Since its inception in 2017, Volvo Financial Services (VFS) South Africa has gone beyond traditional financing to offer Babcock’s customers access to fast and flexible finance solutions. The financial services provider has grown substantially over the last six years and currently finances approximately a third of all Babcock-supplied construction equipment in the country.
By offering a direct portal to tailor-made financing, VFS helps Babcock customers address financial challenges and grow their equipment fleets, through a personal hands-on approach that extends far beyond conventional financing services.
Each customer is assessed according to their own specific project requirements and challenges in order to find the best possible financial solution. What’s more, VFS deals directly with Babcock’s sales team to keep VFS up to speed with current market needs.
Any Volvo machine supplied by Babcock is eligible for financing, whether new or used, and VFS also offers insurance to streamline the purchasing process. The integrated financial solutions are provided directly to customers through Babcock’s South African dealerships, and unite sound local knowledge with global expertise.
With years of experience in financing, sales and service, managing director of Volvo Financial Services in Southern Africa, Paul Uys, understands the importance of going beyond traditional checks and balances to structure customisable deals from an informed perspective.
“We try to keep things simple and develop close working relationships with our customers by ensuring we have full knowledge of their financing requirements,” he says. Uys adds that each customer is assigned a dedicated VFS representative who leads them through their journey with VFS from cradle to grave. Additionally, VFS has first-hand knowledge of the durability and superior after-sale value of Volvo machines, so they’re confident in backing and financing a brand they trust.
Support from Volvo’s global financing arm allows for upfront funding and a local mandate for credit approvals up to a certain threshold. This expedites the financing process and helps to keep customer projects on track. It also leaves traditional lines of credit unaffected, giving customers the option to use this for other capital requirements.
With a motto of “it’s our business to know yours’’, all VFS lease agreements begin with face-to-face meetings, allowing VFS representatives to get to grips with their customers’ project demands. “Agreements are streamlined to meet our customers’ specific business needs,” says Uys.
He explains that for mining projects in particular, a combination of Volvo construction equipment, such as loaders and ADTs is required. VFS assists customers by financing teams of machinery, so all the necessary equipment is immediately available for the entire duration of a project.
Working together with Babcock also gives VFS a personal touch that traditional financial institutions find hard to match. VSF representatives frequently accompany Babcock sales representatives on customer visits to ensure customers receive exceptional service and meaningful interaction without the need for external support. “We work closely as a team,” says Uys, adding that transparent and dedicated working relationships are the fastest track to finding the best customer solutions.
The South African branch of Volvo Financial Services was officially launched in November 2017 to provide market-related financial services to the Volvo Group’s truck, bus and machinery brands operating in the country. It gives Babcock customers fluid access to tailored financial assistance, world-class Volvo machinery and outstanding after-market support under one roof. The business offers instalment sales agreements, finance leases and insurance on both financed and non-financed Volvo equipment with a firm commitment to putting customers first.
Like VFS, Babcock is renowned for building sound and supportive business relationships with their customers, backed by exceptional after-market support. Babcock’s sales team comprises industry experts and, as the sole supplier of Volvo Construction Equipment in southern Africa, they have in-depth knowledge of the brand’s products.
