We’re seeing a 74% rise in opportunities
Here’s a surprising stat: We recently surveyed over 500 automotive repair facilities and discovered that they were 74% MORE LIKELY to finance equipment through a source that was not their deposit bank than they were in 2017.
Doing the diagnostic:
- As economic headwinds mount, inflation persists, and rates have exploded to levels that make new car acquisition unfavorable, more people are running their vehicles longer. That means more need for auto repair services.
- All this means automotive repair facilities are seeing growth…right at a time where their access to credit is contracting, thanks to banks tightening lending.
Look under the hood: Here are the equipment asset classes most required right now by this sector:
- Tire changers
- Vehicle lifts
- Shop/office technologies
- Wheel balancers
- Body repair & welding
Takeaway for brokers: Sell your financing capabilities to auto repair facilities and the vendors that support them—right away!
TimePayment can help. With flexible monthly payment options for equipment needs starting at $500 and reaching to $500,000 and beyond, you can trust our innovative technology tools and creative capital solutions to give customers the options needed to scale up with confidence.
*2023 Sawbux Greenwich Study of Commercial Finance Decision Makers