• Small-ticket leasing specialist opens second US location in Chicago after its Phoenix location
  • grenke CEO Dr Hirsch: “We are capitalizing on a multi-billion-dollar US market niche”
  • Target group includes German companies with local financing needs

 

Baden-Baden/Chicago, September 27, 2024: grenke AG, a global financing partner for small and medium-sized enterprises (SMEs), has opened its second location in the United States. From this new location, established in Chicago, Illinois, the Company will serve the entire Central, North & South East region. grenke has already been making inroads into the western US from its first US location in Phoenix, Arizona, established in 2019. The US market represents the largest leasing market worldwide. 

“There is an enormous potential in the US market, featuring over 30 million small and medium-sized companies, which is greater than the number in all of Europe. Through our specialized small-ticket offers, we are now taking the next step to tap into a market niche worth several billion US dollars per year. We therefore expect the US to be a key driver of our long-term sustainable organic growth and to become one of our most important core markets,” emphasises CEO Dr Sebastian Hirsch. This year’s target is to generate new business in the mid-single-digit million euro range. grenke’s CEO expects the potential growth rates in the US to be well above average for at least the next ten years. The goal during this period is for North America to become one of the top countries within the grenke Group, generating new business in the triple-digit millions each year.

As a specialist for small-ticket leasing, grenke’s contract volumes range up to EUR 50,000, with an average volume of under EUR 9,000. grenke finances a wide range of objects - from computers and IT infrastructure to medical equipment. It is seeing particularly strong growth in the demand for products related to the green economy transition, such as eBikes and charging infrastructure. grenke currently serves approximately 670,000 customers in 31 countries. grenke’s total portfolio comprises more than one million lease contracts covering an object volume of EUR 9.4 billion. More than 36,000 resellers work together with grenke worldwide.

Lease financing offers companies clear advantages over other forms of financing. Above all, leasing helps preserve liquidity, which can be strategically significant and especially beneficial in challenging economic conditions. Leasing and rental models also feature “all-inclusive packages” with added services such as maintenance and integrated support. Fast, uncomplicated, and customer-focused are grenke’s service promises, as the number one in small-ticket leasing in Europe and a leading financing partner for small and medium-sized companies.

Jürgen Eichinger, Managing Director of the new Chicago location, says: “Office equipment and IT equipment are the most important categories in the US, but we also finance a wide range of other objects, including all the equipment needed for the hospitality industry and point-of-sale systems. Additionally, we are placing a strong emphasis on the medical technology and green technology sectors. There is significant interest in our offers. The conversations we’ve had over the past few months at trade shows in several states reaffirm our focus.”

Thomas Sauerteig, a grenke pioneer in the USA and Managing Director of the Phoenix location, adds: “The coronavirus pandemic unfortunately slowed our progress slightly over the past three years, but we are now continuing our breakthrough in the US market. The ongoing investment needs of SMEs - especially in areas like digitalization and the green economy - present significant growth opportunities for leasing offers in the rapidly expanding US economy. We provide US-based specialist resellers attractive financing models that allow their customers to realise investments quickly and easily.”