APPROVE, an embedded finance software provider for the equipment finance industry, launched a virtual captive finance program called APPROVE OEM that allows equipment manufacturers to grow their sales by giving their dealers and customers access to a new financing solution.

APPROVE OEM enables manufacturers to embed custom-branded financing into every sales channel and capture customer financing applications without transferring the buyer to a third party. The technology-enabled program allows OEMs to distribute financing applications from potential buyers to appropriate dealers with a single click and then track application statuses and progress through every step of a transaction.

“Giving distributors access to highly qualified sales opportunities and this powerful financing platform can translate to major sales gains for OEMs,” Robert Preville, CEO of APPROVE, said. “APPROVE OEM can strengthen these business relationships and provide a competitive advantage over other brands distributors may sell.”

The platform also supports direct sales by OEMs. APPROVE’s operations team manages every application from start to finish, ensuring that deals keep moving forward and sales representatives are kept informed at every step.

A recent report by the Equipment Leasing & Finance Foundation found that nearly eight out of 10 businesses that bought equipment in 2021 used at least one form of financing to make the purchase, making the ability to offer financing a key competitive advantage for OEMs, according to APPROVE.

APPROVE uses a network of lenders and data-driven technology to match customers at all credit levels with their best-fit lenders and competing offers that buyers can compare.

“APPROVE OEM helps manufacturers of any size deliver a faster, easier, more effective funding process to their customers,” Preville said. “This powerful new tool helps level the playing field between smaller manufacturers and much larger competition.”

APPROVE said there is no cost for OEMs or distributors to participate in the program and begin offering it to customers.