Volvo Invests $41MM in New Co-Location of Volvo Financial Services HQ
FEB 23, 2022 - 5:55 am
The Volvo Group made a $41 million investment in North Carolina’s Piedmont Triad to purchase and expand the building housing its U.S. Uptime Center, which will now also serve as the new global headquarters for Volvo Financial Services. The expansion of the building, which is about two miles from Volvo Financial Services’ currently leased location, will bring about 360 Volvo Financial Services colleagues onto Volvo Group North America’s campus.
The announcements were made during a groundbreaking ceremony by Martin Weissburg, chairman of Volvo Group North America and president of Mack Trucks, and Marcio Pedroso, president of Volvo Financial Services, at Volvo Group North America’s Uptime Center.
“The Uptime Center is a strategic site for Volvo Group North America, playing a critical role in keeping our customers and their vehicles on the road, delivering goods, transporting people and servicing communities throughout the year,” Weissburg said. “Our purchase and expansion of this facility reinforces our commitment to the great communities and residents of the Piedmont Triad, and we look forward to welcoming Volvo Financial Services to our campus.”
“Moving Volvo Financial Services allows all Volvo Group entities in the Piedmont to be located on one campus,” Pedroso said. “Co-location will enable deeper relationships with our colleagues, and the work environment we’ll create in our new headquarters will help us retain highly skilled, world-class jobs that support the local economy.”
Volvo Group’s investment includes the acquisition of the Uptime Center building, which opened in 2014 and was previously leased by the company, as well as a 62,000 square-foot (5,800 square meters) expansion of the Uptime Center to house Volvo Financial Services’ global headquarters. When the project is completed, the facility’s new three-story footprint will be about 185,000 square feet (17,150 square meters), connected by a glass atrium and two upper-level walkways.
The Uptime Center site, which straddles the cities of Greensboro, NC, and High Point, NC, houses resources to ensure customers’ commercial trucks keep moving, with people and systems dedicated to monitoring and responding to vehicle issues in real time, helping dealers troubleshoot difficult cases and finding the necessary parts for repairs.
This site also includes the company’s connectivity services for over-the-air monitoring and software updates for optimized vehicle performance, as well as service market logistics, IT, training facilities and finance and accounting.
The Volvo Group currently employs approximately 600 people at the Uptime Center. When the project is completed, which is expected to occur in Q1/23, Volvo Financial Services will relocate approximately 360 jobs to its new headquarters.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
Our industry can and will benefit from having more women in leadership positions. Spaces that are inclusive of people from various backgrounds — gender, ethnicity, etc. — naturally culminate in a broader set of ideas, which gives companies more options... read more
The Convention that (Almost) Didn’t Happen The Equipment Leasing and Finance Association’s 61st Annual Convention was one that almost didn’t happen this year. Originally set to take place on Marco Island, FL, Hurricane Ian changed those plans and caused the... read more