If You Know It Or Not, You Need Coface

True Story: We just heard last week of a long-time FEMA member who had been doing business with a major tractor dealer in the southeast for 54 years. For 25 of those years, this dealer was the largest dealer in the U.S. for his tractor franchise. Last week this dealer took Chapter 11 bankruptcy and the member was stuck with $57,000 worth of equipment sitting on the dealer’s lots.

The only indication that the dealer might have been in some trouble was a late pay at the beginning of the year. Unfortunately, little attention was paid to it.

In Phoenix, during the Spring Management Clinic, audience members heard one member state that the reason they didn’t use
FEMA-Endorsed Coface Credit Reporting was that they had done business with most of their dealers and suppliers for a number of years, and they weren’t adding new dealers or suppliers.

Would 54 years be considered a long-term relationship? You can bet your bippy.

Go to the FEMA website, FarmEquip.org, and click on “Endorsed Services.” Then go to “Worldwide Credit Reports” to see just how reasonably priced Coface reports can be for FEMA members.

One or more credit reports is only a drop in the bucket compared by that lost $57,000.