Since its launch early last year (2008), GoGetta- a division of Silver Chef , has provided flexible funding solutions for companies Australia-wide that need equipment ranging from small skid steers to heavy haulage trucks and excavators.
Managing director Allan English said GoGetta’s Rent-Try-Buy system enabled businesses to free up working capital rather than spend it on depreciating assets.
With access to equipment becoming more important than ever, renting is a solution that offers flexibility and helps businesses preserve valuable capital so it can be injected into other important areas of the business and ultimately aid growth.
The mining and construction industries had embraced the flexible finance concept, with funds provided for equipment used on such projects as the Gateway Bridge Upgrade Project. Mining and construction companies liked the flexible finance system because it gives them access to up-to-date equipment.
In the face of current market conditions, companies are seeking finance options that allowed them to access the newest equipment so they could complete projects competitively and with certainty. Many contractors only work on projects for six to 12 months and don’t want to outlay hard-earned capital on equipment that has an expiry date.
Until GoGetta was launched, the most common way of procuring the equipment was hiring, which is expensive and doesn’t always give access to new equipment. Under GoGetta’s Rent-Try-Buy system, businesses can return equipment at the end of their 12 month contract or receive a 75 percent rental rebate if they decide to buy.
GoGetta is a division of Brisbane-based company Silver Chef, which has financed hospitality equipment for more than 20 years. In December 2008, it entered a joint venture with JCB Construction Equipment Australia to provide financial solutions across their national network of offices.
Silver Chef, which listed last year on the Australian Securities Exchange, is capitalised at $20 million and since its inception has provided finance solutions for more than 25,000 businesses.