MORE THAN FINANCE: 3 Reasons to Add a Specialized Lending Partner

By Lesley Lopez, Mitsubishi HC Capital America

The work truck market is ever-changing, especially now. Light duty dealers are going through a transformation as commercial sales skyrocket. With this increased demand comes the dealer’s need for additional commercial lenders. Dealers want to feel confident their lender has the know-how and capability to support their growth and the growth of their customers. They also need to know the lender is committed as a responsive and flexible partner in these ever-changing market conditions.

Market Growth

The final mile market has surged over the last two years, increasing demand for light duty and medium duty trucks. 

ACT Research shows light duty market share is over 40% for classes 3-8, levels that have not been seen since the late 1940’s.

                                                                                Source: ACT Research 2022

Dealerships that traditionally focused on light duty are finding their customer profile is changing. Commercial customers’ needs are evolving, which means financing needs are also evolving. Let’s explore the reasons why you should evaluate your current commercial finance partnerships and consider a new one.

1.Customer profile is changing

Commercial customers have different needs and require a different approach. They don’t have the time or inclination to visit the dealership and they are knowledgeable about what they want.  “Compared to retail, the loyalty between dealers and buyers is much more developed in commercial sales. Once you take care of a business customer well, they can bring you all their business for years to come,” according to Work Truck Solutions

2. Equipment is changing

If the show floor of NTEA’s Work Truck Week 2022 is any indication, electric vehicles – the first to market of the sustainable energy solutions – are poised to enter the market in force.  The opportunity for dealers, OEMs, and upfitters is massive. The global Battery Electric Vehicle market, valued at US$150 billion in 2020, is anticipated to reach US$300 billion by 2027. TheNorth American electric vehicle (EV) market alone was valued at US$12.8 billion in 2020, and is expected to expand at a compound annual growth rate of 37.2% from 2021 to 2028.

Technology has also become a major consideration for work trucks. The addition of cameras, telematics, electrification, and solar are now a significant part of the conversation, according to a Work Truck survey of fleet professionals.

3. Sales cycle is changing

Fleet professionals mention a new challenge:  they cannot budget, purchase, and place into service vehicles within the same budget year. These challenges are echoed by most customers across the industry. “Our dealerships are telling us that order boards are full into 2023. This demand is attempting to make up for the lack of supply over the past two years and isn’t accounting for the anticipated pre-buy demand before the 2024 emissions regulations come into effect,” says Dave Herring, General Manager of Work Truck Finance, a division of Mitsubishi HC Capital America.

The combination of full order boards for OEMs and the difficulty of businesses being able to budget their truck purchases effectively means more customers may have to rely on financing to bridge funding gaps.  This is where having the right specialty lender as a dealer partner becomes not just important, but essential.

At Mitsubishi HC Capital, we love work trucks.  Our specialty lending focus is on work trucks, both light and medium duty. We have over 20 years of experience in the work truck space, and we understand commercial lending.  We are more than financing. We are committed to our dealer and upfitter partners, helping them realize success, achieve their goals, and ensure their customer’s loyalty.  We are a specialty commercial lender that is responsive, flexible, and commercial centric. 

Ready to get started? Due to the complexity and rapidly shifting dynamics of commercial vehicle sales, working with a knowledgeable industry lender can be the most efficient way to grow your business. Mitsubishi HC Capital America’s Work Truck Finance team provides comprehensive, cross-functional expertise, financing and support for OEMs, dealers, and upfitters. If you’re ready to learn more about your opportunities visit

Mitsubishi HC Capital America is a specialty finance company that brings a consultative approach and expertise to customers of all sizes to help their businesses grow every day. Serving as a collaborative partner, we provide customized financing solutions for a wide range of industries, including manufacturing, construction, work trucks/transportation, IT, staffing, healthcare, and clean technology/mobility. We are committed to the United Nations Sustainable Development Goals to improve the communities where we operate. Visit