Guest Blog Posting: ITEX 2013 - What is next in vendor equipment finance?11 Apr, 2013 By: Steve Sykes, S.E. Rentals
In mid-April, Andrew Palmer and I head to the USA for the ITEX 2013 Conference in Las Vegas (plus I'll be dropping in for the last day at US Masters Golf tournament in Augusta - thanks Troy and Hawk).
Apart from four days in Las Vegas and the chance to cross Augusta off my bucket list, why spend the time and money to do this? Sharing a room with Palmer is no fun!
Attending the ITEX conference is all about finding out what is NEXT - learning more about cutting-edge technology and systems that can benefit our equipment vendors.
The USA uses advanced search engines that credit score people and companies pretty much from the time they start paying a bus fare to get to school – or so it seems. Watch any American TV show and you will often hear them talk about someone's credit rating. Not so here in Australia. Yes we have Veda (CRAA) but this information is tightly held, which means you have to go and find the information to approve an individual or company's finance application.
For this reason, comparing finance approval turnaround times between the two countries is not a level playing field. But what I am really interested in at the ITEX conference is the technology. Last time I was in the USA I showed people in the equipment finance industry SICO, S.E. Rentals' finance deal-tracking software. The response was overwhelming - they were blown away, even though we couldn't deliver the turnaround times the Americans could due to the automation of their approval processes.
What is ITEX going to be like this time around when we investigate the technology available for equipment finance approvals?
- Will clients only have to sign a computer screen – like when a courier delivers a parcel?
- Does everyone have online approval systems with 7 seconds to make a decision?
- If so, what's the percentage of deals getting approved without human interaction?
- What pricing range do they go up to?
- What do they arm the vendor's sales person with to close the sale?
You see, S.E. Rentals is developing all of these technologies. My hope is that we will find companies in the USA already doing these things which will hopefully give Andrew and I a ‘heads up' on how to do it well.
So my agenda will read like this:
- Keep an eye on Adam Scott at the Masters.
- Keep an eye on Andrew in Vegas.
- Keep an eye on new vendor equipment finance technology that will work here in Australia.
I'll let you know how I go on all three fronts.
Managing Director, S.E. Rentals
You're invited to follow S.E. Rentals @SE_Rentals on Twitter and join the discussion in our LinkedIn group.
Source: S.E. Rentals Blog
S.E. Rentals specialises in vendor equipment finance. We help quality Australian equipment vendors make more sales by providing world class point of sale finance solutions for their customers.