Trucking operators thrown a lifeline in a time of financial uncertainty, and it comes from an unlikely source
Trucking operators have been thrown a lifeline in a time of financial uncertainty, and it comes from an unlikely source.
Brisbane BMW, which has for years specialised in the sale and finance of new and used cars, is now looking to generate a supplementary revenue source through a partnership with Lindsay Fox-backed financers, Quantum Business Finance.
The alliance was formed last year in a bid to “recession proof” the car dealers as they ventured into what was then a brewing financial storm.
BMW Managing Director Martin Roller says his organisation’s experts will use their strong financial and brokerage knowledge to help operators obtain finance.
“The Quantum guys are very experienced and have lots of expertise when it comes to all the lenders,” Roller says.
“They are able to bring a number of sharp deals to the table and over time I would hope to grab these [for our customers]”.
And the smaller end of the market may also benefit, despite a number of operators expressing concerns of the increasing unwillingness of lenders to back loans for the “high risk” transport industry.
“There is no doubt that for small to medium enterprises, banks have tightened up on lending. [But] we have already brokered finance deals for some commercial vehicles and we would be absolutely willing to help out with truck finance,” Roller says.
“It is of course subject to each and every case but we will try our hardest and talk to the necessary people to see what we can do in order to get them financed and put some runs on the board”.
Luke Silk, who along with Fox owns 22 percent of Quantum, will join the Brisbane BMW team and be predominately responsible for securing finance for its customers.