TopMark Funding, a funding destination for commercial vehicle dealerships and small to midsize fleets, closed Q3/23 with a slight increase in funded transactions from the previous quarter and an 8.6% increase in year-to-date funded transactions compared with 2022. The company was also recently recognized as one of the fastest growing private companies in the U.S. on the Inc. 5000, marking the first time the organization has achieved this honor.
The company, which has experienced transaction growth despite the economic shifts and industry-wide transportation slowdowns, said its biggest ongoing growth opportunity is in its dealer division, and it is continuing to focus resources on both technology and talent in this category.
“While this year’s margins are experiencing a tightening due to rising interest rates and the economic realities of the day, the TopMark Funding team continues to generate results for our dealerships and truck owners,” Evan Lang, co-founder and managing director of TopMark Funding, said. “Sourcing the right funding solutions for our partners is even more critical in moments like these and we’re encouraged about what the next 12–18 months holds for the industry overall.”
TopMark Funding is looking at additional commercial vehicle categories that hold growth opportunities. In addition to category expansion, the company has made some key hires in critical departments that will help set the stage for continued momentum in 2024. The company recently hired George Martin as director of accounting. Martin, who is based in the company’s out of the Long Beach, CA, office, joined TopMark Funding with prior experience working at Ernst & Young.
