Semi truck financing for owner/operators
By developing a simple idea that is difficult to implement, Wholesale Truck & Finance has created a business model that benefits trucking carriers and individual drivers around the nation.
The Michigan-based firm has helped more than 212 drivers become owners and operators of their own trucks, allowing them to increase their ability for revenue. The main service that Wholesale Truck & Finance provides is convenience and financial lending. Many of the drivers the firm’s professionals work with would not otherwise be able to afford the purchase of a truck or qualify for the necessary loan amounts needed to buy one.
We have a proven system in place that has worked extremely well and it’s really a win-win for all of our clients and interested stakeholders, said David Strand, Wholesale Truck & Financing’s president and founder. We work directly with the banks to get the necessary funding and provide everything for the drivers as part of a hassle-free process.
We have worked with Wholesale Truck & Finance for two years and have enjoyed a very positive relationship, said Greatwide Corporate Capacity Manager Rick Ham. We benefit from working with drivers who are qualified, reliable and talented owner-operators .
There is also a cost savings involved for carriers as a result of spending less time matching qualified drivers and tractor funding options.
Wholesale does a lot of the recruiting and qualification work for us. At the end of the day, we benefit from having more satisfied drivers with a high degree of job satisfaction because we have helped them get into their own trucking business the right way, Ham said.
For many drivers, working with Wholesale Truck & Finance is the only way that they could afford a truck. The financial and distribution professionals at Wholesale have more than 65 years combined experience in financial services, lending and the trucking industry. Drivers have a much better chance of getting the necessary funding through a third party than working directly with the bank.
We have a great reputation with the banks and they trust the judgments we make because we ensure that our commitments to them are met, Strand said. This is all we do we aren’t financial advisors to consumers and we don’t provide loans to other entrepreneurs.
Drivers such as Jose Felix realize that he can earn as much as 20-35 percent more in annual revenue by being an owner and operator than a contract employee of a carrier. That relationship also is a benefit to the carriers themselves because it involves less paperwork and payroll issues.
It really has been a dream of mine to own a truck that only I can use, Felix said. I didn’t think it would have been possible but with the help of Wholesale my business is thriving and I am working for a number of national carriers.