Super Cat Converters bucks the banks for better service
While the catalyst to Wayne Chiert starting his automotive supplies business, Super Cat Converters, was an accidental meeting with an American man and his sausage dog, the secret to keeping it running has much less to do with chance.
Super Cat Converters has been using the Marketlend platform since 2017. Wayne says the combination of flexible finance, not needing to sacrifice his house to secure a loan, and working with real people has given him the freedom and support he needs to grow his business.
When Wayne started his business, it was very different to what it is today.
“It’s funny, I didn’t expect to go down this path. A company in the USA approached us to recycle girders. We gave it a go and it really worked out.
“Today, we’re an automotive wholesaler as well as a recycler”, Wayne says. “We offer customers a one-stop service, so they can get everything quickly and efficiently with the service to back it up.”
Wayne is an accountant by trade, and the story of Super Cat Converters’ genesis is probably different to other catalytic converter wholesalers.
“I went to the US to buy a machine and met a very old guy driving a pick-up truck with a sausage dog in the back.
“He said ‘You’re a young man, I’d like to help you out. Here’s a catalog for a major US company, maybe you should give them a call.’ I called them, and they didn’t have any distribution in Australia. That company, Magnaflow, is now our biggest supplier.”
Bucking the banks
Two decades on and the business had expanded into five states with a long list of international clients. During a property sale, Wayne was looking for additional finance but was staring down lengthy delays from the banks.
“We had a property to sell with a long term settlement. We had gone to the banks to ask for a bit of the financing but were looking for alternatives, and we got recommended Marketlend.
“When I first spoke to Leo I said ‘I’ve got a property to sell, I might need a loan to help me out’. Leo went through how Marketlend works and I thought I’d give it a go.
“We met for a few coffees and started with an unsecured $100,000 facility. It’s not like a bank where they just provide you a loan. With Marketlend, they understand your business. You do a video interview that goes on the website, and suddenly you get investors putting bids on your listing. Before you know it, you hit the threshold, you’ve got your loan, settlement’s done and the funds are in your account.”
Wayne says the speed and flexibility of Marketlend made it hard to imagine going back to the banks.
“I think the banks might’ve taken three or four months to do what Marketlend did in two weeks.
“When a bank lends money, they want some kind of property security. With Marketlend, there’s nothing like that. There’s no caveats, so you can have all your properties unencumbered which is a really good thing.”
Dealing with real people
Wayne says that the best thing about Marketlend was, unlike the banks, the Marketlend team took the time understand both him and his business.
“It’s the people you’re dealing with, like Leo and Jeff. You call them on their mobiles, and they’re always available for you. They call you back. If you want to discuss a deal or ask something, the accessibility is incredible.
“It’s so much nicer not dealing with these big scary banks, and instead dealing with people that you know, trust, and have a relationship with.”