Quality Leasing, the mid-tier commercial equipment financing subsidiary of the Tom Wood Automotive Group, achieved significant growth in new business funding volume despite the global COVID-19 pandemic. In the months of May through August, the Carmel, IN-based leasing firm boasted 58% more transactions funded and 47% more funding by volume year-over-year as compared with the same four-month period in 2019. Additionally, Quality Leasing set a record in August with the largest single month origination volume in the company’s 63-year history.
“Despite the challenges of 2020, Quality has been steadfast in our commitment to serve America’s small and mid-sized businesses,” G. Paul Fogle, CLFP, managing director of Quality Leasing, said.
Fogle attributed the company’s 47% increase in funding volume to a number of factors, such as Quality Leasing’s ability to finance equipment across various economic sectors, including covering most COVID-19 essential businesses. In addition, Fogle attributed the success to consistent underwriting guidelines, the adoption of DocuSign for all non-titled financing contracts, and the recent addition of personnel to Quality Leasing’s management, sales and administration teams.
“The entire staff did a fantastic job of adapting to the new, COVID-19-adjusted work environment — deftly handling payment deferrals for current customers while maintaining uninterrupted service for adding new customers,” Fogle said.