Fleet News

The fleet market is changing - are you?

Advertisement feature from Sofico

Globally and nationally, traditional automotive mobility is being disrupted and transformed. As product boundaries keep blurring, increasing flexibility in service offering is required – for example, full-service lease offered to private individuals or RMT (repairs, maintenance and tyres) and insurance bundled with retail products. 

At the same time, the transition from ownership to usage creates opportunities around flexible subscription and car sharing, while connected cars bring opportunities for new services.

Customers increasingly expect multi-channel instant communication and personalised services. Conversational User Interfaces (CUI), chat bots and voice assistants are transforming the way our customers can interact with theirs.

Businesses also have to rethink traditional operations to remove manual and inefficient processes and allow 24/7 access to data and services. Beyond the greater use of eSignatures, we expect wider cloud-based Digital Transaction Management.

In such a complex environment, the automotive industry is under pressure to reinvent itself and stay relevant in a digital world. This is where Sofico comes in. We help our customers achieve business goals by creating powerful, flexible, and reliable software solutions.

Sofico’s mission is to be the world’s leading provider of software solutions and services for automotive finance, leasing, fleet and mobility management.

Our Miles Enterprise solution offers hybrid ability for both B2B and B2C environments, managing the financing, leasing, renting and sharing of assets across their full life-cycle, from quotation to de-fleeting, and encompassing every customer touchpoint.

We actively work with new startups and established businesses to develop vehicle sharing, multi-mobility and subscription-based offers. Sofico supports market transitions, including the electrifying of fleets and the integration of the new service needs arising from this.

We see cloud-native technologies providing scalability as well as fast iterations in application development, while high performance databases create the ability to interrogate large data sets in real-time, allowing for real-time pricing and business intelligence reporting.

In this rapidly evolving world, solution innovation is critical to our mission.

Our innovation roadmap focuses on:

- Supporting diverse business lines and flexible/hybrid product offerings 

- Enabling digital customer journeys, straight-through processes and cross-platform integrations

- Leveraging data for business intelligence and providing actionable recommendations to create value

Miles Enterprise is the combination of our Miles Core application with our new Miles Microservices Platform (MMP). MMP provides the software backbone for deploying, managing, and monitoring microservices which complement Miles Core. Our new generation driver and fleet manager web portals are built on MMP.

The Fleet Manager portal provides intuitive self-service tools for fleet managers to create or maintain budget plans and car policies, putting them in control rather than having to wait for the leasing company to process changes.

With our Quote Calculation Service (QCS), we can off-load pricing simulations from Miles Core to MMP for scalable, in-memory processing, resulting in near-instant response times while Miles Core remains the single source of truth for pricing logic and values.

High Volume Calculations build further on the QCS to optimise rate book creation, allowing for multiple variations (vehicles, equipment, services, term/mileage) and providing optimised storage to support instant retrieval of finance/lease prices for online showrooms.

We have recently added a Reducing Balance Loan Product, allowing for flexible repayments with interest calculation based on a day-precise outstanding balance.

Meanwhile, we are Integrating Miles with eMobility Service Provider platforms to enable services such as Vehicle-2-Grid (EVs interacting with smart electricity grids)

At Sofico, we continue to explore forward-looking connected vehicle use cases by integrating telematics data into Miles-based fleet reporting processes.

For instance, capturing and analysing fleet usage patterns (miles driven, commute patterns, standstill locations) to make recommendations about better vehicle types and usage along with comparative TCO calculations.

And as new departures, we are also expanding into markets such as HGV/ LCV, plant and materials handling.

As you can see, the market is changing. Are you?

Sofico Enquiries

Andy Page

Regional Sales and Marketing

Sofico Services UK Ltd
Willow End Park, Blackmore Park Road

Malvern,WR13 6NN, United Kingdom

T:+44(0) 7958 769275

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment


No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee