Insights from Fleet APAC Summit 2024: Sofico's perspective

Key takeaways from this two-day event are: 

• Asia’s market dynamics: the Asia-Pacific region is the largest and fastest-growing vehicle market globally, offering immense opportunities for automakers and suppliers.  

• Complexity of Asia’s fleet market: automotive finance and mobility providers in the APAC region face varying levels of fleet maturity, diverse languages and cultures, while offering an answer to the need for sustainable solutions.  

• Local adaptation: “Think Global – Act Local”. The Asian market epitomizes the fusion of cutting-edge technology and global best practices to address regional market realities. 

• Collaborative innovation: all industry stakeholders – automotive finance and mobility suppliers, technology partners and customers – are voicing the need for a strong regional community to foster collective progress in the automotive and mobility services industry. 

Asia’s automotive market is burgeoning, with the region being identified as the largest and fastest-growing vehicle market globally. This growth trajectory presents manifold opportunities for automakers and suppliers alike. At Sofico, we’ve recognized the potential early on, establishing our presence with offices in Australia and Japan. This has allowed us to stay at the forefront of regional market trends for over two decades. Our perspective is clear: the upward trend in fleet management outsourcing and vehicle leasing in APAC signifies vast untapped potentials for growth. With the region’s economies showing robust gross domestic product (GDP) increases, the ensuing years will likely witness a substantial expansion in corporate vehicle fleets. 

The complexity of Asia’s fleet market cannot be overstated, with its diverse languages, cultures, and varying levels of fleet maturity. These factors present unique challenges in implementing sustainable and efficient fleet solutions. Sofico believes in the power of insight and dialogue to navigate these complexities. Our long-standing presence in the region has imbued us with a deep understanding of local market realities, enabling us to build solutions that are easily configured to meet the distinctive needs of each market. 

The summit highlighted the critical role of strategic partnerships and the “Think Global – Act Local” approach in fostering innovation and addressing the specific needs of the APAC market. At Sofico, we are at the vanguard of integrating advanced technology and global best practices to serve the unique demands of the region. Illustrating this are existing customer cases such as Mobilize Financial Services, that seamlessly bridge the gap between international strategies and local execution. 

The importance of forming strategic partnerships to navigate the complexities of the Asia-Pacific market was a recurring theme at the summit. Attendees voiced a clear demand for a regional community. Sofico champions this approach, emphasizing knowledge sharing and collaboration as the catalysts for innovation. To achieve this, Sofico not only actively participates in the Fleet APAC Advisory Board but also hosts its own events. During these gatherings, Sofico customers convene – whether locally or globally – to delve into industry trends, exchange best practices, and delve into upcoming initiatives. 

As we reflect on the insights garnered from the Fleet APAC Summit 2024, it is evident that the future of the automotive finance and leasing industry in Asia hinges on sustainability, technological advancement, and collaborative innovation. Sofico is at the forefront of this transformation, leveraging our expertise and technology to support our customers in achieving their goals. 

In conclusion, the Fleet APAC Summit 2024 was a testament to the vibrant potential and complex challenges of the Asia-Pacific automotive market. At Sofico, we are inspired by the collective vision shared at the summit and remain dedicated to fostering innovation, building strategic partnerships, and contributing to a sustainable and prosperous future in Asia.