Championing Digital Transformation in Farm Equipment Financing

Does digital transformation ever happen overnight?

What’s more important and realistic than a dramatic change is the journey of growth that we’re leading our partners and customers on, according to Food and Agriculture’s Digital Champion and Director of Inside Sales, Lindsey Cotichelli.

The path to digital transformation in farm equipment financing in a business climate of constant change is often a journey of continuous learning for the manufacturers, vendor partners, dealers, and end users we serve, and for our team as well.

Based in the U.S., Lindsey leads Inside Sales in our Food and Agriculture Business segment. Lindsey says, “I am most passionate about creating a solution that offers a convenient and secure customer-centric purchase journey that will help our partners grow their business.”

US Market Conditions and Buyer Behavior Require Digital Solutions in Equipment Finance

Over the past five years, consumer buying behavior has shifted significantly. People are more comfortable purchasing products online. This shift has led to increased expectations for convenience and digital solutions in all areas of retail. Purchasing farm equipment is no exception.

For farm equipment dealers in the states, this means their customers are seeking easier, more accessible ways to buy equipment. Dealers are also noting a decline in foot traffic at their dealership locations overall and that the marketplace is becoming more competitive, with digital solutions surfacing as a clear advantage. Online financing tools and partnering with lenders can help readily meet consumer expectations and behavior. By embracing online equipment financing, dealers can attract more customers, close sales faster, and stay ahead in the evolving market.

End to End Integration of Digital Tools

The triumph of the past few years for Lindsey’s team is how our dealers and customers today can access one fully digital retail process and experience through the program.

DLL’s bespoke end-to-end digital integration features three products: Pre-Approval Hub, Retail Hub, and eDocs Express.

Lindsey summarizes the benefits, saying, “DLL’s solutions are accessible anywhere in the U.S. and designed to integrate with partners’ existing systems, ensuring smooth financial operations. Customizable financing options help partners manage cash flow effectively. Comprehensive support and training ensure partners can fully leverage these digital tools.”

Pre-Approval Hub

Pre-Approval Hub is our online customer-initiated credit application that takes less than two minutes to complete. Once submitted, the system will generate a helpful notification email to both the customer and dealer to guide next steps.

Key Benefits
Pre-Approval Hub is where the sales cycle truly starts. It’s accessible on any device and can be completed anytime and anywhere. Best of all, well-qualified buyers may be eligible to get pre-approved at this stage of the process, making the leads even more valuable. The application is fully secure and is integrated with Retail Hub.

On Pre-Approval Hub, Lindsey shares: “We recently worked with a dealer in Louisiana that saw a significant increase in leads and sales after using their dealer-specific Pre-Approval link to create an “Apply Now” button that was added to their website and was coded to follow the user as they browsed inventory from page to page. This floating “apply now” button not only prevented customers from having to search for a way to apply once they found the equipment they wanted to purchase, but also prompted certain customers to start the purchase journey at that time. And since the dealer instantly received an email for anyone that applied, he was able to contact those customers to both close the sale and execute the contract immediately. There is nothing more thrilling than seeing the tangible benefits our digital tools bring to our dealers. Witnessing the significant increase in leads and sales reaffirms our commitment to providing innovative solutions that drive success. It’s incredibly rewarding to know that our efforts are making a real difference in the growth and efficiency of our partners’ businesses.

Retail Hub

Retail Hub is a retail finance portal for dealers. It’s a database to organize applications and generate contracts, and also, has a quoting tool.

Key Benefits
Retail Hub is your one-stop-shop. All vendor programs and equipment are pre-loaded and you can set up custom dealership settings. It has features such as a quick payment calculator, side-by-side quote comparison dashboard, and tracking and reporting. Retail Hub is mobile friendly and integrated with the other two tools in this suite.

eDocs Express

The DocuSign platform is a service we utilize that allows you to electronically send and sign finance documents such as loans and leases. It is available for all contract and buyer types. eDocs Express is available for in-store and offsite customers and can be initiated straight from Retail Hub (recipients receive an email with a link).

Key Benefits
We’re so proud to use and offer DocuSign as it mitigates consumer fraud. This product is convenient, fast, easy to use, and eco-friendly. DLL is also offering an additional $100 dealer bonus with the use of eDocs Express, so contact your DLL Representative to take advantage.

On Pre-Approval Hub and eDocs, Lindsey points to this example: “We are working with an equipment dealer whose sales had been declining for the past two years, mirroring the overall market trend. However, this dealer has been able to recover and actually increase sales this year after adding their dealer-specific Pre-Approval Hub link to their website and social media marketing ads and implementing eDocs. Adding these tools to their sales cycle allowed the dealer to cast a wider net to reach more potential customers and close sales no matter where the customers were located.”

Building Relationships in an Omnichannel Digital Environment

Sometimes it can feel counterintuitive, like we are slowly losing something we once had—an authentic interaction with our partners and customers--by working in online formats instead of meeting in person at a dealership, for example. Yet, the opposite is true. First, there is more likely increased connectivity, as we meet consumers where they truly engage. Our consumers play in a deeply connected omnichannel sphere that is connected across five areas: in-store, social media, web, mobile, and phone. Second, the digital tools actually drive increased foot traffic to dealerships by elevating their profile on digital mediums such as their websites and social media. Consumers gain awareness of how to initiate the process, have more control over their financial services decisions, and arrive more educated on their ability to buy equipment.

Global Head of Program Management, Food and Agriculture, Ken Whitelaw puts it aptly, “the digital tools in our offering allow for more substantive in person connections.”

Lindsey says, “I have seen the DLL culture of long-term partnerships thrive through our digital transformation efforts. By implementing this suite of tools, we have enhanced our value proposition. We maintain the personal touch that is crucial in our industry while meeting the evolving expectations for convenience and digital solutions.”

Digital transformation in Lindsey’s program didn’t happen overnight. Perhaps the most exciting part about leading and championing an enhanced digital experience for those we provide farm equipment financing for is the certainty that it’s always happening.

Digital transformation itself is a moving target that we’re always making progress on, and welcoming new members to join us.

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