UD Financial Services, as part of Volvo Financial Services, the global captive finance arm of the Volvo Group, has announced the launch of its operation in South Africa.
The division will provide financial services to the customers of the Volvo Group’s truck and bus industry brands, including UD Trucks.
Volvo Financial Services (VFS) was formed in 2001 and is headquartered in Greensboro, North Carolina, USA.
The company manages a net credit portfolio of over SEK 126 billion [ZAR 213,0 billion] employs over 1 400 people worldwide, and provides customer financing in over 45 countries. VFS also has regional headquarters offices in Singapore in Southeast Asia, and in Gothenburg, Sweden.
“While we are a global organisation, we will leverage our local expertise to ensure our South African customers’ unique business requirements are addressed through a tailored, competitive solution,” said Scott Rafkin, President of VFS. “We deliver value to customers by being easy to do business with, through our speed and industry knowledge, and by working hard to develop a long-term relationship with them throughout the business cycles.”
Gert Swanepoel, Managing Director of UD Trucks Southern Africa, said that with the launch of VFS, the company’s dealers will now be able to offer a complete integrated transport solution from product, service and parts, to captive financial services.
“VFS are experts in business, finance, and as part of the same company, experts in the products and services offered by UD Trucks,” said Swanepoel.
VFS will also continue its alliance with WesBank, a division of First Rand Bank Ltd, with financial products that complement each other, to further strengthen the company’s offering of Operating Lease Agreements, Instalment Sales Agreements and Finance Leases to customers.
“The South African truck market is an extremely competitive environment and we therefore see a great opportunity for VFS as a captive financial solution provider to present our customers with a customisable transport solution,” said Jens Winkelmann, Country Manager for VFS in South Africa. “By combining all the expertise inherent in the company; from our class-leading products to the level of support provided, our customers will ultimately reap the rewards of a successful business. And that is our main goal,” concluded Winkelmann.