“We’ve moved into any type of commercial equipment – including other assets, such as tippers, tugs and shunters. Say a customer needs a new mezzanine floor, a new office – anything under the commercial banner – we’d be keen to speak to them and arrange the funding.”
The company offers a suite of different finance services, including contract hire, hire purchase, finance lease, operating lease and sale and leaseback. As well as bolt-on maintenance packages. It has also built up extremely strong relationships with a number of banks. To the point where they’re more like partners than separate businesses, says McCarthy.
“We’ve got a really strong panel of funders on board and I’d describe them more as partnerships now. We’re funding so much equipment ourselves, through our commercial vehicle business, that we’ve established excellent working relationships with our banks. We’ve got a really strong panel of funders on board and I’d describe them more as partnerships now. That allows us to obtain the best possible rates for our customers.”
As beneficial as being close-knit with the banks is, the firm has gone one step further and drafted in ex-banking staff. “We’ve invested substantially in personnel and we have people in the in-house finance team with banking experience themselves. It’s really starting to pay dividends, because we effectively have our own bankers working for the company.
“As a result, we’ve a clear understanding of how to run things from an asset finance perspective in relation to the paperwork, the administration and how to tailor a deal that works for the customer. It allows us to take so much hassle away from them, free up their time and offer really flexible solutions.”
Its core business of trailer contract hire means the company has decades of first-hand experience operating commercial equipment. So it isn’t as though you’re dealing with a bank. Yes, Hireco will provide you with the finance, but crucially, employees know what it’s like to work in the CV arena and they have a unique understanding of customers’ needs, worries and issues. Essentially, they’re in the same boat as you – and you don’t get that from your average finance provider.
“We’re not just coming at it from a bank’s perspective. We actually understand what the customer is going through. As our core business is trucks, trailers and commercial vehicles, we are really living that business day-to-day. But we also know the funding side of the business. We’re able to bring that to the customer so they’re not just dealing with a bank. We can take that stress away from them when they come to us, and we really understand what they’re trying to achieve.”
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