LeaseQ Automates Commercial Truck Financing with TruckQ

TruckQ automates F&I for commercial truck dealers and offers instant quotes for borrowers

BURLINGTON, Mass. (Oct. 24, 2016)LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today launched TruckQ, the first automated equipment leasing and finance platform for the commercial truck industry. TruckQ is designed to automate the financing and insurance (F&I) desk at commercial truck dealerships, and ease the borrower experience with multiple lenders and instant quotes.

Commercial trucking is a highly complex, but growing market, with trucking revenues expected to hit $1.52 trillion by 2026, according to Road Scholar Transport. The industry includes eight classes of trucks by weight – from cargo vans, to transit buses and dump trucks – approximately 4,400 individual dealerships, and a highly specialized group of lenders that often serve only one class of truck or size of operator. Matching borrowers with the appropriate lender has long been a challenge without automation to find and compare instant quotes for equipment leasing and financing.

“When you buy a car as a consumer, you work with the sales manager and then the finance manager, who has a suite of automated tools at his disposal to close the deal. No one is taking that automation approach in the commercial truck space,” said Cory Damm, vice president of client services at LeaseQ. “With TruckQ, we have not only automated the equipment leasing and finance experience, but also on-boarded 30 new lenders to serve all truck classifications.”

Truck Q provides instant quotes for truck industry borrowers with A++ to D credit, using a single application and soft credit pull. Specialized lenders on the TruckQ platform include Webster Bank, Navitas Credit Corp. and East Harbor Financial, among others. LeaseQ has also partnered with prominent truck industry associations, including the Used Truck Association (UTA), Owner-Operator Independent Driver’s Association (OOIDA) and the Truckload Carriers Association (TCA).

“Every business has risk, but by understanding what a trucking company does and how it does it, it’s possible to get owner-operators the financing they need,” said LeaseQ borrower Kenny Mahase, owner of Star Trucking & Construction Services. “Financing my trucks with LeaseQ has helped me expand my business to a different area of the state, create more jobs, hire more people, grow my presence in the industry and keep more money for working capital, rather than having it go to hefty down payments.”

For more information about LeaseQ’s TruckQ platform, visit https://www.leaseq.com/TruckQ.

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