Volkswagen Pon Financial Services turned to Sofico and its Miles system on the strength of a long-standing business relationship and began an implementation project, code-named ‘FIRE’; (Finance Insurance Retail), initially for the retail portfolio of its third party, white label proposition, Autocash.
The system went live at the end of November 2015. Due to its success, Volkswagen Pon Financial Services now plans to roll out the Miles system to its other brands and their dealers, in conjunction with a new insurance product, by the end of September.
Marc Overgoor, Director Operations at Volkswagen Pon Financial Services, said: “Miles has enabled us to do more business with the same number of people, and we now have the Miles system fully integrated with no need for manual intervention whatsoever.
“This has improved our authorization and approval times. We now have straight-through processing with no or little manual intervention required.
“The automation of the credit scoring process through Miles means we can go back to the intermediary, such as the broker, far more quickly and close more deals as a result. All applications are handled completely digitally with automated and authorized workflows.
“The initial phase of the project has been a resounding success. We already believed in Miles as a fleet product but now we have proved categorically that it can be a perfect retail product as well.”
Ghent, Belgium-based Sofico, which provides software and consultancy to the automotive finance, leasing, fleet and mobility industry, first launched Miles 11 years ago and reached a new milestone recently with the completion of its 30th Miles implementation project.
In that time, Miles’ scope broadened from leasing and fleet management to include retail and mobility management, in response to a changing corporate automotive market.
The latest developments make Miles the first true hybrid fleet/retail contract management software system capable of meeting the needs of captives and leasing companies, in a market where the traditional boundaries between retail and fleet are increasingly blurring.
Gémar Hompes, Sofico Managing Director, said: “Obviously, we are delighted to add Volkswagen Pon Financial Services to the growing international customer base for Miles, which is now responsible for the management of more than 1.25m vehicle contracts in 18 countries around the world.
“We believe Miles offers a unique solution in managing a mixed retail/fleet portfolio, and as such it perfectly meets the needs of Volkswagen Pon Financial Services and its customers.
“Following the success of the project in the Netherlands, we fully expect the roll out of Miles across other parts of the international organization with the ultimate harmonization of systems on both the retail and fleet sides of the Volkswagen business,” he said.