TopMark Funding, a funding destination for commercial vehicle dealerships and small to midsized fleets, continued to see momentum and growth with another record-breaking quarter that included a 30 percent increase in amount funded from the year’s first quarter.
This increase in overall originations has contributed to a 51 percent gain to TopMark’s 2022 fiscal year goals and marks its fifth consecutive quarter of overall growth. Second quarter performance builds upon the record-setting first quarter that the company started earlier this year and nets a 220 percent increase between Q2 2022 and Q2 2021. This milestone was achieved by funding close to 200 more transactions during the same quarter in the prior year while also achieving a 41 percent increase in the average transaction size (amount financed).
To meet the growing demand, the company has increased its sales staff by 24 percent over the past quarter and operations staff by 20 percent.
“We have experienced tremendous growth in the first half of the year and will continue working to increase our roster of senior sales executives with top industry talent to meet the opportunities we see in the marketplace,” said Managing Director and Co-Founder Evan Lang. “We know that the recent shifts in the economy will certainly have some effect on transportation and our focus will continue to center upon serving our clients including dealerships and marketing partners with the objective on continuing our work to build a great team and provide a high-level of service.”
TopMark Funding is optimistic that their service to the trucking industry will continue to expand through the end of the year. They do anticipate headwinds upon the rate of growth that it has been experiencing as inflation, rising fuel costs and other economic factors impact the trucking industry. The company is confident it will meet its annual revenue goals.
“Our attention for the back half of the year is continued focus on steady growth through best-in-class service, strong additions to the team, and added investment in technology” continued Lang. “We will continue to be innovative with the solutions we can offer. The company anticipates rolling out a referral partner portal similar in features to its popular DealerLinc portal and platform later this year.”