ME operators want to spread costs
The man responsible for overseeing Cat Financial’s operation in the Middle East says that its customers are looking more and more at their options when it comes to spreading costs over the lifespan of a machine. “Cat Financial is focused on supporting Caterpillar customers through good times and bad,” says Richard Kinsey, Cat Financial Sales […]
The man responsible for overseeing Cat Financial’s operation in the Middle East says that its customers are looking more and more at their options when it comes to spreading costs over the lifespan of a machine.
“Cat Financial is focused on supporting Caterpillar customers through good times and bad,” says Richard Kinsey, Cat Financial Sales and Marketing Manager for the Middle East “Cat Financial underwrites asset-backed loans and provides alternative funding sources for customers versus existing banks or lenders,” Kinsey explains. “And concentrating upon construction customers, we understand the markets in which they operate.”
Cat Financial is perhaps the best established OEM-backed financing service in the established in 2007, Caterpillar Financial Serviced (Dubai) Limited’s purpose is to develop financing solutions to support the sale of Cat equipment in the Middle East and Africa. Cat Financial Dubai is a subsidiary of Caterpillar Financial Services Corporation, itself a wholly owned subsidiary of Caterpillar Inc. Today Cat Financial has a global managed portfolio of $27 billion and covers over 40 countries worldwide.
The Dubai operation continues to evolve, in a marketplace that has changed considerably in the past five years, but Kinsey says that it has experienced growth and continued to develop throughout the period.
“The business has grown in that time,” he says. “We are here to develop financial service solutions for our customers and dealers. As we have developed our business model, we work with large fleet deals down to one or two machine transactions, and support SME’s in a market that has limited appetite for this sector. Our role is to help these smaller customers grow and succeed and become the large fleet operators of the future.”
He adds: “We’re here to support the sale of Cat construction equipment, which is not a bank’s prime reason to be. Our customers are increasingly looking at options to spread their costs in order to optimize their equipment lifecycle cost, which is where Cat Financial can assist.”
Caterpillar believes ME customers are more cost conscious than ever
