Volvo Cars announced that it has selected FICO decision modeler to immediately onboard customers to its new care by Volvo service. The move demonstrates the increasing adoption of advanced decision management technology in the auto finance industry.
According to a press release, Care by Volvo is a vehicle subscription service designed to let customers enjoy benefits of a new Volvo without the challenges of owning one.
For a fixed monthly fee, Volvo provides subscribers with a brand-new Volvo and covers all regular service, maintenance costs and breakdown cover. The service was introduced to reflect the shift in consumer preference toward car usage and away from absolute ownership, the release noted.
“FICO is proud to help Volvo usher in an innovative vehicle subscription plan that could become the preferred option for drivers around the world,” said vice president and general manager for FICO in Europe, the Middle East and Africa, Steve Hadaway.