62% of commercial equipment buyers are open to switching
Here’s an eye-opening stat: A survey of over 5,000 commercial equipment buyers in 1Q24 found that only 38% would source their next equipment need from their existing provider.
By the numbers:
- 21% would not return to their existing provider at all.
- 67% of those most dissatisfied were customers of bank-owned finance companies.
- Construction was the only asset class with greater than 75% loyalty to their existing provider.
- Hospitality and landscaping had less than 10% loyalty to their existing provider.
- Customers were 4.2x more likely to be loyal to the dealer than the finance company.
Takeaways for brokers: Never assume the incumbent is too entrenched to challenge.
- In fact, the opposite is true: Other lenders’ customers are a target opportunity.
TimePayment can help. With flexible monthly payment options for equipment needs starting at $500 and reaching to $500,000 and beyond, you can count on TimePayment to have attractive programs for your clients’ needs.
Get started: To discuss a vendor opportunity, click below.
