Tracking the financing equipment activity in the construction and agriculture industries is a challenge. Even with the data you need, it is hard to wade through a sea of numbers to find the most useful pieces of information. But the data surrounding equipment financing is an effective and efficient way to help dealers in the construction and agriculture industries target competitive accounts at the right time and maximize opportunities with existing customers.
The financing process begins when a finance agreement is completed between a lender and a buyer. The lender files a UCC (Uniform Commercial Code) form to create a lien on a piece of equipment. The filing notifies lenders, dealers, and other interested parties that there is a security interest on a piece of equipment. The lender files the form with the Secretary of State in which the debtor resides providing location-based information.
The UCC data includes the date of filing, name of buyer, company name and address. This information is just a starting point. EDA researchers get to work and add vital data-points like contact information, SIC code, buyer credit strength, annual revenues and other details. When all of this information is analyzed, a clear picture of industry and buy trends comes into focus.
Who are the top buyers in a certain sales territory? When do they tend to purchase? What equipment did they buy and from whom? Knowing this provides dealers with an opportunity to sell additional equipment, parts, and maintenance agreements. Even better, this information tells you how to optimize and target your marketing and sales efforts so that you can waste less money and generate a better ROI.
EDA can alert dealers very quickly when equipment purchases are made. Historical data can be sorted and viewed by month, year or even decade.
An important data-point to watch is when a financing agreement is about to expire. This can often indicate that a buyer might be looking to purchase equipment again or even sell their used rig. Dealers and re-sellers have the ability to forecast what their customers may need, how often, and where.
Other vital pieces of information in financing equipment are the credit strength of the buyer, annual revenues, status, and lender name. With an EDA subscription filtered searches can be made by transaction type such as sale, lease, refinance, or rental.
These are just a few examples of how good data can lead to good decisions when it comes to marketing, sales and even product development. Remember that using the right information to reach the right prospect at the right time is the difference between wasting money on mediocre marketing efforts and creating highly targeted campaigns that result in a positive ROI for your company. If you would like to know how we can help you get access to this data and use it to grow your business, click below and get in touch with us.