Quality Dealers to drive sales with credit union financing for roofing
Pointing to the start of the storm season, Quality Dealers is now offering financing for roofing materials, an initiative expected to grow turnover by at least 50 per cent.
It is targeted at householders who want to upgrade or who need a new roof.
Sales manager and director Horace Wiltshire said the company has forged a new partnership with Communications and other Workers of Jamaica Co-operative Credit Union Limited (C&WJCCU) through which clients can acquire unsecured loans of up to $1.5 million.
The repayment works out monthly at $2,937 per $100,000 borrowed for four years. The roofing company expects to grow sales by 50 per cent between now and June 2016 as a result.
Wiltshire said that previously Quality Dealers had tried several partnerships with other loan companies, but "there was a lot of red tape, asking for titles and they took too long, sometimes two months before approval."
C&WJCCU, he said, completes loan assessments in four days.
"We do find that home owners are better risk for this kind of loan. And, naturally we do our due diligence," said CEO of C&WJCCU Barry White on Friday.
"We can assure ourselves that they have assets, so" - in the event of a default on the loan - "if you want to take them to court they have something to pay back. The risk is manageable", he added.
White said his credit union already lends up to $1.5 million unsecured to members, while noting that offering the arrangement through Quality Dealers is meant to grow the community bank's membership base.
Quality Dealers is currently using the hurricane season as a hook for business, but Wiltshire says the offer will be available year round.
The roof financing plan was launched six weeks ago.
"We provide an estimate of what is needed for the roof and whichever contractor the property owner is working with provides the estimate for labour - $1.5 million is enough to cover the cost of a new roof in some instances," he said.
"We hope to increase turnover by 50 per cent," Wiltshire said but would not disclose the company's annual turnover.
Quality Dealers was opened in 1973. The company closed out its separate roofing and Ace hardware divisions in 2012 and now focuses on roofing.
In 1985, owner Tony Walker acquired the Decramastic Caribbean factory formerly located in Barbados, which he transferred to Jamaica.
According to its website, the Quality Dealers Limited group has an asset base of over $1.7 billion.