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Leasing & Financing

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Manufacturing | Vendor Financing Program

Why One Manufacturer Switched Lessors for a Better Fit

Inferior Buying Experience Becomes a Competitive Threat

Sometimes it’s not about being first—it’s about keeping up. When a production equipment manufacturer discovered that their top competitor began offering payment options to their customers, they knew they needed to improve their customers’ buying experience or risk falling behind and losing sales.

At the time, customers inquiring about payment options were simply referred to brokers and banks—resulting in a process that was unpredictable, clunky, and slowed down the sale. To improve their customers’ buying experience, the manufacturer wanted to implement a leasing program with a single, reliable funding source.

Unfortunately, the original lessor they worked with was a letdown, and neither their customers nor their sales team were satisfied with the support they were receiving. As a result, the manufacturer sought to find a new lender who was better equipped to deliver results.

“There was no continuity in our leasing, so we really did not have a solution we could provide to customers that was an end-to-end solution. It was a mess.”

– Vice President & General Manager

“There are a lot of companies out there that have these kinds of programs, but they don’t have the support behind the programs like you do.”

– Vice President & General Manager

A New Program with a Strong Team Behind It

Using what they learned from their first go-round, the manufacturer focused on finding a new lessor who could deliver excellent customer service from start to finish. First American’s high-touch Program Management model caught their attention, and soon a new private label leasing program was underway.

 

The Program Management Role

 

Every First American leasing program is paired with a Program Manager who learns the ins and outs of the vendor’s business. In this case, the Program Manager’s goals were to (1) seamlessly integrate First American’s services into the manufacturer’s process and (2) minimize the disruption felt by the sales team.

 

The Program Manager taught the sales team enough to be dangerous—payment options, customizations, ways to incorporate payment flexibility into their sales pitch, etc. When customers were ready to discuss their leasing options, the Program Manager joined calls alongside the sales colleagues to ensure all payment-related questions were answered directly. “The sales team loves working with her. She’s good with customers, she’s very supportive, and she responds quickly…She really tries to be part of the team”, says the Vice President & General Manager.

 

When a customer decides to proceed with leasing, they’re then introduced to the program’s dedicated Project Manager who becomes their single point of contact for the life of the lease. They receive direct access to support, meaning they never have to use a customer service phone line or email address (a capability that other lenders lacked).

PDS Plans for Growth and Seeks Scalable Financing Strategy

Pacific Dental Services (PDS) is one of the country’s leading Dental Service Organizations (DSO), with 900 supported offices nationwide and plans to add 500 more by 2024. Given the significant costs associated with this type of rapid growth, the organization needed to secure additional capital. They sought a financing strategy that would diversify their funding sources and could scale up with their business. 

“As CFO of Pacific Dental, one of my biggest challenges is to provide enough capital to enable our growth.”

– Taylor Hawes, CFO

A Custom-Fit Financing Strategy with Asset Management Capabilities

After taking time to understand PDS's growth strategy, First American developed a payment structure that aligned with their office expansion plans. They customized a leasing solution for DeNovo equipment packages and facility upgrades, including technology hardware and CBCTs. These investments will enable PDS to scale to 1,400 offices in the next few years, all while maintaining an organized and practical capital structure. 

Managing the implementation, documentation, and deployment of thousands of assets across hundreds of locations can be complex, but PDS has come to rely on First American to help make the process simple and streamlined. Specifically, the organization appreciates having a dedicated Project Manager who they consider to be an extension of their team, and using FA | Experience—First American’s digital lease management platform—to track thousands of assets across 25 states.  

“It's great to have a relationship with someone that understands our business, our markets, our offices, and the industry, that can walk alongside us as we continue to grow. I'm so thankful that First American is there with us on our journey.”

-– Taylor Hawes, CFO

A Buying Experience That Keeps Getting Better

For the manufacturer, implementing a leasing program was about more than just being able to say, “we offer flexible payment options.” It was about improving their customers’ buying experience, adding value to their sales team, and helping them to best their competition. Without the leasing program, millions of dollars of revenue would have been lost, and the remaining business would have required significantly more time and effort to win.

As with any good service, the program continues to evolve based on customer needs and the larger business landscape. While rate locks and flex leases were highly desirable at the inception of the program, today’s focus is deposit management and risk mitigation efforts. In an everchanging economic environment, their Program Manager continues to work alongside the sales team to tailor payment structures to align with customer needs.

“You’ve got a good flow to how you’ve designed your team to support a program like ours. That team and the way you’ve designed it and the support you give us is why we’re able to be successful.”

– Vice President & General Manager

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