AlphaCredit has a market-leading position in the Belgian consumer finance market, while some 35% of its business comes through point-of-sale retail car finance to dealers and white-labelled finance products to manufacturer-owned finance houses and leasing companies.
However, AlphaCredit wanted to find other routes to market and offer finance leasing and associated products to the smaller end of the corporate market – typically businesses with five cars or less - as it looked to diversify its product offering and spread its risk.
In April last year, AlphaCredit secured the green light for investment from its head office. This began a tender process to find a fleet software supplier with an IT solution capable of supporting a new start-up of business-specific finance products and services.
An RFI (Request for Information) helped identify the key suppliers and, from that, a shortlist of three was drawn up. AlphaCredit then issued an RFP (Request for Proposal) from which it clearly identified Sofico as the most suitable partner.
The Implementation of Miles began in February this year and was completed on time, just four months later, on July 1.
The speed of the process was helped significantly by Miles’ pre-configured Reference Implementation set-up, which reduces the implementation time required significantly as it is based on common processes in the leasing and finance industry.
Miles is also highly configurable which allows it to be adjusted to meet the customer’s exact requirements and to provide optimal support of their individual processes.
Sofico’s consultants, in close co-operation with AlphaCredit’s IT team, were able to effect a very rapid implementation of the system, as well as quickly turning around any modifications that the company requested.
Within a short space of time, AlphaCredit was able to offer dealers, captive finance houses and leasing companies a number of finance leasing products and wrap-around services for business customers that it was unable to do before.
AlphaCredit Sales Director, Gaëtan Vercruysse, said:” We had a very good relationship and rapport with Sofico from the start of the project. The geographical proximity also helped with the speed of implementation.
“While we did not require all the functionality that Miles offers, we were able to tweak the system to meet our needs. It undoubtedly helped that, as a new startup, we did not have a portfolio of customers to migrate over to the new system.
“Working closely with Sofico allowed us to meet our objectives on time, and there are a number of other markets we have identified that we are looking at working with them in the future.
“Our challenge now is to build the same high quality reputation in the corporate and business finance market that we currently enjoy within the consumer credit market. We believe Miles is the right solution to help achieve that,” he added.
Gémar Hompes, Managing Director of Sofico, said: “Naturally, we are delighted to welcome AlphaCredit to our European customer portfolio.
“This was another very short implementation project, something which we are becoming particularly adept at, and represented a great team effort by both parties.
“AlphaCredit is now able to meet its objective of offering finance lease and related products to the small business community and we wish them every success in their new activity.”