Large manufacturers have long lured customers with enticing loan terms and simplified financing processes through the power of captive financing companies.
While establishing a wholly owned subsidiary to handle financing is not an option for every small- to medium-sized original equipment manufacturer (OEM), there is an easier way to realize the benefits of captive finance.
APPROVE OEM is a virtual captive finance program that enables manufacturers to embed custom-branded financing into every sales channel. Buyers can apply for financing in a matter of minutes and receive quotes from a curated lender network without being transferred to a third party.
While an easy and seamless customer financing experience is important, OEMs that use APPROVE gain an entire toolbox of options that can help them build and maintain successful relationships with their distributor network—a win-win for everyone involved.
Here are some of the applications that make APPROVE OEM a powerful tool for building distributor relationships:
Share leads with distributors. When applying for financing only takes 60 seconds, the finance application becomes a powerful lead generator. APPROVE’s tech-enabled program enables OEMs to distribute financing applications from potential buyers to the appropriate dealers with a single click. These highly qualified sales leads add huge value to the OEM-distributor relationship.
Offer a painless purchasing experience. APPROVE OEM’s embedded finance tools integrate effortlessly into OEM e-commerce websites, quote sheets, brochures and any other sales channel, with a sleek interface that can be custom-branded with the OEM’s colors and logo. As consumers have grown accustomed to fast embedded finance options in the B2C market, B2B buyers are increasingly drawn to this level of sophisticated user interface.
Stay on top of deals. APPROVE OEM lets manufacturers maintain visibility of application status and progress through every step of the transaction. APPROVE’s suite of tools, including a mobile app, empowers sales executives to stay on top of every deal, no matter where they are. You’ll know exactly which deals are converting, and when.
Understand the strength of your distributor network. This visibility enables OEMs to get a clear picture of who their strongest distributors are, opening opportunities to reward these partners and build the relationship further.
Make easy financing available across your distributor network. When your brand comes with no-hassle financing, you immediately gain a competitive advantage versus other brands your distributors may sell. OEMs can invite their distributors to access the APPROVE OEM platform through their accounts.
Help your distributors expand their market. APPROVE OEM is powered by a network of lenders that can service all kinds of buyer credit classifications. By giving your distributors access to this network, you can help them sell to customers who were previously left out of the market due to a lack of access to financing.
For forward-thinking OEMs ready to harness the power of fintech, APPROVE OEM uses machine learning and automation to quickly match buyers with their best-fit lenders from a large lender network. This benefits the OEM, the distributor and the buyer, as deals do not get bogged down in a long wait for financing approvals.
By offering distributors access to a powerful virtual finance platform, OEMs can gain visibility, strengthen ties with these important partners and take advantage of the digital transformation under way in equipment finance.
There is no cost for OEMs or distributors to participate in the program and begin offering it to customers.
