Elevex Capital launches vendor finance group
New initiative to provide digital financing platform, AI-driven decisioning
Elevex Capital launched its vendor finance group and expanded its leadership team to support embedded financing solutions for equipment sellers, dealers and manufacturers.
The Cleveland-based company‘s new division will focus on building vendor partnerships and delivering white-labeled financing platforms, pre-approval tools and flexible payment structures aligned with how commercial equipment is sold and used, according to today’s Elevex release. Financing options include usage-based payment models, equipment-as-a-service programs, seasonal payment structures and rental-to-ownership conversions.
Elevex added several executives to support the initiative, with Michael Bardwell joining as director of sales, bringing more than 30 years of experience developing vendor and dealer finance programs across the transportation, construction and vocational equipment sectors, the company said. Other additions include:
- Joseph Tocco as a credit manager;
- Tim Auxier as a sales executive;
- Carl Meinhardt as a sales executive;
- Dallas Bardwell as a sales executive;
- Brent Burcham as a sales executive;
- Simona Kalasinskaite as a credit executive; and
- Gavin Hall as a credit analyst.
The group will provide equipment sellers with a digital financing platform, according to the release. Features include application-only processing, AI-driven credit decisioning, instant pre-approvals and next-day funding.
The launch follows Elevex Capital’s previously announced $1 billion forward-flow agreement with TPG and credit facilities with Wells Fargo and Woodforest Bank, according to the release. The previous deals provide funding capacity to support growth across its equipment finance platform.
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