ABC Parts Spain S.L. Accelerates Customer Payments With C2FO

The Spanish auto parts distributor discovered how C2FO could quickly free up cash flow and reduce financial risk. 

Based in Valencia, the third-largest city in Spain, ABC Parts Spain S.L. specializes in distributing imported automobile parts and the sale of branded and licensed products through mega-chain stores. 

“Our added value is that our company carries a large stock of goods with which we can meet the needs of our customers in real-time — almost ‘just in time,’” said Javier Peñafiel, head of administration and CFO for ABC Parts. 

But being an importer that brings in products from around the world can also carry financial risk. Peñafiel learned about C2FO through an email. He realized that quick, agile payment through the C2FO platform could be a reliable source of capital for his company and reduce dependency on bank financing. Banks in Spain measure a company’s creditworthiness through CIRBE, which is the Risk Information Center for the Bank of Spain. 

“Anything that reduces the need for a CIRBE rating can be greatly beneficial for a company like ours,” Peñafiel said.

The C2FO platform enables ABC Parts to accelerate customer payments in as little as 24 hours instead of waiting for 60 days. That speed frees up more capital that the company can use to invest in new business opportunities it might not otherwise have had. 

“I would say it is like having an ace up your sleeve,” Peñafiel said.