The firm has a market-leading position in the Belgian consumer finance market, while some 35% of its business comes through point-of-sale retail car finance to dealers and white-labelled finance products to manufacturer-owned finance houses and leasing companies.

However, AlphaCredit wanted to find other routes to market and offer finance leasing and associated products to the smaller end of the corporate market – typically businesses with five cars or less – as it looked to diversify its product offering and spread its risk.

After securing investment from its head office last year, the firm began its tender process to find a fleet software supplier with an IT solution capable of supporting a new start-up of business-specific finance products and services, which identified Sofico as the most suitable partner.

The implementation of the Miles solution began in February this year and was completed on time, four months later, on 1st July.

AlphaCredit sales director Gaëtan Vercruysse explained: ‘We had a very good relationship and rapport with Sofico from the start of the project. The geographical proximity also helped with the speed of implementation.

‘While we did not require all the functionality that Miles offers, we were able to tweak the system to meet our needs. It undoubtedly helped that, as a new startup, we did not have a portfolio of customers to migrate over to the new system.

‘Working closely with Sofico allowed us to meet our objectives on time, and there are a number of other markets we have identified that we are looking at working with them in the future.

‘Our challenge now is to build the same high quality reputation in the corporate and business finance market that we currently enjoy within the consumer credit market. We believe Miles is the right solution to help achieve that,’ he added.