Commercial Factor Q&A: Kim Kringen Discusses Coeur Capital’s Newest Factoring Division

In September 2020, Coeur Capital launched a transportation financing division, CCT Factoring, with Kim Kringen brought on to lead the new division as president and managing director. In an exclusive Q&A with Commercial Factor, Kringen discussed the genesis of the new division, the opportunities in the factoring market, her goals for the business and more.  

How did you get involved with launching this new division for Coeur Capital?

Kim Kringen: I have known the Coeur Capital gentlemen (Bud Crawford and Brendan Dete) since 2016. The factor that I was with at the time acquired their portfolio, and we had stayed in contact since then. I was thinking of making a move and the first people I thought of reaching out to were Bud and Brendan. We had discussions about a transportation factoring division and it came together rather quickly. The basic foundation already existed as far as technology and lead sources were concerned, so it was just a matter of adding a few more transportation-related pieces of technology and we were up and running.

Why do you think you are the right person to lead this division?

Kringen: I have had experience in building transportation factoring portfolios from the ground up. I have been fortunate throughout my 20 plus years of serving this industry to build countless relationships with other factors and various lead sources. My knowledge of the transportation industry, a "no nonsense" sales approach and dedication to excellent client service allows me to lead the division and grow the client base "one truck at a time.” I truly enjoy my work each and every day and there seem to be no "dull moments" when it comes to serving transportation.

What opportunities did Coeur Capital see in the market that made it want to launch this division?

Kringen: Entering the transportation factoring market is somewhat challenging because there are many of us out there and rate pressure continues to be a force to reckon with, but we recognize a strong demand from startup trucking companies and smaller fleets, who represent the vast amount of market share. These are the businesses that we primarily focus on. The opportunities for growth are always there, it is just a matter of selling and delivering superior client service.

What are your goals for the first few months of the division and how are you hoping to accomplish them?

Kringen: We have been in operation since September and have seen steady growth from month to month. CCT has realistic goals for expansion and adequate resources to support any size portfolio that we wish to attain. The transportation industry is quite healthy now with better freight rates and available loads. These conditions have allowed us to build a portfolio that consists of honest, hardworking carriers who only want a simple program and attentive care. We operate under the premise that if our clients are successful and happy, we will be as well.