Market Study Shows Growth In Equipment And Technology Financing
The most popular way to acquire equipment in the US is through financing. Over $1 trillion in purchases were financed in 2015, according to the Equipment Leasing and Finance Association's 2016-2017 US Equipment Finance Market Study. To put that in perspective, a full 68 cents of every dollar spent on equipment and software was financed.
The study said financing increased 6% since 2011 and that 14% more small businesses with less than $1 million in annual revenues are putting financing to work. Many surveyed businesses say financing helps them grow while improving their cash position. Dealers and sales professionals of equipment and technology say a monthly payment offer is essential to closing more sales with higher ticket items.
If you're under the impression that all your customers pay cash, consider these findings and the sales opportunities you could be missing.
WHO FINANCES EQUIPMENT?
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To learn more about how an effective financing program can help you and your sales team, Contact Us at 800.234.8787 or visit our website: GreatAmerica Specialty Markets Group.
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