The Cannata Report asks office technology dealers to rate their primary leasing companies as “Excellent,” “Very Good,” “Good,” “Fair,” or “Poor.” Five points are then awarded for “Excellent,” four points for “Very Good,” three points for “Good,” two points for “Fair,” and one point for “Poor.” We then divide the total by the number of dealers participating from that manufacturer to determine the rating.
This year we added another parameter—combined Excellent and Very Good. This parameter, the percentage of dealers who rated their leasing companies Excellent or Very Good, provides a broader view of how the dealers regard their leasing partners, as dealers often share similar sentiments in these categories.
While 91% of this year’s dealer Survey universe (379 of 415) rated their primary leasing company, 78% (321 of 415) qualified their primary leasing company rating with comments.
GreatAmerica Financial Services had a total of 97% Combined Excellent and Very Good responses, an amazing rating in the highly competitive financing segment. Only 3% of partners rated them below Very Good.
LEAF Commercial Capital was selected by the majority of respondents as a primary leasing partner and has a total of 91% Combined Excellent and Very Good responses. Wells Fargo, rated third overall, had a total of 93% Combined Excellent and Very Good, followed by U.S. Bank at 90%. DLL has a total of 75% Combined Excellent and Very Good responses and, while not in the 90% category, their overall rating improved this year, as did all the leasing companies included in our Survey.
As we have in the years past, we queried dealers to qualify their ratings with an open-ended question to clarify what they consider essential in evaluating the performance of their primary leasing partner. This year, we provided a more substantive analysis of this data. We organized the data (open-ended responses) into five top categories to better qualify what the dealer Survey universe values overall regarding their primary leasing company partner. We have also included select key comments across the overall dealer universe that anchor, define, and align with these top five categories*:
Speed, Responsiveness, and Reliability
- “Service is outstanding. Their attention to their customers is the best in the industry!”
- “They fund quickly and provide fast approvals when needed.”
- “Always very fast on paperwork and funding.”
- “Quick turnaround time on decision and payment.”
- “They bend over backwards to service us.”
Office Technology Partnership Mentality
- “Very responsive, helpful and makes us feel as if we are in this together.”
- “They are more like a partner than a provider.”
- “Excellent tools and customer service. They feel like an actual partner in my business.”
- “Great communication. Treat us like a partner.”
Competitive Rates and Streamlined Processes
- “Great rates, quick approvals.”
- “Quick turnaround time on decision and payment.”
- “Fund quickly and provide fast approvals when needed.”
- “Excellent rates, timely funding, predictable buyouts.”
Innovation and Ease of Use
- “Ease of use for our customers on front end and backend of the lease process.”
- “Well integrated to many of our platforms.”
- “Think outside the box. Innovative solutions.”
- “Easy to maneuver through the end-of-lease processes; website is reliable and easy to use.”
Quality of Reps/Teams
- “Fantastic rep!”
- “My rep is supporting and willing to go the extra mile to get the deal approved.”
- “Excellent Account Rep. My rep is very attentive to my inquiries and needs.”
- “Wells Fargo has a very skilled in-house team along with a rep that really knows the industry.”
- “Ethical company who treats our customers and our team very well.”
“It is noticeably clear what is most important to the 321 dealers who qualified their primary leasing company ratings with comments. They prioritize representation and a demonstration of partnership,” said CJ Cannata, president and CEO of The Cannata Report. “What dealers ultimately value most is when leasing companies, along with any other vendors, show interest in their business and its success by asking how they can be of more help and then following through with innovative and applicable business solutions along with support.”
We can also conclude there is little question that dealers are very satisfied with the support they are receiving. Given that financial processes can be time-consuming and potentially delay the completion of a sale, speed of processing is also critical. Sales reps are clearly working with their in-house counterparts to ensure everything is processed properly and in a timely manner. Overall, our data indicates that dealers are pleased with their primary leasing company’s efficiency and speed.
*Note these are not necessarily ranked in order of importance, though The Cannata Report can procure that data and corresponding insights upon request.
2024 LEASING PARTNER RATINGS
(Companies appear in order of rating, from highest to lowest.)
The top five leasing companies include DLL, GreatAmerica, LEAF, U.S. Bank, and Wells Fargo.
In-House Leasing Trends
Leasing companies remain among the most critical segments in the office technology industry’s operation, performance, evolution, growth, and sustainability. Of the 3% (13) of Survey participants who indicated they conduct their own leasing, five named Ricoh as their primary A3 manufacturer, three indicated Sharp, two each listed Kyocera and Toshiba, and one was a Konica Minolta dealer.
*Note these are not necessarily ranked in order of importance, though The Cannata Report can procure that data and corresponding insights upon request.
40th Annual Office Technology Dealer Survey Posts (Part 1):
40th Annual Office Technology Dealer Survey: Universe and Methodology
40th Annual Office Technology Dealer Survey: Executive Summary (Part 1 of 2)
40th Annual Office Technology Dealer Survey: Dealer Revenue Breakdown in 2024
40th Annual Office Technology Dealer Survey: Manufacturer Distribution
40th Annual Office Technology Dealer Survey: A3, A4, and Managed Print Services
40th Annual Office Technology Dealer Survey: Production Printing Can Improve Profitability
40th Annual Office Technology Dealer Survey: Managed IT Revenue Rose by Nearly 30%
40th Annual Office Technology Dealer Survey: Obstacles to Improving Profitability
40th Annual Office Technology Dealer Survey: Acquisition Trends
40th Annual Office Technology Dealer Survey Posts (Part 2):
40th Annual Office Technology Dealer Survey: Executive Summary (Part 2 of 2)
40th Annual Office Technology Dealer Survey: A3 Manufacturer Ratings
40th Annual Office Technology Dealer Survey: A4 Manufacturer Ratings
40th Annual Office Technology Dealer Survey: Leasing Company Ratings
40th Annual Dealer Survey: Causes of Concern for Long-Term Success
