Volvo Group Provides Competitive Integrated Financial Solutions in India

Volvo Financial Services has announced the launch of its operations in India. The Volvo Financial Services offering strengthens the Volvo Group’s ability to provide a competitive and total one-stop shop solution of equipment, loans, leases, insurance, maintenance, and other aftermarket services, to customers and dealers of the Volvo Group and VE Commercial Vehicles Ltd. (“VECV”, a joint venture between the Volvo Group and Eicher Motors Limited) in India.

Volvo Financial Services in India offers a comprehensive selection of customisable loan, lease and insurance options for truck, construction equipment, and bus customers under three different Volvo Group brands – Volvo Financial Services, Eicher Financial Services and SDLG Financial Services.

Volvo Financial Services seeks to enable value for customers and dealers throughout the business lifecycle. Scott Rafkin, EVP and Global President, Volvo Financial Services, who officiated the launch today said, “Volvo Financial Services is a global enterprise, and being part of the Volvo Group, we have a strong understanding of the use of the products made by Volvo Group and VE Commercial Vehicles under the Eicher Trucks and Eicher Buses brands, and the industries in which our customers operate in. We are ready to support our customers and dealers through all business cycles. India has always been an important market for Volvo Financial Services and the Volvo Group, and this exciting development underlines Volvo Financial Services’ commitment to Volvo Group and VECV customers and dealers. Our value proposition and competitive advantage are customized financial solutions, expertise, and knowledge of both our customer’s business and the products we are financing.”

John Rakocy, President, Volvo Financial Services Region Asia-Pacific added, “After running a private label financing program with one of the leading finance companies in India during 2011 to 2014, we decided to launch full-fledged operations in India using our own balance sheet. Through the Volvo Group’s experience in India for over 17 years, Volvo Financial Services has developed a solid understanding of our Indian customers’ and dealers’ needs and expectations of financial solutions. India continues to be a key growth market in the APAC region, and we are here to demonstrate our long term commitment to India’s growth story by facilitating our customers’ and dealers’ business.”

Santosh Aiyer, Managing Director, Volvo Financial Services India said, “Whether our customers are large fleet operators or small business owners, they are at the core of everything that we do. We work hand-in-hand with our construction equipment, truck, and bus colleagues to understand their business model, propose customised and integrated solutions that meet their business needs, and deliver these solutions in a responsive and efficient manner. The launch of Volvo Financial Services in India further confirms Volvo Group’s commitment to India and while Volvo Group was already a strong part of the ‘Make in India’ story, we now also ‘Finance in India’.”

Customers who finance their Volvo or Eicher products with Volvo Financial Services or Eicher Financial Services can preserve their existing lines of credit with their banks for other business needs, while enjoying the benefits of an integrated solution from the Volvo Group and VE Commercial Vehicles. Kamal Bali, Managing Director, Volvo India said, “With Volvo Financial Services now in India, we are better equipped to creating even higher value for our customers and partners. We believe that this investment will further fuel and fructify Volvo Group’s vision of providing sustainable transport solutions, thereby catering to the needs and aspirations of a resurgent India. This is also in line with our constant endeavours over the last 17 years in India to invest in state-of-the-art technologies and solutions, many of which have brought about a paradigm shift in the industry”.

 Vinod Aggarwal, CEO, VE Commercial Vehicles commented, “As a major player in the Indian trucking industry, we are extremely excited by the possibilities that Volvo Financial Services opens up as a captive financial solutions provider for our customers and dealers, and we believe that our integrated solution will be a winning value proposition for our customers.”

Explaining the value of the integrated solution, Dimitrov Krishnan, Vice President and Head of Volvo Construction Equipment India said, “Volvo CE customers are looking for a competitive solution that takes care of their every need so that they can focus on their core businesses. By bundling all of our customers’ needs into one package that includes equipment, financing, insurance, maintenance, and other aftermarket services, our customers will enjoy peace of mind.”

V.R.V. Sriprasad, Managing Director, Volvo Buses India commented, “Volvo Bus customers have unique and exacting needs. With Volvo Financial Services as a captive financial solutions provider, we are able to tailor financing solutions to fit our customers’ needs.”