The KY Derby and Vendor Finance? Creativity might be the way to make ‘em bet on you.

Wanna talk through how an insight like this can impact your company?

horses

Our firm is based on Kentucky. We’ve lost a few bucks at the track over the years, but it’s kinda part of the culture here. The Derby is the one time of year the sport comes to the forefront of popular sports consciousness. The eyes of the world will be on Churchill Downs (even though Keeneland in Lexington makes Churchill Downs in Louisville look a dump) and the fun game of learning the backstory of these animals, their owners, riders, trainers and the ever important choice of who to bet on? I had a grandfather who was an owner and he could tell you the trends in their breeding, recent runs from quarter post to quarter post. My sister picked them by jockey silks she liked and most of the time beat my grandfather. Not an exact science and the horses look so much alike, how do you choose a winner?

In today’s aggressive market of vendor finance, dealers have to build a stable of lenders to meet the needs of their customers. They are chock full of phone calls from lenders excited to tell them they can be a workhorse (ok, enough with the metaphors) for their dealership. In this envornoment, how can you win more business from dealers and get them to bet on you (ok, last one…promise).

Creativity seems to be a little lacking these days and we think a few fresh ideas can make a big difference:

1. What if you offered a bundled product with your financing and their maintenance?  It’s the packaging of the solution, building marketing tools and resources around it and maybe even running the new business campaign for them that will make you look new, different, creative and someone focused on their business…not just someone chasing apps.

2. The power of the co-brand. Let’s face it, it’s powerful that CAT equipment has CAT Financial standing behind them. And while you may not be able to bring that kind of game, you can look like you do. By offering materials, websites, applications, messaging and most importantly a deep finance understanding of the industries and assets…you can really elevate the image of the dealer against their competition.

3. The Equipment Package. Imagine if you offered the “Keeping it Green” landscaper upgrade packages. 3 packages from startups to seasoned operators that finance everything from the stand behind mower to the truck and trailer. All for a single low payment!!  You put some marketing, messaging, co-brand, etc behind it and voila…dealers will flock.

These are just a few simple ideas to get that big spongy thing between your ears working. By taking this kind of creative approach, you massively differentiate yourself and will lock out the “app-chasing” competition. Might even make a few more bucks along the way too.

If you need help on how to make creative things like this work for your vendor finance operation…give us a holler.

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