Service providers in the equipment finance industry can gain insights into serving members of the Equipment Leasing and Finance Association (ELFA) from a recent survey conducted by the association’s Service Providers Business Council Steering Committee (BCSC).

ELFA members participating in the survey indicated that the top three barriers to obtaining services are budget, internal resources and uncertain value of a service. They indicated a desire for greater cost-benefit analyses.

According to the survey, the top five services in demand are:

• Software and technology
• Legal services
• Collateral inspections
• UCC filings
• Appraisers and valuations, with insurance closely following

“The good news was the finding that 82 percent of the respondents consider service providers as ‘strategic partners’,” said Susan Carol, CEO of Susan Carol Creative and a member of the Service Providers BCSC, who managed a subcommittee that created the survey.

The snapshot survey was conducted by the committee last fall. There were 67 respondents, representing a broad range of the ELFA membership.

Service providers make up 34 percent of the association’s membership. Among the other services they provide are accounting, consulting, recruitment, billing services and marketing/public relations.

“This survey is a great snapshot for both service providers and regular ELFA members because it provides insight on ways to improve our services, and it’s a reminder for members of all of the many specialized resources and talents available to them,” said Cody Sanguinetti, CLFP, Great American Insurance Group, Chair of the Service Providers BCSC.