VENDOR SPOTLIGHT

Youdon’tneedanindustryseminaroranarticleinNew Jersey Automotivetotellyouthatthingsintheautobodyin-dustryarechangingatarapidpace.Withaluminum,carbonfiber,ever-intensifyingOEM-recommendedproceduresandahostofotherthingsimpactingtheequipmentneedsofeventhemostadvancedrepairfacilities,industryprosarenowfacinganeweraoffinancialconcerns.Thesedays,ashopownerneedstoincorporatetheequipmentthatisgoingtobringhimorherintothenextdecadeandbeyond.Thankful-ly,theAASP/NJcommunityhasanewfriendwhoisabletoprovidethefinancingnecessaryforassociationmemberstoupgradetheirshopswithouthavingtoworryaboutmakingendsmeetintheprocess. OneofAASP/NJ’snewestmembers,AccessCommer-cialCapitalisanautomotiveservicesfinanceandleasingcompanydedicatedtohelpingrepairbusinessesgetthetoolsandequipmenttheyneedtoprogress.Needanalumi-numwelder,anewsprayboothorupgradedframestraight-eningortirebalancingequipment?ThesearesomeofthethingsyoucouldnowpurchaseforyourbusinessthankstoAccessCommercialCapital’sassistance. AccessCommercialCapitalCo-FounderandPresidentEdwardP.Kayeandhispartnershavebeeninthefinancebusinessforthepast25years.Afterinvestigatingavarietyofindustries,theydiscoveredthattherewasavoidforreliable,reasonablypricedfinancingintheautomotiveservicesector. “Manysmallfinancebusinesseschargeanarmandalegforautomotiveserviceequipment,andthelargebanksaretypicallylookingtodolargetransactions–thoseover$250,000,”explainsKaye.“Buttheaveragedealfortheaver-ageshopownerisa$50,000transactionorless.Wewanttoprovidestablefundingforthatmarket. “Workingwithanindependentfinancecompanysuchasoursisaloteasierthanworkingwithalargeretailbank,”hecontinues.“Wetrytomaketheprocesssimpleandaneasyfitfortheshopowner.Weaskthembasicallyforacompletecreditapplicationandtheirbusinessbankstatementsforthelastthreemonths.Forover90percentofthetransactions,wecanmakeadecisionbasedonthat.Weturnaroundtheapprovalsinaday;contractsarethenturnedaroundthesamedayandwecanfundthetransactionthefollowingday.”

Minimumrequirementsincludebeinginbusinessforatleasttwoyearsandhavingnet-positivecashflowandgood(notnecessarilygreat)personalcredit. Inadditiontoequipmentfinancingandleasing,Accessalsooffersworkingcapitalloans.Shopscanuseupto$500,000ofworkingcapitalto:

•purchase new shop equipment and restock inventory;

•expand or renovate;•enhance marketing efforts;•cushion against seasonal or slow periods;•preserve their existing lines of credit; and•offer vehicle repair financing to their customers.

Tomaximizeitspresenceintheregion,AccessCom-mercialCapitalrecentlyjoinedAASP/NJandexhibitedattheNORTHEAST®AutomotiveServicesShowforthefirsttime.Kayeispleasedtoreportthathehasalreadyestablishedfirmrelationshipswithothermembersthroughoutthestate. “Weapproachedtheassociationbecausewebelievethatthegoodshops–thosewhoareinvestingintheirbusinessesandthefuture–arealsogoingtobemembersoftheirtradeassociations,”hesays.“Thosearethecompa-niesthataregrowing,stableandwouldbeabletoqualifyforfinancing.AligningourselveswithAASP/NJhasenabledustomeetthoseshopsinarealfocusedway.We’vereceivedalotofinquiries;wecanseethatthereisalotofactivityinthemarket.Weanticipatethatwithinthenextsixto12months,alotofthosequestionswillresultincustomerspurchasingequipmentandusbeingabletohelpthemwithfinancing.” Lookingahead,AccessCommercialCapitalintendstoofferfinancingfortitledvehiclesbytheendoftheyear,allow-ingmemberswhoareinterestedinaddinganewtowtrucktheopportunitytodosojustasbadweatherbeginstohitthearea.Inthemeantime,KayeofferssomevaluablewordsofadviceforhisfellowAASP/NJmembersastheyconsidertheirequipmentoptions. “Thekeyisthattheyhavetoknowthattheequipmentthey’repurchasingisgoingtoincreasetheirbottomline,”hesays.“Theyreallyhavetounderstandthatinordertogrow

Financing For the Future:

introducing

38 | New Jersey Automotive | June 2016

theirbusiness,they’regoingtoneedtokeepcurrentandhaveamodernizedshop.Withoutthattypeofequipment,theirbottomlinewillshrink.Theyalsohavetobecarefulthatthey’renotbitingoffmorethantheycanchewandbuyingequipmentthatthey’renotsurethey’regoingtoutilize.” FormoreinformationonAccessCommercialCapital,visitaccesscapital.bizorcontactEdwardKayeat(516)444-3621orekaye@accesscapital.biz.NJA

Left to right: eric coolbaugh (co-founderand corporate vice president), edward Kaye

(co-founder and president) and Michael Kaplan (co-founder and corporate vice president)

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