Unique Vendor Finance Program Increases Vendor Sales 54%

PORTSMOUTH, N.H. (June 22, 2010) - To persevere in a weak economy, most companies have resorted to all too similar solutions – spending cuts, staff reductions, and essentially doing more with less. Autologic, a Huntington, N.Y.-based manufacturer of automotive diagnostic solutions, has found answers in a less than obvious place – through its finance partner Direct Capital. The results have been striking. Over the last year, Autologic has increased its sales by 54%.

While finance companies have always played an important role in helping equipment vendors sell larger ticket products by providing their customers with affordable payment solutions, Direct Capital’s efforts have far surpassed what is commonly expected in a dealer/finance relationship.

Here are some of the unique offerings Direct Capital has delivered through this partnership:

  • Direct Capital created eight separate financing programs to address a wide range of credit qualities. As a result, the company was able to approve 90% of the customers referred by Autologic.
  • Direct Capital conducted targeted e-mail and telephone marketing efforts on behalf of Autologic that consistently create at least ninety new opportunities per month for the Autologic sales team.
  • Direct Capital built a dedicated team of financing specialists specifically for Autologic. These reps were trained on the Autologic product line and sales processes.
  • When Autologic exhibits at tradeshows, Direct Capital often has on-site representatives in the Autologic booth to provide sales support.

”George Atkins and his team at Direct Capital have been our lifeline; saving potential sales that would otherwise go unfunded or undiscovered,” said Kevin Fitzpatrick, President, Autologic USA. “Our close partnership has given Autologic the freedom to focus on driving new sales opportunities and strategies, as well as freeing up sufficient resources to effectively service and retain our current customer base.”

“Ninety-nine percent of finance companies simply sit at the bottom of the sales funnel waiting for the dealer to pass them a customer that needs financing. That’s not a partnership,” said George Atkins, who leads Direct Capital’s finance team for Autologic. “We stay awake at night thinking about how we can proactively help our vendors increase sales. Autologic is a world-class organization with world-class products that already have high demand in the marketplace. We want to capitalize on that by helping them pull every possible lever to drive new sales.

About Direct Capital

Established in 1993, Direct Capital is the 8th largest independent equipment leasing and finance company in the United States, according to Monitor. The company provides specialty finance solutions, including capital equipment leasing, and commercial loans. Direct Capital is headquartered in Portsmouth, NH with offices in New York, New Jersey, California, and New London, NH.

About Autologic

Autologic Diagnostics, Ltd. is a software engineering company based in Oxfordshire in the UK. Formed in 1999, it launched its diagnostic tool for Land Rover cars in 2001. This was followed by Autologic for BMW in 2002, Mercedes-Benz, Mini and Jaguar in 2004, Volvo in 2006 and VAG and Porsche software in 2008. Distribution and technical support has been established throughout Europe, USA, Canada, South America, Russia, China, South Africa, the Middle East, SE Asia, New Zealand and Australia, resulting in use in over 50 countries throughout the world. Autologic is committed to producing high-end, OEM-level diagnostic solutions and providing world-class support to its customers.