Capital Farm Credit of the Plains market, including Lubbock, Texas, consists of seven lenders across four branches serving a region predominantly focused on row crop farming and livestock production. They utilize
Tractor Zoom Pro Equipment Lists and its
mobile app to ensure efficient operations and accurate completion of equipment inspections, valuations, and other loan renewal processes across a high volume of clients.
This in turn allows them to deliver the best value to their clients who seek a trusted advisor who can quickly support their financial needs, whether on an annual renewal basis or periodically throughout the year when adding equipment to their fleet.
“We’ve tried to do so much more on the efficiency side and Tractor Zoom has definitely helped. Especially in our market, where we’re almost 100% repayment from production agriculture, we’ve got to be efficient in this market, because if we’re not, somebody else will be.” Shaun Wied, Relationship Manager IV, Capital Farm Credit
The challenges
As a team located across an 11-county region all working within the rapidly-evolving equipment finance market, Capital Farm Credit needed to ensure all team members were completing equipment inspections and valuations consistently and with the most relevant market data available.
“We had a process, but there were variations for different markets and it’s {Tractor Zoom} that allowed us to consolidate. We fine-tuned our evaluation process based around Tractor Zoom, whereas the prior procedure didn't have as clearly defined a process across markets. We've been able to use Tractor Zoom as the key point that we can leverage…It’s consistent and allows our team to go out and pull that data very easily and know what they're looking at regardless of their role." Shaun Wied, Relationship Manager IV, Capital Farm Credit
Inconsistent processes
Historically, equipment inspections and chattel-related field appraisals were managed independently of each other. Each branch had its own method, leading to a lack of standardization and efficiency. Further, Capital Farm Credit’s former process was limited by manual data entry and a lack of detailed fields, making it difficult to get a complete picture of the machine to precisely match comparables.
Time-consuming equipment valuations
Capital Farm Credit’s former equipment valuation process required outside fee inspectors or appraisers to complete its clients’ valuations. Relying upon these individuals sometimes delayed the process, depending upon their availability, and was an added cost.
Lack of quality data
Finding accurate equipment values for comparables was a significant time sink, often requiring multiple sources and extensive effort to obtain relevant data, especially for unique or specialized equipment.
Slow renewal processes
The annual renewal of operating loans depended heavily on timely equipment valuations. Delays in this process could hinder overall efficiency and customer satisfaction, both high priorities for Capital Farm Credit.
The solution: Tractor Zoom Pro Equipment Lists
With Tractor Zoom Pro Equipment Lists, Capital Farm Credit has standardized its valuation workflow, can enter complete equipment-specific details to customer records, and has easy access to equipment insights and real-time data.
Standardized data collection
Tractor Zoom Pro Equipment Lists are structured to enable standardized equipment data collection, allowing the Capital Farm Credit team to be more efficient with data entry while also reducing errors like duplication or missing information.
Real-time market data
Backed by our database of over $50B of used equipment sales, Equipment Lists integrate real-time market data, freeing up the team from searching for relevant equipment comparables across myriad third-party sources.
Time savings and increased efficiency
The ability to quickly find equipment values and manage lists in one place significantly reduces time spent on these tasks. Once Equipment Lists are created, values update automatically. This efficiency frees up loan officers from manually redoing assessments or researching the market values and allows them to focus more on building and maintaining relationships with customers.
“We had a very cumbersome and very ineffective program that housed Equipment Lists prior to Tractor Zoom. It was clunky in how it operated, there were no pictures, it was limited to basic equipment information…Now, the details we’re able to keep in those lists and that they’re all hosted in one location is great.” Graham Henley, Relationship Manager II, Capital Farm Credit
Mobile Equipment List App streamlines chattel inspections & appraisals
The mobile application of Tractor Zoom Pro Equipment Lists further enhances field inspections by enabling loan officers to capture equipment details and photos on-site in one platform.
This reduces the potential for duplicate data entry from reconciling paper checklists and spreadsheets of information gathered in the field and re-entered in the office.
The app streamlines the overall appraisal process by automatically syncing to Equipment Lists, even when offline, and enables the team to quickly provide customers with a final valuation.
Optimize your evaluation process with Tractor Zoom Pro
Tractor Zoom Pro delivers significant improvements in efficiency, accuracy, and customer service to the Capital Farm Credit team. The real-time data, standardized processes, and mobile capabilities not only streamline internal operations but also enhance your organization’s ability to serve customers effectively and remain their trusted advisor and reliable financial partner.