Here are five quotes from construction equipment dealers on the importance of attachment financing right now.
“With all the bank pullback, we have no resources to finance attachments outside the captive. If I had a lender cold call me today and could actually do attachment business, we’d happily bring them a higher volume of a flow business.”
Finance Manager,
West Coast Komatsu Dealer
“We left so much money on the table this year because we struggled to finance attachments for snow removal season. You’d think some lender somewhere would see the opportunity.”
CEO, Owner
Upper Midwest Construction and Farm Equipment Dealer
“Even our captive is limiting the advance rate on multiple attachments. I don’t get it. They are designing the equipment to be more flexible and modular to capitalize on high-margin attachments but limit people’s ability to finance them. It just doesn’t make sense.”
SVP, Finance Manager
4th Largest Skid Steer Seller in Florida
“I never thought I’d do business with a broker. I do business with a broker. He and his team got in by doing attachments only. Weren’t even interested in the more standard equipment. I had to beg them to take on more traditional business when others pulled out. Now they are our #2. I can’t believe I’m saying this, but I recommend other dealers do the same.”
VP, Regional Sales Director
Forestry and Construction Equipment Dealer, Carolinas
“We are offering sales incentives on attachments no one can finance. It’s really hurting our small contractor sales.”
CEO, Southeast Construction Equipment Dealer
Can lenders get beyond the potential asset lien implications to find a way forward? It’s not an easy answer in an environment where credits are deteriorating a bit, but quotes like these become the sounds of opportunity.
Who’s ready to get creative?
