Volvo Financial Services launched in South Africa

Volvo Financial Services, the global captive finance arm of the Volvo Group has announced the launch of its operation in South Africa through the newly established Volvo Financial Services Southern Africa.

Scott Rafkin, president of Volvo Financial Services.

Volvo Financial Services will provide financial services to the customers of the Volvo Group’s truck and bus industry brands currently operating as part of Volvo Group Southern Africa, including UD Trucks, Volvo Bus, Volvo Trucks, and Volvo CE.

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, VFS leverages our local expertise to ensure our South African customers’ unique business requirements are addressed through a tailored, competitive solution,’ says Scott Rafkin, president of Volvo Financial Services.  ‘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.’

According to Torbjörn Christensson, president of Volvo Group Southern Africa, the launch of VFS in the country will provide customers with a total Volvo Group offer that includes product, service, parts and financial services.

‘Volvo Financial Services are experts in business, finance, and as part of Volvo Group, experts in the products offered by the company,’ says Christensson.  ‘With VFS co-locating with Volvo Group Southern Africa’s businesses, our countrywide dealer networks will be able to provide a full range of integrated financial solutions to our customers.’

Christensson says the establishment of VFS in South Africa reinforces the company’s commitment to the country and the rest of Africa.

‘We remain positive about Volvo Group’s performance in the region, and see many opportunities to grow our business here in the future.  Although VFS will only initially be present in South Africa, we will aim to make it available to our customers across Southern and Eastern Africa, as these respective product markets continue to develop,’ explains Christensson.

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,’ says Jens Winkelmann, country manager for VFS in South Africa. ‘By combining all the expertise inherent in the Volvo Group; 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,’ concludes Winkelmann.