Innovation and change was the theme as EquipmentEngine Financial Services Company, LLC unveiled its unique portfolio services model and innovations today as a first-time exhibitor at the National Equipment Finance Association’s Annual Funding Symposium. These new innovations represent a multi-phase plan to “modernize an industry.”
“I’ve been in the equipment leasing business for years and, candidly, many of our industry’s service providers really need a kick in the pants to bring their businesses into the 21st century. There is no reason lessors should not experience the tremendous efficiency gains of a modern business approach when outsourcing critically important business functions in this day and age,” Said Richard Henderson, President of EquipmentEngine™.
Henderson continued, ” Only a handful of service providers come to mind who truly deliver innovation. I’d put PayNet, Ivory Consulting, Great American Insurance Group, and AssetNation on that list."
Conference attendees today learned the results from over two years of investment and innovation at EquipmentEngine™. According to Christopher Holland, head of business development for the firm, this year, EquipmentEngine™ has successfully executed on its plan get its message out into the industry and has taken on “a substantial number” of new clients, having operated “under the radar” for a year or so while ensuring its readiness to absorb “a hockey-stick shaped growth trajectory” resulting from a big push to “tell the story, make our mission known, and really get the brand out there.”
Tim Hughes, Asset Recovery Manager for Equilease Financial Services, Inc. noted that ”[EquipmentEngine™] has allowed us to not only recover more assets, but also to maximize proceeds and payments from previously non-communicative customers.” He continued, noting that EquipmentEnigne’s “pricing and additional services have streamlined the repossession process internally, allowing a greater number of accounts to be evaluated and acted upon in a timely manner.”
During the conference, EquipmentEngine™ revealed how they have unlocked hidden value in the equipment recovery supply chain via their LEAN Six Sigma inspired EEFSCo Logistics Model™ which has been adopted by numerous name-brand industry leaders such as Financial Pacific Leasing and CoActiv Capital Partners, as well as close to over 100 creditors with a national lending footprint.
“This association is terrific,” said Henderson. “The NEFA is made up of a great group of industry professionals who have gone out of their way to welcome us into this organization with open arms. I’m very pleased that they’ve been so receptive to our message.”
This year, EquipmentEngine™ has made available many free tools and resources for credit, collections, risk and asset management professionals in the equipment leasing and finance industry.
Henderson concluded with what has become his mantra, “We started with a mission to either add real and measurable value to this industry or go home. I am very proud to say we are executing successfully on that mission.”
EquipmentEngine™ is a full-service asset management and third-party portfolio servicing company founded in early 2010 with a straightforward mission: bring dramatic improvements to the quality, pricing, and flexibility of third-party portfolio services available to equipment leasing and finance companies by changing the model. Our unique platform leverages the highly liquid and powerful EquipmentEngine Marketplace™, our LEAN Six Sigma inspired EEFSCo Logistics Model™ that radically reduces repossession, transportation, and storage costs, and our feverish commitment to our Experience “WOW!” Everyday™ client-centric approach to managed services.