Quality Leasing Reports 47% Y/Y Growth in Volume Between May and August
SEP 9, 2020 - 7:45 am
Quality Leasing, the mid-tier commercial equipment financing subsidiary of the Tom Wood Automotive Group, achieved significant growth in new business funding volume despite the global COVID-19 pandemic. In the months of May through August, the Carmel, IN-based leasing firm boasted 58% more transactions funded and 47% more funding by volume year-over-year as compared with the same four-month period in 2019. Additionally, Quality Leasing set a record in August with the largest single month origination volume in the company’s 63-year history.
“Despite the challenges of 2020, Quality has been steadfast in our commitment to serve America’s small and mid-sized businesses,” G. Paul Fogle, CLFP, managing director of Quality Leasing, said.
Fogle attributed the company’s 47% increase in funding volume to a number of factors, such as Quality Leasing’s ability to finance equipment across various economic sectors, including covering most COVID-19 essential businesses. In addition, Fogle attributed the success to consistent underwriting guidelines, the adoption of DocuSign for all non-titled financing contracts, and the recent addition of personnel to Quality Leasing’s management, sales and administration teams.
“The entire staff did a fantastic job of adapting to the new, COVID-19-adjusted work environment — deftly handling payment deferrals for current customers while maintaining uninterrupted service for adding new customers,” Fogle said.
Transitioning from a third-party originator (TPO) to closing deals on your own balance sheet can be a risky endeavor without the right tools, network and drive. Professionals within this industry make the switch for a multitude of reasons, sometimes meeting... read more
Over the last two years, the skills of independent equipment finance companies have been tested. To learn about the strategies independents are using to succeed, Monitor spoke with leaders from Liberty Commercial Finance, GreatAmerica Financial Services, Financial Partners Group and... read more