Volvo launches captive

Volvo has crossed another requirement off the luxury brand must-have list: its own captive.

Volvo Car Financial Services (VCFS), announced this week, will handle day-to-day management of the financial services business including leasing and financing.

“Volvo Car Financial Services is an integral part in growing the Volvo Car business in Canada,” said David Carroll, national sales manager.

“We are here to support our retailer sales and increase customer satisfaction.”

Volvo said VCFS would immediately offer an expanded product offering, with additional enhancements coming in the first half of 2017.

In addition, VCFS will have a local field team of dealer representatives throughout Canada.

Volvo Car Financial Services has been a significant part of the U.S. business since 2012 and Carroll said he expected the captive would provide the same level of support and service in Canada.

The addition of VCFS is likely to help add even more volume for the brand and its 36 Canadian retailers. November sales were up 10 per cent with 455 units marking the 14th consecutive month-to-date sales growth.

As of the end of November, Volvo had sold 5,670 units in 2016. That tally represents a 27.5 per cent increase over the same period in 2015.