Quality Leasing reported a 102.2% increase in funding volume for Q1/22 compared with Q1/21, with a 70.5% increase in the number of transactions booked and a 21.4% increase in average contract size to just below $100,000.
Quality Leasing’s Q1/22 performance broke 65 years of company records across the board, as year-over-year KPI upsurges also occurred in the number of asset classes funded, industries served and repeat customers funded. Additionally, the company’s average guarantor FICO score jumped to 724, demonstrating positive borrowing trends across the U.S. commercial equipment finance market.
“2021 was a year of big changes at Quality,” G. Paul Fogle, CLFP, managing director of Quality Leasing, said. “We grew our sales, administrative and leadership teams; restructured operations and management in our Carmel [Indiana] headquarters and seven satellite offices; and we implemented a number of new technologies with efficiencies to speed up everything from deal submissions and underwriting through back-end contract servicing.”
Quality Leasing now utilizes technology platforms such as DocuSign for all contracts, E-Notarize for POAs, EOS for management productivity and Salesforce for company-wide CRM and contract management.
“I would be remiss if I didn’t attribute some of our growth to U.S. economic trends like increases in equipment prices due to inflation and supply chain challenges, or the large number of Americans leaving the traditional workforce to start their own businesses,” Fogle said. “However, capitalizing on these trends was only possible with the hard work of the entire Quality team.”
Beginning in October 2021, Quality Leasing has now achieved six consecutive months of company-record-breaking funding, with the company posting its highest monthly funding volume in its 65-year history in March.
“It sounds counterintuitive, but the technology has driven our focus back to the people,” Bradon Marshall, sales manager at Quality Leasing, said. “We are constantly striving to create a better customer service experience for our TPOs, referral partners and borrowers.”
In Q3/21, Quality Leasing rolled outs its new quarterly commission bonuses for high-volume third-party originators, a program Marshall believes was also a driver of Q1/22 growth.
“This week, Quality is starting a new insurance offering that will facilitate faster funding,” Marshall said. “We’re adding downloadable partner resources to our website and we’ve got more exciting news coming down the line.”