Customer story
Eagle Crusher: 45–50 Minutes Saved on Every Equipment Finance Deal
Chapters
Transcript
What Shawn Jury said on camera, by chapter. Captions are lightly corrected for product and company names.
Full transcript
Hire a processor, or add AI?
Kaaj has helped Eagle Crusher. We were looking for adding possibly another person, a processor, or maybe two people actually. However, we didn't want to make that move right away. We want to get the right person. And while we were looking for that, this opportunity came about for Kaaj and the AI. And so I started talking to the team there, and it was a very good conversation. It took probably six months for us to get through. We're a very small finance department, but we do quite a bit of business. We do vendor business and broker business, so we're kind of a quasi. So we have a lot of customers, been around a very long time. Our company has been around over 100 years. So it was a next step for us was either to add a person or add some kind of tools that would enable us to get work done quicker. And this definitely met the bill for
45–50 minutes saved per deal
Kaaj has probably saved us on a deal write up and things that we do regarding just even our app only when we have to put it all together and get it in. It's probably saved us close to 45 or 50 minutes a deal. Add into the fact that it'll spread financial statements and go through the bank statements in a matter of minutes. We have everything back to us once we submit it within five minutes. So it's really increased our time to get the deal ready for our banks and in closing down that closing time.
Comps, credit, and online research
Yeah, there was some requirements that we had for the project and I kind of talked that through with your team. And it was kind of how we do things and how we set things up and whether we could do fair market value analysis on equipment and get comps for equipment to also pull credit bureaus and have that ability to be able to just do the online research instead of us having to click and go through all the sites, getting all the positive, negative, good press, bad press, the SAFERs, the secretary of states, all that stuff. So we didn't have to actually pull that now. It actually gets all pulled by Kaaj and it makes, like I say, it reduces the amount of time it takes us to review the deal and to actually get the deal ready for the banks to take a look
Bank and financial statement analysis
The spreadsheet analysis, like the bank statement analysis and the financial statement analysis, which usually took us hours to do, is in a matter of minutes. Like I said, that's just on full financials deals. That takes us literally no time at all to review them. We still have to go through and look at them, of course, but it reduces an hour to two hours worth of work on that and on full financial deals. Regarding the write-ups, it saves, again, so much time that we can go out and get other business and not have to add another person to the overhead.
What he tells other lenders
I would say that Kaaj is very customer service oriented. They want your business to succeed and they'll do anything they can to help you do that. The technology and all of the tools that they have put into the analysis for us is exactly what we need. And if we need something else, they add
One extra deal a month pays for it
Look at this kind of the cost versus the benefit, right? And the thing of it is, we basically have to close one more deal a month to make this work. Just one extra deal a month and we've done more than
