economy is not going to repeat 2008. Also noteworthy were the industries that may experience an overall net growth.
Takeaway for brokers: At this point, there appears to be some indicators pointing to a softer-landing impact from the headlines of economic downturn. Most vendors are reporting that investment in capital equipment is continuing like normal and that means the opportunities to earn finance business are still strong.
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