TopMark Funding, a funding destination for commercial vehicle dealerships and small to mid-sized fleets, marked another company-record-breaking quarter in Q2/22 that included a 30% increase in the amount funded compared with Q1/22. To meet growing demand, the company increased its sales staff by 24% and operations staff by 20% during the last quarter.
The company’s increase in overall originations has contributed to a 51% gain to TopMark’s 2022 fiscal year goals and marks its fifth consecutive quarter of overall growth. The company’s second quarter performance built upon the company’s record-setting first quarter and led to a 220% increase between Q2/22 and Q2/21. This milestone was achieved by funding close to 200 more transactions than during the same quarter in 2021 while also achieving a 41% increase in the average transaction size (amount financed).
“We have experienced tremendous growth in the first half of the year and will continue working to increase our roster of senior sales executives with top industry talent to meet the opportunities we see in the marketplace,” Evan Lang, managing director and co-founder at TopMark Funding, said. “We know that the recent shifts in the economy will certainly have some effect on transportation and our focus will continue to center upon serving our clients, including dealerships and marketing partners, with the objective on continuing our work to build a great team and provide a high-level of service.”
TopMark Funding is optimistic that its service to the trucking industry will continue to expand through the end of the year. It anticipates headwinds upon the rate of growth that it has been experiencing as inflation, rising fuel costs and other economic factors impact the trucking industry. The company is confident it will meet its annual revenue goals.
“Our attention for the back half of the year is continued focus on steady growth through best-in-class service, strong additions to the team and added investment in technology,” Lang said. “We will continue to be innovative with the solutions we can offer. The company anticipates rolling out a referral partner portal similar in features to its popular DealerLinc portal and platform later this year.”
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