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Sofico, a software provider for automotive finance and leasing companies, has announced the launch of its Miles Retail Program.

According to a press release, the initiative strengthens the capabilities of Sofico’s Miles Enterprise platform, enabling users to manage both retail and fleet operations from a single, integrated platform. It also allows finance and leasing companies to create hybrid customer journeys that seamlessly bridge online and offline experiences.

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The Miles Retail Program introduces three key modules — Miles Dealer Point of Sales, Miles Showroom, and Miles Customer Self-Serve — aimed at simplifying operational complexities while boosting customer engagement. These modules offer automotive finance and leasing companies a cohesive, multi-channel experience, improving service levels and enhancing the customer acquisition process.

The new modules integrate with the existing functionalities of the Miles Enterprise platform, which already supports professional market operations (corporate fleets) and retail contracts (SMEs and private customers).

Key modules:

  • Miles Dealer Point of Sales (PoS): This module equips sales representatives with tools to manage quotations, customer profiles, credit applications, and promotions, enabling them to generate accurate and competitive offers. It streamlines the sales process, ultimately improving customer satisfaction and increasing conversion rates.
  • Miles Showroom: Offering an intuitive online journey for customers, this module allows users to browse vehicle offers, request quotes, and complete contracts. The module tracks customer behaviour, generating valuable data for providers to follow up on and fostering a seamless interaction between online and physical touchpoints.
  • Miles Customer Self-Serve: Customers can manage contracts, update personal data, and handle inquiries independently. This feature reduces back-office demands and operational costs while enhancing customer control and satisfaction.

Wim Knuts, Program Manager at Sofico, said: “By integrating retail and fleet operations on one platform, we are providing our clients with the tools they need to deliver superior service to their customers while streamlining their own operations.”

The launch comes at a pivotal time for the automotive finance industry. The global automotive retail finance market is projected to grow from $270 billion in 2023 to $500 billion by 2033, with a compound annual growth rate (CAGR) of 6.5%, according to Precedence Research. Additionally, the auto finance industry is expected to increase from $1.85 trillion in 2022 to $3.21 trillion by 2027, reflecting a CAGR of 11.4%.

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