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Banca Ifis factoring helps a business be more dynamic: the case of Giotti Victoria

Giotti Victoria Automotive was established in January 2009 for the production and sale of Gladiator-brand light commercial vehicles. Our mission right from the start was to create a solution that would not only satisfy the small customer, but would also meet the needs of fleets and municipalities. – Giacomo Pucci, CEO of Giotti Vittoria, was quick to stress his company’s focus on the market and its various stakeholders.

We later set up branches all over Italy with about 40 or 50 dealers throughout the country; and we also began marketing in Western European countries, extending our network and reaching our optimum size between 2014 and 2015.

Twelve years after the start of our business, we are now Italy’s third most important manufacturer of commercial vehicles, with a presence throughout Europe and in some parts of North Africa.

Finally, in January 2022, we started marketing the Glory crossover brand both in Italy and in France, thus taking us into the automotive sector.

How many years have you been a customer of Banca Ifis? And how has factoring helped your business?

We have been your customers since 2018; Banca Ifis has proved invaluable, as having advance funding makes our work with our customers much easier.

The problem with the automotive market is that the dealer has to receive the log-book to be able to register the vehicle and take payment. But by using the non-recourse factoring system we’re able to provide him with the relative documents. In this way, the dealer can go ahead with the registration process, and we get advance funding at the time the invoice is issued with the assurance of receiving payment within three months. This system allows us to push ahead with sales, giving the dealer a wider window to collect payment. For example, when the customer is from the public sector, receipt of payment generally takes longer, putting an extra burden on the dealer, but under the factoring system we can cope with this issue.

What plans do you have for the future?

A few months ago, we launched our scheme to enter the automotive market. Clearly, after our success in the market for light commercial vehicles, this is a major challenge for us – it is a much more competitive and costly sector. We’ll be investing both human and financial resources in this venture, and we’ll give ourselves time to engage in this new market and then examine the results.