N24 Correspondent, LOS ANGELES:- Vijay Patil, a Los Angeles, California based Non Resident Indian (NRI) entrepreneur, has digitized equipment financing through this company DCR Technologies, which could be a crucial step towards improving financial experience of the hard working American farmers and business owners.
“Think about American farmers and small business owners buying commercial trucks, trailers, or agricultural equipment. They have limited financing options, and the process is inefficient to say the least. The truck manufacturers like Isuzu, Mitsubishi and Original Equipment Manufacturers (OEMs) like Caterpillar and John Deer have invested a lot in product innovation, but not as much in streamlining the financing process,” said Mr. Patil, who is a co-founder and COO of DCR (Dealer Credit Resources) Technologies Inc., a technology startup based in Southern California.
“With nearly $1.7 trillion annual sales, the opportunity to improve financing experience for hard-working farmers and business owners is huge,” said Mr. Patil, adding that “simple things like using a common platform to submit financing applications to multiple lenders is non-existent.”
Banks and captives make up the lion’s share of financing, with Bank of America Global Leasing, Wells Fargo Equipment and John Deere accounting for nearly $140 billion in assets.
“DCR’s vision is to make commercial equipment lending faster, smarter and better for dealers, manufacturers, lenders and buyers,” said Mr. Patil.
With DCR technology, customers can apply for financing from their mobile phones. DCR has democratized the financing process so that applicants purchasing a small lawn mower worth $5,000 and buyers purchasing a $250,000 semi-truck can benefit from a seamless similar unbiased digital experience.
DCR’s Software as a Service (SaaS) platform called, Credit Desk Pro, aligns all deal stakeholders on a single, streamlined credit collaboration platform. Beckham Thomas, DCR’s Founder along with a team of experts in credit and finance, marketplace solutions, machine learning and artificial intelligence are digitizing the process to bring efficiency and convenience. They are dedicated to creating tools that streamline communications among dealers and all other stakeholders.
“Innovation generally moves from one industry to another,” Mr. Patil further said. “What is part of a daily life in one industry could be a dream for other.” He was referring to the auto finance industry, where the car financing process is efficient for auto dealers and auto finance companies.
As for Mr. Patil himself, he brings to DCR a treasure of immense expertise with his rich experience of more than 20 years in managing risk, running credit operations, and developing business strategies for global brands. Most recently, he was a founding member of Yamaha Motor Finance USA.
Prior to that, he worked as a senior executive at HSBC USA and Mitsubishi Motors Credit of America.
Mr. Patil is also a well-known social activist based in California. He pioneered SMAP Foundation, a non-profit organization that is promoting unity and leadership. He is also in the advisory board of some other major organizations including FICO Auto Mastermind, HOPE B~LIT and A Voices Unheard Film, among others. He has been involved in a number of global humanitarian efforts, too.
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