If you’re not leading with a payment you’re losing. Payments power sales. Period. Here are 2 big ideas to sell more equipment:
- Add more attachments, options, part numbers and complete assets to each order. In a recent survey of more than 5000 equipment buyers, those that financed the purchase had an average invoice amount 37% more than those that paid cash. THIRTY SEVEN PERCENT! If you could increase your sales volume by 37% without a single additional customer, why wouldn’t you? Leading with a payment stimulates customer thinking around what they could have as opposed to the minimum they need.
- Increase margin on each sale. In the same survey, the average equipment buyer that financed the purchase was 13x more likely to include services than those that paid cash. THIRTEEN TIMES! Quick what is the average margin percentage on an equipment sale versus a service sale? No contest, right? How many of those car lot service agreements are sold if people had to pay cash for them? If your answer was almost none—you’re right. So, bake them into the financing and watch your high margin service sales grow. Also, with the right finance partner you can proactively build a ‘product’ that bundles service and equipment for a great monthly payment. Your competition doing that? Probably not.
These are just two ideas from American Bank Equipment Finance and just a small sample of how we make buying and selling equipment easier. We bring new ideas, hustle and fight for the ability to say yes to more customers while keeping them coming back to you for the next equipment purchase.
Wanna know why equipment sellers still don’t lead with payments? They don’t trust their finance programs. Stop that. It doesn’t have to be that hard.
We can help.