Sofico kicks off Miles Retail Program with three new modules

Ghent, Belgium – October 1, 2024 – Sofico, a leading software provider of end-to-end solutions for automotive finance and leasing companies, announces the launch of its new Miles Retail Program. This initiative reinforces the capabilities of Sofico’s Miles Enterprise platform to manage both retail and fleet operations from a single platform. Additionally, it enables automotive finance and leasing companies to build hybrid customer journeys, seamlessly connecting online and offline experiences. Combined, the Miles Retail Program significantly simplifies operational complexities while enhancing customer engagement.

The Miles Retail Program introduces three new modules to Miles Enterprise, enabling financial institutions to offer a seamless multi-channel experience. With Miles Dealer Point of Sales, Miles Showroom, and Miles Customer Self-Serve, automotive finance and leasing companies can now offer their customers a cohesive journey across online and offline channels, tracking interactions in real-time and improving service levels throughout the acquisition process. 

These new modules reinforce the existing capabilities of Miles Enterprise, strengthening leasing companies and OEM captives ability to manage both the professional market (corporate fleets) and the retail market (SME and private individual customers) from a single platform. Miles Enterprise has always offered the functionalities to manage retail contracts, this Miles Retail Program enhances the digital experience and simplifies operations for those targeting both markets. With each module serving/satisfying a distinct market need. 

– Miles Dealer Point of Sales: Empowers the sales network with advanced tools to manage quotations and origination offers. This module presents updated information on customer profiles, credit applications, and relevant promotions to your sales representatives, enabling them to generate accurate and competitive offers. By leveraging the capabilities of Sofico’s powerful platform, Miles, the Miles Dealer PoS module enhances the sales process, ultimately improving customer satisfaction and boosting conversion rates. 

– Miles Showroom: Enables automotive finance providers to engage directly with their customers, offering an intuitive online journey, from browsing predefined vehicle offers and requesting personalized quotes, to contract completion and vehicle delivery. Customers can explore financing options independently, this module keeps track of their behavior, generating valuable data for automotive finance and leasing providers to follow up on. By integrating the acquisition process into the Miles Enterprise ecosystem, Miles Showroom enables consistent, personalized interactions across online and physical touchpoints, enhancing the overall customer experience and supporting higher engagement and loyalty. 

– Miles Customer Self-Serve: Allows customers to self-manage their contracts and personal data, reducing back-office resource demands and enabling automotive finance providers to scale their operations efficiently. By offering customers the ability to handle their inquiries, make changes to their contracts, and access relevant information independently, Miles Customer Self-Serve minimizes the need for direct support, thus reducing operational costs. This feature also empowers customers to have greater control over their financial transactions, leading to higher satisfaction and retention rates. 

“Our new Miles Retail Program marks a significant step forward for the automotive finance and leasing industry,” said Wim Knuts, Program Manager at Sofico. “By integrating retail and fleet operations on one platform, we are providing our clients with the tools they need to deliver a superior service to their customers while streamlining their own operations. This holistic approach has always been the vision of Sofico and a part of Miles. The new additions to the Miles Enterprise Modules simplify the complexity of managing these diverse markets and better enables our customers to meet the evolving demands of today’s digital-savvy customers.” 

The automotive retail financing market is expected to grow significantly from $270 billion in 2023 to an estimated $500 billion by 2033 at a CAGR of 6.5%¹. This growth underscores the importance of innovative solutions like the Miles Retail Program in driving industry transformation. Additionally, the global auto finance industry is projected to grow from $1.85 trillion in 2022 to approximately $3.21 trillion by 2027, with a CAGR of 11.4%, highlighting the substantial market opportunities available for Sofico and our customers. 

Miles Enterprise, the backbone of the Miles Retail Program, is already recognized as a leading contract management system for large corporate fleets, supporting volumes of up to millions of vehicles. The addition of the Miles Retail Program ensures that financial institutions can offer robust and scalable solutions to both corporate and private customers. By leveraging the comprehensive features of the Miles Enterprise ecosystem, financial institutions can improve their service levels, reduce operational costs, and increase revenue opportunities. 

¹ See: https://www.precedenceresearch.com/automotive-finance-market