A 70% increase in monthly sales confirmed what Kwipped.com leadership suspected- The equipment leasing industry was ripe for disruption.
This is what Kwipped.com management discovered as the data rolled in from their online equipment marketplace showing marked improvements in the close rate on capital equipment. According to the Equipment Leasing and Financing Association (ELFA), in 2018 approximately 63% of all commercial and industrial equipment was purchased through some method of financing. Needless to say this is a massive opportunity representing billions of dollars in revenue. The question Kwipped leadership sought to answer was whether their rate of RFQ-to-sale might be improved by removing the obvious sales friction in the traditional equipment leasing model. Leadership identified three major areas of sales friction in the existing process:
- Supplier loss of control and visibility
- Too many declined applications
- A slow, cumbersome process
These three factors were identified as the culprits behind the industries low RFQ to sales conversion rates and Kwipped “APPROVE” their leasing-quoting platform was their answer. “Approve” solves these problems by eliminating points of sales friction with technological advancements and a Lending Tree like model designed for industrial equipment. As a result in the first month “APPROVE” was implemented on Kwipped.com, the company realized a remarkable 70% increase in sales growth.
Management quickly came to see “APPROVE” as a leasing-quoting technology platform in a box and as a possible windfall opportunity for companies selling capital equipment. They learned “Approve” provides an environment where lenders compete for business, and offering a leasing option integrated into the quoting process creates a powerful new sales incentive. In addition they witnessed how plain-view transparency of the leasing approval process guarantees improved communication between the buyer and seller. These improvements remove much of the identifiable sales friction resulting in a quantifiable increase in their RFQ-to sales conversion rate.
Interested in learning more about “Approved”? Contact David Gural at (610) 520-9557 or send an email to [email protected]
Watch as lenders compete for your leasing business!
The “Approve” platform moves the lease option into the quoting process
