Winning Against The Competition

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.

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