The Dig

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On today's episode of the Dig, I
am joined by Declan North of

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Terex Financial Services and I
will let him introduce himself

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and go deeper into his
background.

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Johnnie, thanks very much.

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Obviously Declan North and
Global Director of Trade and

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financial Services for Terex
financial services, looking

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after the Materials processing
Division materials processing is

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one of the two segments or one
of the three segments of the

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Terex Corp, which is quite a
diverse segment.

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I have been with financial
services.

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Now I'm heading into the 10th
year, so only feels like

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yesterday when I joined.

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I'm an Irishman from the accent,
I'm sure you can detect, but

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based in the UK and I covered a
globe from my little office here

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in Chinar in Oxford.

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So delighted to be on and look
forward to this podcast.

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Fantastic. Well, it's great to
have you.

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I'm glad we were able to get
connected and.

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You know, I think it's important
to talk about everything you

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guys are doing, especially, you
know you look at it from a a

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global scale, this industry is
changing so much all the time.

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You know the individual lending
segments and then the wider

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lending space from where you sit
in the role you have, you know

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what makes kind of your job at
Terex Financial Services unique

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and what makes the the division
you cover so so unique in the

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space?

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Oh, that's that's that's really
the $6 million question.

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I'll tell you why I love the job
I it is the uniqueness of it.

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So Terrib financial services, we
are the captive arm, but we

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don't operate on books.

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So we operate with a number of
funding partners.

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What makes my role really unique
is that when I say it's a global

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role, most people show that
global role into their title.

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But this is truly a global role.
So.

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Material processing cell or have
dealers or provide facilities?

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I have an involvement in it and
that's from the start right

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through to the finish. So it's a
really integrated job. I get to

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see different cultures.

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So last year I was in Australia,
I was in India, I was in Dubai.

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You don't know where you're
going to find yourself, which

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means that you're not just
restricted.

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To one area or one segment or
one territory.

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You've gotta get a broader
understanding of the different

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cultural and we may talk the
same language, but there's

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different variances and cultural
differences as you go from

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country to country, region to
region.

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So you know, that's what makes
it quite unique.

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What makes Turks material
processing unique is we're

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made-up of about 2627 different
business units, each one of them

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has a different requirement.

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It's quite a diverse portfolio
of businesses and that's what

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makes it really interesting.

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So you get to see.

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You know.

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Concrete mixer truck. You get to
see a volumetric mixer truck.

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You get to see a shredder, you
get to see Crane, you get to see

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material handler. You get to see
a crusher or a power screen or

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Finley crushing screen.

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And so it's really quite
diverse.

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Eve equip screeners no two days
are the same and no, no. Same.

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No two hours are the same, let
alone 2 days of the same.

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So that's what makes it really
exciting.

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And we work with a great crew.

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You know, our guys are really,
really professional.

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They're they're long term
employees that have a really

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passionate feel about the
business and I suppose we're the

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same, whether it's the financial
services, whether it's the

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equipment side, you really are
ingrained in the business and

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kind of passionate about it.

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That's you OK11 other question.
I was gonna wanna ask, and I was

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gonna have this at the end, but
I'll. I'll go ahead and do it

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here because of what you're just
talking about.

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You know, I've had the luxury of
talking with a lot of people who

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operate in this industry,
especially at the the United

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States domestic level.

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Or, you know, they'll do some
international stuff with Canada

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or Mexico with you operating on
this global level, right?

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What advice would you give to
someone who's kind of stepping

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into that?

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Level of equipment finance and
starting to operate in that

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world as far as you know a
global.

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Level of transactions and
interacting with people all

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around the world versus maybe
just Aus or just auk. Just a

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domestic transactions.

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Yeah, yeah, that's a great
question.

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And it's quite funny. So to kind
of give you a little bit of

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history, I I moved to the UK 14
years ago.

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So up until then.

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All my working life had been in
Ireland.

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Expect that you move to the UK.

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That would be fairly similar to
Arlington.

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The similarity was kind of the
language.

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You know the products were
slightly different.

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The the actual.

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Way people transacted was
totally different. So it was the

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first kind of eye opener. And
then as I moved to the UK and I

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started having a kind of more of
an international role, the

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advice I would give is embrace
the local culture and get to

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know that.

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Local culture before.

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Trying to predetermine what you
want to offer, because once

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again, you know, they may have
the same.

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Products, but the delivery of
those products or the the local

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way of dealing is is different,
you know Middle East is totally

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different to India, which is
totally different to China,

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which is totally different
states, which is totally

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different to Europe, you know
and that that was one.

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Of the things I think over the
last 14 years.

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That is really struck home with
me is.

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Understand who you're dealing
with and understand the culture,

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because I think that's that's
the first step to actually

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making it a success, because if
you get to know that person or

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get to know their culture and
accept and embrace, it makes a

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big difference.

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A simple little thing.

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Irish people tend to talk very
fast.

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Slow down, you know.

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I mean, I know you're there. You
go that you know, if you had to

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That.

84164701-1076-43c2-bb08-b3204c36fce5/887-1
set that to be 14 years ago.

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Yeah. No, I don't know what
you're talking about.

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But yeah, you know it's that
would be my my best advice.

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Look at the target market.

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Look at the culture.

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Understand the culture.

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I'll tell you a funny story, but
I went and started doing

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business in India. First I sat
in the meeting and the Indian

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people are fantastic.

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People are absolutely lovely
people, but they don't like to

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say no and you know, I came away
thinking, wow, that was really

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good and really, you know.

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Really easy and when I got back
to the UKI started sending my

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follow up emails, you know, kind
of this what we're going to go.

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Oh, no, we can't really do that.

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And I was kind of going, you
should have told me that when I

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was down there, but my local
guys were kind of gone.

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They didn't want to offend you
and then kind of go well. You

84164701-1076-43c2-bb08-b3204c36fce5/1004-1
know, I'm usually. I'm not
usually offended so.

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Prefer to talk direct, but that
was an eye opener for me.

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You know, 'cause, I came away
thinking I had agreed something,

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but I agreed nothing and I had
to go back and start all over

84164701-1076-43c2-bb08-b3204c36fce5/1033-2
again, you know.

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So that was that was a really
big learning experience, but

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I've enjoyed every minute of it.

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Let's no that makes it a ton of
sense, and I know just in the

84164701-1076-43c2-bb08-b3204c36fce5/1071-1
areas that I've been able to
operate in that yeah, every

84164701-1076-43c2-bb08-b3204c36fce5/1071-2
every culture's different and
even regional cultures can be

84164701-1076-43c2-bb08-b3204c36fce5/1071-3
different.

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So you gotta you gotta always
account for that. And I I think

84164701-1076-43c2-bb08-b3204c36fce5/1105-1
if your insight on that kind of
getting into the the actual

84164701-1076-43c2-bb08-b3204c36fce5/1105-2
marketplace right from from
where you're sitting from what

84164701-1076-43c2-bb08-b3204c36fce5/1105-3
you've seen, you know I have the
ability to have that that global

84164701-1076-43c2-bb08-b3204c36fce5/1105-4
perspective and that.

84164701-1076-43c2-bb08-b3204c36fce5/1111-0
That each regional local
perspective.

84164701-1076-43c2-bb08-b3204c36fce5/1131-0
What are some of the key trends
that are shaping the the

84164701-1076-43c2-bb08-b3204c36fce5/1131-1
equipment finance market and
especially with the materials

84164701-1076-43c2-bb08-b3204c36fce5/1131-2
processing market?

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Well, from the point of view of
the financial services, the key

84164701-1076-43c2-bb08-b3204c36fce5/1158-1
trends have been obviously
dealers right sizing their

84164701-1076-43c2-bb08-b3204c36fce5/1158-2
fleets and they're stuck in
their inventory. We've worked,

84164701-1076-43c2-bb08-b3204c36fce5/1158-3
really.

84164701-1076-43c2-bb08-b3204c36fce5/1196-0
Long and hard with our dealers
to get them into the situation

84164701-1076-43c2-bb08-b3204c36fce5/1196-1
whereby they have the right
machines and the right mix of

84164701-1076-43c2-bb08-b3204c36fce5/1196-2
machines obviously coming out of
COVID and shipping prices and

84164701-1076-43c2-bb08-b3204c36fce5/1196-3
logistics prices etcetera,
etcetera, dealers have built up

84164701-1076-43c2-bb08-b3204c36fce5/1196-4
inventory.

84164701-1076-43c2-bb08-b3204c36fce5/1201-0
So you had a situation whereby.

84164701-1076-43c2-bb08-b3204c36fce5/1238-0
Maybe had the wrong mix of
equipment, didn't in situ, or

84164701-1076-43c2-bb08-b3204c36fce5/1238-1
they'd ordered machines
expecting it to be, you know,

84164701-1076-43c2-bb08-b3204c36fce5/1238-2
did order machines expecting the
boom to continue, whereas when

84164701-1076-43c2-bb08-b3204c36fce5/1238-3
it's slowed down?

84164701-1076-43c2-bb08-b3204c36fce5/1258-0
To have a situation whereby
they're left with an

84164701-1076-43c2-bb08-b3204c36fce5/1258-1
overabundance of machines. Now
everybody was panicking and kind

84164701-1076-43c2-bb08-b3204c36fce5/1258-2
of gone.

84164701-1076-43c2-bb08-b3204c36fce5/1277-0
The market slowed and it's this
the market hadn't really slowed.

84164701-1076-43c2-bb08-b3204c36fce5/1277-1
If you think about it, what the
market was doing was just

84164701-1076-43c2-bb08-b3204c36fce5/1277-2
getting itself back.

84164701-1076-43c2-bb08-b3204c36fce5/1309-0
To the right size so you know I
think a lot of people were

84164701-1076-43c2-bb08-b3204c36fce5/1282-0
A minute.

84164701-1076-43c2-bb08-b3204c36fce5/1309-1
panicking and a lot of finance
houses were panicking etcetera

84164701-1076-43c2-bb08-b3204c36fce5/1309-2
because you're kind of looking
at dealers with high inventories

84164701-1076-43c2-bb08-b3204c36fce5/1309-3
and you then haven't explained
to them finances.

84164701-1076-43c2-bb08-b3204c36fce5/1317-0
Look, we're working with them,
which is what we've done.

84164701-1076-43c2-bb08-b3204c36fce5/1321-0
We've worked in putting together
a retail programs.

84164701-1076-43c2-bb08-b3204c36fce5/1329-0
That's helped the dealer.

84164701-1076-43c2-bb08-b3204c36fce5/1342-0
The other trend that we've seen
is dealers moving in America.

84164701-1076-43c2-bb08-b3204c36fce5/1357-0
Dealer rental fleets are really
popular and have always been

84164701-1076-43c2-bb08-b3204c36fce5/1357-1
part of the staple diet of of
our business.

84164701-1076-43c2-bb08-b3204c36fce5/1370-0
But we've started seeing that in
the rest of the world that that

84164701-1076-43c2-bb08-b3204c36fce5/1370-1
starts to occur as well.

84164701-1076-43c2-bb08-b3204c36fce5/1386-0
So dealers are starting to
invest in rental fees because

84164701-1076-43c2-bb08-b3204c36fce5/1386-1
customers are kind of going high
interest rates don't see the

84164701-1076-43c2-bb08-b3204c36fce5/1386-2
real value.

84164701-1076-43c2-bb08-b3204c36fce5/1391-0
But they need the machine now.

84164701-1076-43c2-bb08-b3204c36fce5/1430-0
That's an opportunity for itself
and we develop these rental

84164701-1076-43c2-bb08-b3204c36fce5/1430-1
purchase options and so that
there's Ways and Means of

84164701-1076-43c2-bb08-b3204c36fce5/1430-2
dealing with it, but you know,
you start seeing these little

84164701-1076-43c2-bb08-b3204c36fce5/1430-3
trends start to develop and you
start moving your mindset and

84164701-1076-43c2-bb08-b3204c36fce5/1430-4
how you kind of going to service
your.

84164701-1076-43c2-bb08-b3204c36fce5/1451-0
Dealer or help your dealer help
the dealer grow and moving into

84164701-1076-43c2-bb08-b3204c36fce5/1451-1
different areas so that that's
all part of what we do, what we

84164701-1076-43c2-bb08-b3204c36fce5/1451-2
provide as a service.

84164701-1076-43c2-bb08-b3204c36fce5/1482-0
Got you know that that makes
sense. And I know we've already

84164701-1076-43c2-bb08-b3204c36fce5/1482-1
heard about it quite a bit as a
2025's gotten started, the this

84164701-1076-43c2-bb08-b3204c36fce5/1482-2
dealer rental movement and you
know you guys, this financial

84164701-1076-43c2-bb08-b3204c36fce5/1482-3
services have a a role to play
in that and So what?

84164701-1076-43c2-bb08-b3204c36fce5/1495-0
If we watching how that shifts
and see if that storyline

84164701-1076-43c2-bb08-b3204c36fce5/1491-0
Yeah.

84164701-1076-43c2-bb08-b3204c36fce5/1495-1
persists throughout the year.

84164701-1076-43c2-bb08-b3204c36fce5/1503-0
Yeah, I I mean it's it's funny.

84164701-1076-43c2-bb08-b3204c36fce5/1504-0
My my own.

84164701-1076-43c2-bb08-b3204c36fce5/1518-0
This is one of the things is I
actually had experience with the

84164701-1076-43c2-bb08-b3204c36fce5/1518-1
cat rental store.

84164701-1076-43c2-bb08-b3204c36fce5/1552-0
So my my my first asset finance
experience was working with CAT

84164701-1076-43c2-bb08-b3204c36fce5/1552-1
finance and then I moved working
with the cat dealer in Ireland

84164701-1076-43c2-bb08-b3204c36fce5/1552-2
and then I was heading up their
retail sales or the cat rental

84164701-1076-43c2-bb08-b3204c36fce5/1552-3
store.

84164701-1076-43c2-bb08-b3204c36fce5/1560-0
I've quite a diverse. If you had
about two hours, I can tell you

84164701-1076-43c2-bb08-b3204c36fce5/1560-1
the full story.

84164701-1076-43c2-bb08-b3204c36fce5/1567-0
But that gives me an insight
into.

84164701-1076-43c2-bb08-b3204c36fce5/1593-0
How you manage it, rental feed
and develop a rental fee which

84164701-1076-43c2-bb08-b3204c36fce5/1593-1
is invaluable when it comes to
sit with a dealer because the

84164701-1076-43c2-bb08-b3204c36fce5/1593-2
one thing you don't want to do
is a dealer to invest in

84164701-1076-43c2-bb08-b3204c36fce5/1593-3
equipment.

84164701-1076-43c2-bb08-b3204c36fce5/1597-0
That's the wrong mix.

84164701-1076-43c2-bb08-b3204c36fce5/1617-0
And he's not going to get a
higher or that they're just

84164701-1076-43c2-bb08-b3204c36fce5/1617-1
going to put out on a time
utilization as opposed to a rake

84164701-1076-43c2-bb08-b3204c36fce5/1617-2
utilization.

84164701-1076-43c2-bb08-b3204c36fce5/1621-0
So there's all those little
variances that come in.

84164701-1076-43c2-bb08-b3204c36fce5/1637-0
And you're right that they are.
Marathon dealers are brilliant

84164701-1076-43c2-bb08-b3204c36fce5/1637-1
at that.

84164701-1076-43c2-bb08-b3204c36fce5/1644-0
They're they're possibly the
benchmark that would have as a

84164701-1076-43c2-bb08-b3204c36fce5/1644-1
rental.

84164701-1076-43c2-bb08-b3204c36fce5/1669-0
Operation and they know their
markets and I think that's key

84164701-1076-43c2-bb08-b3204c36fce5/1669-1
as well. When it comes to rental
is actually knowing your

84164701-1076-43c2-bb08-b3204c36fce5/1669-2
customer, knowing your market
and knowing the push and pull

84164701-1076-43c2-bb08-b3204c36fce5/1669-3
tactics of it.

84164701-1076-43c2-bb08-b3204c36fce5/1709-0
That was one of the other things
I was gonna talk about. You

84164701-1076-43c2-bb08-b3204c36fce5/1709-1
already sort of got into it,
right? Is how the customer has

84164701-1076-43c2-bb08-b3204c36fce5/1709-2
this sort of changed and how
customers have approached

84164701-1076-43c2-bb08-b3204c36fce5/1709-3
financing and obviously right
part of that is rental. But what

84164701-1076-43c2-bb08-b3204c36fce5/1709-4
what else have you seen?

84164701-1076-43c2-bb08-b3204c36fce5/1727-0
As far as customer shifts,
especially as we're looking at

84164701-1076-43c2-bb08-b3204c36fce5/1727-1
sort of the post global pandemic
landscape.

84164701-1076-43c2-bb08-b3204c36fce5/1752-0
Yeah, it's it's quite
interesting because you you come

84164701-1076-43c2-bb08-b3204c36fce5/1752-1
up with all different types of
schemes and opportunities and

84164701-1076-43c2-bb08-b3204c36fce5/1752-2
offers, etcetera.

84164701-1076-43c2-bb08-b3204c36fce5/1758-0
But and I'm going to talk to USA
initially.

84164701-1076-43c2-bb08-b3204c36fce5/1783-0
USA is the conventional is the
red market. The high interest

84164701-1076-43c2-bb08-b3204c36fce5/1783-1
rates was deterrent in a
customer making a decision.

84164701-1076-43c2-bb08-b3204c36fce5/1790-0
Because I can justify the price
increase on a machine.

84164701-1076-43c2-bb08-b3204c36fce5/1798-0
Deal Power electrics,
improvement in production

84164701-1076-43c2-bb08-b3204c36fce5/1798-1
capabilities.

84164701-1076-43c2-bb08-b3204c36fce5/1833-0
But when it comes to the buying
element of it, the one thing you

84164701-1076-43c2-bb08-b3204c36fce5/1833-1
can justify is if a guy was
paying, you know, 2% interest

84164701-1076-43c2-bb08-b3204c36fce5/1833-2
four years ago and he comes to
replace it and he's paying 7%

84164701-1076-43c2-bb08-b3204c36fce5/1833-3
interest, that 5% is a big, big
G.

84164701-1076-43c2-bb08-b3204c36fce5/1845-0
For him to kind of overcome,
because what he's looking at

84164701-1076-43c2-bb08-b3204c36fce5/1845-1
that saying, what do I get for
that 5%?

84164701-1076-43c2-bb08-b3204c36fce5/1851-0
Doesn't get anything.

84164701-1076-43c2-bb08-b3204c36fce5/1853-0
That's just an an extra cost.

84164701-1076-43c2-bb08-b3204c36fce5/1902-0
So the habit of the customer has
been to possibly go back to that

84164701-1076-43c2-bb08-b3204c36fce5/1902-1
rental model, rent the machine a
bit longer up until the point

84164701-1076-43c2-bb08-b3204c36fce5/1902-2
where he then needs to make that
commitment and that's where we

84164701-1076-43c2-bb08-b3204c36fce5/1902-3
would come in as financial
services is, how do you get the?

84164701-1076-43c2-bb08-b3204c36fce5/1928-0
Customer into the machine at a
cost effective way so you can

84164701-1076-43c2-bb08-b3204c36fce5/1928-1
develop a program or a scheme to
help get the customer into that

84164701-1076-43c2-bb08-b3204c36fce5/1928-2
machine, which is what we've
been doing.

84164701-1076-43c2-bb08-b3204c36fce5/1930-0
I would say.

84164701-1076-43c2-bb08-b3204c36fce5/1935-0
This last 12 months.

84164701-1076-43c2-bb08-b3204c36fce5/1937-0
Will that continue?

84164701-1076-43c2-bb08-b3204c36fce5/1978-0
Possibly not, because as the
machines and the market starts

84164701-1076-43c2-bb08-b3204c36fce5/1978-1
to right size itself and you
start to see the interest rates,

84164701-1076-43c2-bb08-b3204c36fce5/1978-2
I mean the US is a bit of a a
flux as is the rest of the world

84164701-1076-43c2-bb08-b3204c36fce5/1978-3
at the moment because interest
rates we were expecting to.

84164701-1076-43c2-bb08-b3204c36fce5/1996-0
See them drop further than they
have, but they still seem to be

84164701-1076-43c2-bb08-b3204c36fce5/1996-1
remaining constant, and that in
some cases we've had a spike

84164701-1076-43c2-bb08-b3204c36fce5/1996-2
now.

84164701-1076-43c2-bb08-b3204c36fce5/2012-0
You we're kind of watching that
because I would expect as the

84164701-1076-43c2-bb08-b3204c36fce5/2012-1
market regularizes socially
interest rates.

84164701-1076-43c2-bb08-b3204c36fce5/2025-0
And you should start seeing that
drop, which makes it back more

84164701-1076-43c2-bb08-b3204c36fce5/2025-1
into a standard operating market
again.

84164701-1076-43c2-bb08-b3204c36fce5/2053-0
So they're all the little things
that you've kind of seen that

84164701-1076-43c2-bb08-b3204c36fce5/2053-1
the buying habits of a of a
customer and the dealer and how

84164701-1076-43c2-bb08-b3204c36fce5/2053-2
the dealer interacts with the
customer.

84164701-1076-43c2-bb08-b3204c36fce5/2059-0
The interesting thing will be I
think.

84164701-1076-43c2-bb08-b3204c36fce5/2089-0
As 2024 results start seeping
through into 2025 and the

84164701-1076-43c2-bb08-b3204c36fce5/2089-1
finance houses, it'll really
start seeing who's really a true

84164701-1076-43c2-bb08-b3204c36fce5/2089-2
asset finance provider or who's
a balance sheet lender.

84164701-1076-43c2-bb08-b3204c36fce5/2118-0
That's they'll start looking at
the, you know, debt equity

84164701-1076-43c2-bb08-b3204c36fce5/2118-1
levels and can they have a
repayment capacity sustainable,

84164701-1076-43c2-bb08-b3204c36fce5/2118-2
but the contracts aren't
changing.

84164701-1076-43c2-bb08-b3204c36fce5/2123-0
Profitability might have
changed, but that will come back

84164701-1076-43c2-bb08-b3204c36fce5/2123-1
again.

84164701-1076-43c2-bb08-b3204c36fce5/2132-0
So there's a whole there's a
whole mix out there, Tony.

84164701-1076-43c2-bb08-b3204c36fce5/2140-0
It's that's what makes this
this.

84164701-1076-43c2-bb08-b3204c36fce5/2153-0
That's what makes this so
exciting, and what makes it so

84164701-1076-43c2-bb08-b3204c36fce5/2153-1
enjoyable.

84164701-1076-43c2-bb08-b3204c36fce5/2155-0
You know, there's no two days
are the same.

84164701-1076-43c2-bb08-b3204c36fce5/2163-0
No2 no, two applications are the
same.

84164701-1076-43c2-bb08-b3204c36fce5/2166-0
It's, you know, it's fun.

84164701-1076-43c2-bb08-b3204c36fce5/2200-0
Answer No, it definitely sounds
always so interesting. Every

84164701-1076-43c2-bb08-b3204c36fce5/2200-1
time I talk with, you know,
either side of the the dealer

84164701-1076-43c2-bb08-b3204c36fce5/2200-2
side of the aisle, the London
side of the aisle, so much

84164701-1076-43c2-bb08-b3204c36fce5/2200-3
what's happening in the
marketplace is so many things

84164701-1076-43c2-bb08-b3204c36fce5/2200-4
going on and it part of it is.

84164701-1076-43c2-bb08-b3204c36fce5/2221-0
The people who are finding kind
of the most successful ones who

84164701-1076-43c2-bb08-b3204c36fce5/2221-1
are actually having fun with
this versus maybe the ones who

84164701-1076-43c2-bb08-b3204c36fce5/2221-2
are always in in panic mode.

84164701-1076-43c2-bb08-b3204c36fce5/2226-0
Look, I I I think.

84164701-1076-43c2-bb08-b3204c36fce5/2234-0
You're you're right.

84164701-1076-43c2-bb08-b3204c36fce5/2246-0
But then there comes dealing
with the experienced dealers and

84164701-1076-43c2-bb08-b3204c36fce5/2246-1
the expect.

84164701-1076-43c2-bb08-b3204c36fce5/2254-0
You know, once again I look most
of our dealers are dealers for

84164701-1076-43c2-bb08-b3204c36fce5/2254-1
20-30 years.

84164701-1076-43c2-bb08-b3204c36fce5/2270-0
You know, if you think about the
last take, the last 30 years,

84164701-1076-43c2-bb08-b3204c36fce5/2270-1
we've been through a global
pandemic.

84164701-1076-43c2-bb08-b3204c36fce5/2276-0
A world recession.

84164701-1076-43c2-bb08-b3204c36fce5/2280-0
Another world recession wars.

84164701-1076-43c2-bb08-b3204c36fce5/2288-0
I mean, there's not much we
haven't kind of seen or lived

84164701-1076-43c2-bb08-b3204c36fce5/2288-1
through.

84164701-1076-43c2-bb08-b3204c36fce5/2291-0
I think I've been through.

84164701-1076-43c2-bb08-b3204c36fce5/2296-0
I think about four or five
recessions.

84164701-1076-43c2-bb08-b3204c36fce5/2300-0
You know.

84164701-1076-43c2-bb08-b3204c36fce5/2315-0
It's it's understanding to keep
a nerve, which is what we say to

84164701-1076-43c2-bb08-b3204c36fce5/2315-1
people and people have problems.

84164701-1076-43c2-bb08-b3204c36fce5/2332-0
Don't. I'm not trivializing. I'm
not saying that they don't. Of

84164701-1076-43c2-bb08-b3204c36fce5/2332-1
course, to do everybody has a
problem, but it's not the

84164701-1076-43c2-bb08-b3204c36fce5/2332-2
problem.

84164701-1076-43c2-bb08-b3204c36fce5/2347-0
It's how you actually react to
the problem and how you work

84164701-1076-43c2-bb08-b3204c36fce5/2347-1
with your, your customer or your
dealer to make sure that.

84164701-1076-43c2-bb08-b3204c36fce5/2385-0
It's resolvable because
everything's resolvable if we

84164701-1076-43c2-bb08-b3204c36fce5/2385-1
all stay calm. It's the people
that panic, or people that lie

84164701-1076-43c2-bb08-b3204c36fce5/2385-2
or don't fulfill their their
obligations. But you know that I

84164701-1076-43c2-bb08-b3204c36fce5/2385-3
think that's what. That's what
it comes down to.

84164701-1076-43c2-bb08-b3204c36fce5/2405-0
It's having that bit of
experience and that's where

84164701-1076-43c2-bb08-b3204c36fce5/2405-1
Turks are possibly quite good is
that they have that diverse

84164701-1076-43c2-bb08-b3204c36fce5/2405-2
capability of people in place
all over our business.

84164701-1076-43c2-bb08-b3204c36fce5/2407-0
Which?

84164701-1076-43c2-bb08-b3204c36fce5/2423-0
You know, we've seen it done. It
written a book rewriting the

84164701-1076-43c2-bb08-b3204c36fce5/2423-1
book and coming back again to
write it again.

84164701-1076-43c2-bb08-b3204c36fce5/2430-0
So, you know, yeah. Interesting
is the way I.

84164701-1076-43c2-bb08-b3204c36fce5/2434-0
Fantastic, right?

84164701-1076-43c2-bb08-b3204c36fce5/2456-0
There's one other thing I wanna
touch on before we kind of have

84164701-1076-43c2-bb08-b3204c36fce5/2456-1
some wrap up style questions.
The the utilization of

84164701-1076-43c2-bb08-b3204c36fce5/2456-2
technology in equipment finance,
it is ever changing.

84164701-1076-43c2-bb08-b3204c36fce5/2490-0
It is all these innovation. Some
people are trying to reinvent

84164701-1076-43c2-bb08-b3204c36fce5/2490-1
the reinvention of the wheel,
and some people are sort of

84164701-1076-43c2-bb08-b3204c36fce5/2490-2
finding that that balance. And
so from from where you sit,

84164701-1076-43c2-bb08-b3204c36fce5/2490-3
where are you guys approaching
and how are you guys approaching

84164701-1076-43c2-bb08-b3204c36fce5/2490-4
it?

84164701-1076-43c2-bb08-b3204c36fce5/2500-0
What? What advice would you
share as far as the technology

84164701-1076-43c2-bb08-b3204c36fce5/2500-1
side of things?

84164701-1076-43c2-bb08-b3204c36fce5/2502-0
I would say.

84164701-1076-43c2-bb08-b3204c36fce5/2525-0
That's a very loaded question
because we, as I said, don't

84164701-1076-43c2-bb08-b3204c36fce5/2510-0
No.

84164701-1076-43c2-bb08-b3204c36fce5/2525-1
have a non book capability.

84164701-1076-43c2-bb08-b3204c36fce5/2531-0
So we we are relying on 3rd
party funders, right?

84164701-1076-43c2-bb08-b3204c36fce5/2524-0
Yeah.

84164701-1076-43c2-bb08-b3204c36fce5/2564-0
Technology from the point of
view of fast application, fast

84164701-1076-43c2-bb08-b3204c36fce5/2564-1
decision making. If you look at
the online tools and the online

84164701-1076-43c2-bb08-b3204c36fce5/2564-2
capability, some funders have a
better online capability which

84164701-1076-43c2-bb08-b3204c36fce5/2564-3
make it easier to do business.

84164701-1076-43c2-bb08-b3204c36fce5/2584-0
If you don't extrapolate that
out into, you know, power by the

84164701-1076-43c2-bb08-b3204c36fce5/2584-1
hour, you know I'm listening to
power by the hour for the last

84164701-1076-43c2-bb08-b3204c36fce5/2584-2
15 years.

84164701-1076-43c2-bb08-b3204c36fce5/2593-0
I am still waiting for somebody
to actually come up with a

84164701-1076-43c2-bb08-b3204c36fce5/2593-1
methodology.

84164701-1076-43c2-bb08-b3204c36fce5/2602-0
That allows us to calculate it
effectively.

84164701-1076-43c2-bb08-b3204c36fce5/2622-0
Now there's going to be loads of
people saying, oh, we can, we

84164701-1076-43c2-bb08-b3204c36fce5/2622-1
can. But when it breaks down,
you kind of find they're doing

84164701-1076-43c2-bb08-b3204c36fce5/2622-2
an appeal basis.

84164701-1076-43c2-bb08-b3204c36fce5/2634-0
There's no effective way of
doing it now. If there is

84164701-1076-43c2-bb08-b3204c36fce5/2634-1
anything out there listening,
then they are.

84164701-1076-43c2-bb08-b3204c36fce5/2659-0
Please reach out because I'm
always interested in learning,

84164701-1076-43c2-bb08-b3204c36fce5/2659-1
but that's my experience is that
there's a lot of innovation that

84164701-1076-43c2-bb08-b3204c36fce5/2659-2
we talk about, but which is when
it gets down to, it's not really

84164701-1076-43c2-bb08-b3204c36fce5/2659-3
tangible now.

84164701-1076-43c2-bb08-b3204c36fce5/2670-0
The flip side of that is
telematics.

84164701-1076-43c2-bb08-b3204c36fce5/2691-0
Is it an opportunity for funders
and banks to work with the end

84164701-1076-43c2-bb08-b3204c36fce5/2691-1
user customers to maximize that
sort of offer?

84164701-1076-43c2-bb08-b3204c36fce5/2706-0
But I don't think anybody's ever
actually knitted it together and

84164701-1076-43c2-bb08-b3204c36fce5/2706-1
come up with a real, tangible
solution.

84164701-1076-43c2-bb08-b3204c36fce5/2714-0
And I'm going back to my
forklift days.

84164701-1076-43c2-bb08-b3204c36fce5/2725-0
I mean, you know that when I
when I moved over here was with

84164701-1076-43c2-bb08-b3204c36fce5/2725-1
a forklift provider.

84164701-1076-43c2-bb08-b3204c36fce5/2739-0
Or manufacturer and you know
that was the one of the big

84164701-1076-43c2-bb08-b3204c36fce5/2739-1
things. Can we do this? Parabi?
Aaron, it's not feasible.

84164701-1076-43c2-bb08-b3204c36fce5/2747-0
Because it's a fixed term
contract, isn't it?

84164701-1076-43c2-bb08-b3204c36fce5/2761-0
And to be able to do it you have
to do everything manually and

84164701-1076-43c2-bb08-b3204c36fce5/2761-1
you have to calculate it
manually.

84164701-1076-43c2-bb08-b3204c36fce5/2770-0
But I think Telematics has
changed. If you can find that

84164701-1076-43c2-bb08-b3204c36fce5/2770-1
system.

84164701-1076-43c2-bb08-b3204c36fce5/2782-0
So I am asking the community out
there. I'm I'm open to.

84164701-1076-43c2-bb08-b3204c36fce5/2798-0
I'm open to somebody picking up
the phone and going Declan, we

84164701-1076-43c2-bb08-b3204c36fce5/2798-1
have that solution tailor made
ready to go.

84164701-1076-43c2-bb08-b3204c36fce5/2802-0
We'll be we'd be more than happy
to listen.

84164701-1076-43c2-bb08-b3204c36fce5/2842-0
Fascinating as someone who's
been in the the industry as as

84164701-1076-43c2-bb08-b3204c36fce5/2842-1
long as you have that there's,
there's still these core issues

84164701-1076-43c2-bb08-b3204c36fce5/2842-2
that you know have existed for
years and they're still here.

84164701-1076-43c2-bb08-b3204c36fce5/2842-3
And it's as soon as someone can
figure out the the right recipe.

84164701-1076-43c2-bb08-b3204c36fce5/2842-4
Right. It's suddenly a.

84164701-1076-43c2-bb08-b3204c36fce5/2847-0
The Great Leap forward starts
again.

84164701-1076-43c2-bb08-b3204c36fce5/2852-0
I.

84164701-1076-43c2-bb08-b3204c36fce5/2859-0
I yes, I don't let this face
fool you.

84164701-1076-43c2-bb08-b3204c36fce5/2867-0
We we always play a game of how
old I am.

84164701-1076-43c2-bb08-b3204c36fce5/2870-0
I'm actually in this industry
for a long time.

84164701-1076-43c2-bb08-b3204c36fce5/2885-0
Alright. Well, with all that in
mind, I just you know some some

84164701-1076-43c2-bb08-b3204c36fce5/2885-1
wrap up style questions.

84164701-1076-43c2-bb08-b3204c36fce5/2903-0
You know, you talked about this
quite a bit, but as we kind of

84164701-1076-43c2-bb08-b3204c36fce5/2903-1
get into the rest of this year,
what are your expectations for

84164701-1076-43c2-bb08-b3204c36fce5/2903-2
the market?

84164701-1076-43c2-bb08-b3204c36fce5/2916-0
How you know, can you share
about expectations for for

84164701-1076-43c2-bb08-b3204c36fce5/2916-1
obviously for what you guys are
are doing?

84164701-1076-43c2-bb08-b3204c36fce5/2934-0
I I think you know globally our
expectation is that we are going

84164701-1076-43c2-bb08-b3204c36fce5/2934-1
to continue to work hard with
our dealers.

84164701-1076-43c2-bb08-b3204c36fce5/2954-0
We're going to continue to get
into the situation whereby we

84164701-1076-43c2-bb08-b3204c36fce5/2954-1
have the dealer's fleets right
sized.

84164701-1076-43c2-bb08-b3204c36fce5/2989-0
We're going to then put the
right facilities in place for

84164701-1076-43c2-bb08-b3204c36fce5/2989-1
the dealers to grow their
business effectively because I

84164701-1076-43c2-bb08-b3204c36fce5/2989-2
think that that's I keep on
saying that it's everybody was

84164701-1076-43c2-bb08-b3204c36fce5/2989-3
panicking. All businesses,
businesses possibly just come

84164701-1076-43c2-bb08-b3204c36fce5/2989-4
back to, if you go back to pre
pandemic levels of 20.

84164701-1076-43c2-bb08-b3204c36fce5/2991-0
19.

84164701-1076-43c2-bb08-b3204c36fce5/3002-0
Or possibly where we should be
really at.

84164701-1076-43c2-bb08-b3204c36fce5/3019-0
So I I'm I'm kind of seeing that
that our dealers are really well

84164701-1076-43c2-bb08-b3204c36fce5/3019-1
equipped.

84164701-1076-43c2-bb08-b3204c36fce5/3021-0
We have really good dealers.

84164701-1076-43c2-bb08-b3204c36fce5/3037-0
Good dealers are the the
cornerstone of what we do, I

84164701-1076-43c2-bb08-b3204c36fce5/3037-1
given said.

84164701-1076-43c2-bb08-b3204c36fce5/3041-0
America is our benchmark.

84164701-1076-43c2-bb08-b3204c36fce5/3049-0
The rest of the world, we have
excellent dealers as well.

84164701-1076-43c2-bb08-b3204c36fce5/3074-0
Some guys have been with us. You
know, the dealer who partly

84164701-1076-43c2-bb08-b3204c36fce5/3074-1
dealer in Ireland is with us
over 30 years. You know, he he's

84164701-1076-43c2-bb08-b3204c36fce5/3074-2
forgotten more than I'll ever
remember.

84164701-1076-43c2-bb08-b3204c36fce5/3096-0
You know, and having dealers
like that, but he's still always

84164701-1076-43c2-bb08-b3204c36fce5/3096-1
open to innovation and kind of
doing things differently.

84164701-1076-43c2-bb08-b3204c36fce5/3101-0
So he developed a rental fee.

84164701-1076-43c2-bb08-b3204c36fce5/3132-0
Now somebody had said to me
he'll develop a rental fee when

84164701-1076-43c2-bb08-b3204c36fce5/3132-1
I start and he'd be kind of no,
because I'm only interested in

84164701-1076-43c2-bb08-b3204c36fce5/3132-2
seven. But it's that kind of
ability to change and diversify,

84164701-1076-43c2-bb08-b3204c36fce5/3132-3
I think, which is going to make
us stronger and more successful.

84164701-1076-43c2-bb08-b3204c36fce5/3153-0
In the market and I think that
that's the cornerstone of what

84164701-1076-43c2-bb08-b3204c36fce5/3153-1
we're always looking at is how
do we improve, how do we, how do

84164701-1076-43c2-bb08-b3204c36fce5/3153-2
we make what we do better.

84164701-1076-43c2-bb08-b3204c36fce5/3172-0
You know, I used this analogy
called webel, which is where

84164701-1076-43c2-bb08-b3204c36fce5/3172-1
your worse, equal, better or
unique than the competition.

84164701-1076-43c2-bb08-b3204c36fce5/3176-0
And we're always kind of
applying it, you know.

84164701-1076-43c2-bb08-b3204c36fce5/3201-0
The team I have are vastly
experienced professionals and

84164701-1076-43c2-bb08-b3204c36fce5/3201-1
always thinking about how do we
change things and how do we help

84164701-1076-43c2-bb08-b3204c36fce5/3201-2
the dealer. I might agree with
everything, but you know what?

84164701-1076-43c2-bb08-b3204c36fce5/3205-0
At least there's good
interaction.

84164701-1076-43c2-bb08-b3204c36fce5/3208-0
There's good discussions.

84164701-1076-43c2-bb08-b3204c36fce5/3214-0
That you know that makes a ton
of sense.

84164701-1076-43c2-bb08-b3204c36fce5/3220-0
Yeah, it's much easier than it
is.

84164701-1076-43c2-bb08-b3204c36fce5/3260-0
I know when I came into this
industry a little preconceived

84164701-1076-43c2-bb08-b3204c36fce5/3260-1
notion of maybe a little more
Stone Age than some of the other

84164701-1076-43c2-bb08-b3204c36fce5/3260-2
parts, but the more I interact
with people, the equipment

84164701-1076-43c2-bb08-b3204c36fce5/3260-3
industry, there's so many people
who want to move forward.

84164701-1076-43c2-bb08-b3204c36fce5/3278-0
Even people you think would be
traditionalists, they're coming

84164701-1076-43c2-bb08-b3204c36fce5/3278-1
up with these new ideas and
trying to push the industry on

84164701-1076-43c2-bb08-b3204c36fce5/3278-2
the dealer and lending side.

84164701-1076-43c2-bb08-b3204c36fce5/3280-0
Yeah.

84164701-1076-43c2-bb08-b3204c36fce5/3310-0
Alright. And lastly, as we're up
with this podcast, is there

84164701-1076-43c2-bb08-b3204c36fce5/3310-1
anything else you think readers
of equipment, finance, news or

84164701-1076-43c2-bb08-b3204c36fce5/3310-2
listeners of the The Dig podcast
should know about what you guys

84164701-1076-43c2-bb08-b3204c36fce5/3310-3
are doing at at Terex Financial
Services or?

84164701-1076-43c2-bb08-b3204c36fce5/3318-0
The state of the market as we we
go through.

84164701-1076-43c2-bb08-b3204c36fce5/3355-0
Yeah, I I mean, you know what I
will say is that we had tariffs,

84164701-1076-43c2-bb08-b3204c36fce5/3355-1
financing services are here to
look at helping our dealers and

84164701-1076-43c2-bb08-b3204c36fce5/3355-2
our end user customers grow and
develop their businesses because

84164701-1076-43c2-bb08-b3204c36fce5/3355-3
if they're profitable, guess
what, tariffs will be

84164701-1076-43c2-bb08-b3204c36fce5/3355-4
profitable.

84164701-1076-43c2-bb08-b3204c36fce5/3363-0
And that's the ethos that we
have.

84164701-1076-43c2-bb08-b3204c36fce5/3370-0
You know it's staying focused on
what I would call.

84164701-1076-43c2-bb08-b3204c36fce5/3373-0
Is our core values.

84164701-1076-43c2-bb08-b3204c36fce5/3377-0
And I think if.

84164701-1076-43c2-bb08-b3204c36fce5/3383-0
Have a simple philosophy.

84164701-1076-43c2-bb08-b3204c36fce5/3398-0
You treat people the way you
want to be treated yourself, and

84164701-1076-43c2-bb08-b3204c36fce5/3398-1
I think we apply that to your
business.

84164701-1076-43c2-bb08-b3204c36fce5/3414-0
You're not going to go far
wrong, and one of the things

84164701-1076-43c2-bb08-b3204c36fce5/3414-1
that we see is that is
reciprocated.

84164701-1076-43c2-bb08-b3204c36fce5/3422-0
As I said, we've a really good
relationship with our dealers.

84164701-1076-43c2-bb08-b3204c36fce5/3454-0
We don't always agree. You know,
we do have these conversations

84164701-1076-43c2-bb08-b3204c36fce5/3454-1
back and forth where we have a
perception and data perception.

84164701-1076-43c2-bb08-b3204c36fce5/3454-2
But I think that that's the
common theme that we would have

84164701-1076-43c2-bb08-b3204c36fce5/3454-3
is that.

84164701-1076-43c2-bb08-b3204c36fce5/3463-0
We're always here. We, we're
support. We are.

84164701-1076-43c2-bb08-b3204c36fce5/3469-0
We're support service to the
manufacturing team, to the team

84164701-1076-43c2-bb08-b3204c36fce5/3469-1
that.

84164701-1076-43c2-bb08-b3204c36fce5/3481-0
Actually sell the equipment, but
we're more than the support

84164701-1076-43c2-bb08-b3204c36fce5/3481-1
service.

84164701-1076-43c2-bb08-b3204c36fce5/3503-0
We're seen as that commercial
entity. We're seen as a as that

84164701-1076-43c2-bb08-b3204c36fce5/3503-1
way of helping the dealer
interact and buy more equipment

84164701-1076-43c2-bb08-b3204c36fce5/3503-2
and he does that.

84164701-1076-43c2-bb08-b3204c36fce5/3532-0
He sells more equipment, so you
know that that's kind of where

84164701-1076-43c2-bb08-b3204c36fce5/3532-1
we would see ourselves for 2025.
You know, staying calm, staying

84164701-1076-43c2-bb08-b3204c36fce5/3532-2
steady, supporting the dealers,
supporting the end user.

84164701-1076-43c2-bb08-b3204c36fce5/3545-0
And making the best deal
possible because everybody wants

84164701-1076-43c2-bb08-b3204c36fce5/3545-1
a deal.

84164701-1076-43c2-bb08-b3204c36fce5/3554-0
That's what you're looking to do
is make the best deal and best

84164701-1076-43c2-bb08-b3204c36fce5/3554-1
proposal possible.

84164701-1076-43c2-bb08-b3204c36fce5/3561-0
On the market and that's what we
will pride ourselves on.

84164701-1076-43c2-bb08-b3204c36fce5/3580-0
With all that in mind, fantastic
talking with you and learning so

84164701-1076-43c2-bb08-b3204c36fce5/3580-1
about yourself and what you guys
are doing in the industry and I

84164701-1076-43c2-bb08-b3204c36fce5/3580-2
appreciate your time today.

84164701-1076-43c2-bb08-b3204c36fce5/3586-0
Now, Jenny, it's been great. As
you can tell.

84164701-1076-43c2-bb08-b3204c36fce5/3590-0
I do like to talk, so I'm always
open.

84164701-1076-43c2-bb08-b3204c36fce5/3593-0
Thank you.