Why Equipment Dealers Use Equipment Finance Brokers

September 28, 2022
Buyer and seller looking at business equipment

Industry Sales Insights Brokers Can Use To Grow Their Business

Why do equipment dealers use brokers? The top three reasons according to a recent survey* are:

  • Speed of service
  • Wider range of credit supported
  • THEY INSULATE THE DEALER FROM DIFFICULT CREDIT CONVERSATIONS

This is one of your biggest opportunities as a broker. Many direct finance programs leave the hard part of customer interaction to reps that are unfamiliar with financing, credit and, more importantly, how to communicate in those nuances.

As a result, equipment sales reps not only don’t lead with financing, but frequently only bring it up if the customer forces their hand. That’s a huge missed opportunity.

By the numbers: Here are some additional interesting stats on what percentage of salespeople lead with a payment option by asset class:

Percentage of salespeople that lead with a payment by industry

The clear takeaway: More than ever before, payments power sales. And brokers who are comfortable with the financing conversations that dealers avoid can win more often. Some of the industries above may be prime targets.

 

Source: 1H22 Greenwich | Sawbux Survey of Commercial Finance Decision Making

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