Apollo Tires Hits the Road with Corcentric’s Managed Accounts Receivable Services to Drive Growth
Corcentric to Offer Streamlined Guaranteed Payments and Enhanced Working Capital for Tire Manufacturer
CHERRY HILL, N.J., July 24, 2024 (GLOBE NEWSWIRE) — Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced today that Apollo Tires (US) Inc. has implemented its Managed Accounts Receivable (AR) services to help the tire manufacturer focus on strategic initiatives that will contribute to its business growth in the U.S., with plans to introduce Corcentric’s AR services into Canada at a later date.
From its North American office in Atlanta, GA, Apollo Tires provides a full offering of truck tires produced in an award-winning manufacturing facility that are designed for and extensively evaluated across North America. Starting its operations with commercial tire business, Apollo now sells tires across categories in more than 100 countries across the globe.
“As a company poised for rapid international growth, we need a partner that understands the intricacies of cross-border digital payments and the collection of receivables,” said Laurence Bennett, AVP, Commercial Vehicles Tires at Apollo Tires. “Corcentric offers us the technology and acumen to meet these challenges in a true ‘rubber meets the road’ fashion. Through a single portal, Corcentric will simplify guaranteed payments, ensure the accuracy of associated local taxes, and improve our supplier relationships, all while helping us unlock working capital that is critical to our business expansion.”
Corcentric’s Managed AR solution replaces bad debt, payment risks, high days sales outstanding (DSO), and overworked teams with guaranteed business outcomes. Corcentric supports customers with a combination of subject matter experts, financial services, and software that liberates working capital trapped in an AR ledger – providing customers the cash and peace of mind needed to grow a business.
“Apollo Tires has been a pillar within the international transportation market for more than 50 years, with ambitious plans to quickly grow their brand across additional continents,” said Matt Clark, president and CEO at Corcentric. “Our Managed AR services play a key role in helping them accomplish this through our payments and processing technology and expertise, replacing the tactical with strategic when it comes to everyday activities. And with our decades-long relationships with some of the top names within the industry on the Fleet Management side of our business, we’re delighted to expand this customer segment and geographic footprint with Apollo Tires by partnering with them on our Managed AR capabilities.”
In addition to innovative procurement, payments, and finance services, Corcentric has more than 25 years of experience providing a comprehensive suite of services focused on the transportation industry. Corcentric’s Fleet Management Solutions leverage strong, long-standing relationships with fleets, OEMs, and top industry suppliers to provide transportation companies with services needed for a more productive operation. These services include:
- Fleet Procurement/Group Purchasing Organization (GPO): Reduce costs by leveraging the buying power of more than 2,000 fleets.
- Fleet Financing: Optimize the fleet life cycle with flexible financing programs.
- Fleet Remarketing: Get the best price for an asset as quickly as possible.
- Fleet Analytics: Improve fleet performance and efficiency through ongoing analytics.
About Apollo Tyres Ltd.
Apollo Tyres Ltd. is an international tire manufacturer and is a leading tire brand in the world. The company has multiple manufacturing units in India and a unit each in The Netherlands and Hungary. The company markets its products under its two global brands – Apollo and Vredestein, and its products are available in over 100 countries through a vast network of branded, exclusive, and multi-product outlets.
About Corcentric
Corcentric is a leading global provider of best-in-class procurement and finance solutions. We offer a unique combination of technology and payment solutions complemented by robust advisory and managed services. Corcentric reduces stress and increases savings for procurement and finance business leaders by forming a strategic partnership to diagnose pain points and deliver tailor-made solutions for their unique challenges. For more than two decades, we’ve been a trusted partner who delivers proven results. To learn more, please visit www.corcentric.com.
Media Contact for Corcentric:
Rob Tacey
Director, Communications & Public Relations
[email protected]
(302) 897-3094
