Hyundai Capital America goes live with Sopra’s Cassiopae
Hyundai Capital America (HCA), the captive finance arm of Hyundai Motor Company, has gone live on Sopra Banking Software’s Cassiopae system.
The US go-live follows Cassiopae implementations at Hyundai Capital Services in Korea and Hyundai China (BHAF).
According to Sopra the project last 15 months and was completed on time “despite the unprecedented challenges of the COVID-19 outbreak.”
Cassiopae replaced several legacy lending solutions, which the vendor claims will save HCA time and costs, and enable the business to “keep pace with ever changing requirements.”
“Hyundai Capital America now has an advanced IT system best-optimised for its market,” says Hwanjun Yang, senior vice president and CIO at HCA.
“The system will help facilitate Hyundai Capital Services’ ambitious global expansion plans.”
A captive finance company, usually wholly owned by its parent company, provides basic card services, and finances retail purchases from the parent firm.
In the auto sector, these companies often offer car loans to buyers who need financing to complete their purchases.
Captive companies tend to lower the risk exposure for a parent company by being the firm responsible for losses incurred if a customer defaults on their payments.
HCA supports the financial services needs of Hyundai Motor America, Genesis Motors, and Kia Motors America and their associate dealerships.
Through these dealerships, the company claims to serve more than 1.7 million retail customers. In addition to its two offices in Orange County, California, the firm operates offices in Atlanta and Dallas.