TSX:GSY - Post Discussion
Post by
Torontojay on May 31, 2023 9:44am
Did you know…
Back in 2011, David Ingram, the ceo of EasyHome, now Goeasy, had a different vision for the company. It was primarily a furniture rental business for home offices and David recognized a demand for instalment loans. Shortly after, Easyfinancial was born and the shift in company strategy was weighing heavily, albeit not in favour, by the board of directors. Most of them had resigned and did not agree with the move made by the Ceo. David believed the future of the company was in instalment loans not in the furniture rental business. David had the keen insight to recognize that the US competitors; namely, HSBC and Wells Fargo were exiting the Canadian space due to the GFC and the Basel 3 requirements for these banks to hold more capital.
The reason Goeasy is such a strong company because it faces little competition. Goeasy has over a decade in data collection and underwriting which puts them ahead of any incumbents trying to take market share. David was quick to recognize the opportunity and pounced on the strategy change. In hindsight, this move proved to be a pivotal moment in the company's history and a profitable one.
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