Volvo Financial Services South Africa has announced the end of its alliance with asset finance group WesBank.
However, Volvo Financial Services, the global captive finance company of the Volvo Group, which began doing business in South Africa in 2017, will continue to offer financial services solutions to the customers of the Volvo Group’s products, including UD Trucks, Volvo Bus, Volvo Trucks and Volvo Construction Equipment, in its own right.
“We have greatly valued our alliance with WesBank over the past ten years as the Volvo Group strengthened its position in the market to provide our clients with a wide range of financial service solutions,” says Volvo Financial Services South Africa country manager Jens Winkelmann.
“We have established a firm foundation on which to service our local client base, which reinforces our commitment to and belief in the local transport and mining industry.”
Winkelmann says Volvo Financial Services, as part of the Volvo Group, is an expert in the products offered by the company.
There are currently close to 20 Volvo Financial Services staff throughout South Africa, including personnel based at Volvo Group dealerships, all of whom are “committed to developing and maintaining long-term relationships with customers throughout their respective business cycles”.
“While we are a global organisation, we also believe in leveraging local expertise to ensure our South African customers’ unique business requirements are addressed through personal attention and tailored, competitive solutions,” adds Winkelmann.
Existing customers’ financing agreements with the Volvo Financial Services/WesBank alliance will continue to run and be serviced, as before, until they come to an end in the ordinary course of business.
Winkelmann says that as part of Volvo Group, Volvo Financial Services has in-depth knowledge of the transport and mining industry.
“For this reason, we are able to offer clients a customised solution, from a single unit to an entire fleet, new or used.”
Volvo Financial Services was formed in 2001 and is headquartered in North Carolina, in the US.
The company manages a gross credit portfolio of more than 124-billion Swedish kroner, employs more than 1 400 people worldwide, and provides customer financing in 48 countries.