Residual values improve for older cars as used car dealers adapt to new ways of working

Used car markets across Europe have shown strong signs of recovery as buyers return following the lifting of some lockdown restrictions, according to industry experts. Despite growing demand, it will take years to repair the damage from the market shutdown, with estimates suggesting dealers’ used car operations have suffered losses totalling €2.6 billion, according to market analysts Autovista. The countries that expect to come out of the crisis faster than others are Germany (with plans for a €130 billion economy incentive scheme that has just been announced), Poland, Czech Republic, the Netherlands and Slovakia.

Residual values improve for older cars as used car dealers adapt to new ways of working

Jun 26, 2020

Used car markets across Europe have shown strong signs of recovery as buyers return following the lifting of some lockdown restrictions, according to industry experts. Despite growing demand, it will take years to repair the damage from the market shutdown, with estimates suggesting dealers’ used car operations have suffered losses totalling €2.6 billion, according to market analysts Autovista. The countries that expect to come out of the crisis faster than others are Germany (with plans for a €130 billion economy incentive scheme that has just been announced), Poland, Czech Republic, the Netherlands and Slovakia.

Bridle Group joins Fleet Procure online procurement platform

Vehicle leasing, fleet management and insurance specialist Bridle Group has introduced the Fleet Procure online platform to streamline its vehicle procurement. All companies within the UK-based Bridle Group will join the online procurement platform, which connects leasing providers to vehicle dealerships so they can digitally manage vehicle transactions. Fleet Procure has more than 200 dealers signed up to its system and is currently recruiting a wider network.

Bridle Group joins Fleet Procure online procurement platform

Jun 19, 2020

Vehicle leasing, fleet management and insurance specialist Bridle Group has introduced the Fleet Procure online platform to streamline its vehicle procurement. All companies within the UK-based Bridle Group will join the online procurement platform, which connects leasing providers to vehicle dealerships so they can digitally manage vehicle transactions. Fleet Procure has more than 200 dealers signed up to its system and is currently recruiting a wider network.

LeasePlan forms specialist task force to manage plummeting used car revenues

Auto leasing and fleet management firm LeasePlan has revealed it is forming a dedicated team with the sole purpose of preparing for operations after the pandemic, and ensuring the company would be able to continue capitalizing on the ownership-to-usership trend that has dominated the structural growth of the auto finance industry for the past 50 years. Tex Gunning, chief executive officer at LeasePlan, said: “This trend will be accelerated by our ongoing Digital LeasePlan transformation, which is enabling us to build a fully digital operating model, delivering digital services at digital cost levels.”

LeasePlan forms specialist task force to manage plummeting used car revenues

May 22, 2020

Auto leasing and fleet management firm LeasePlan has revealed it is forming a dedicated team with the sole purpose of preparing for operations after the pandemic, and ensuring the company would be able to continue capitalizing on the ownership-to-usership trend that has dominated the structural growth of the auto finance industry for the past 50 years. Tex Gunning, chief executive officer at LeasePlan, said: “This trend will be accelerated by our ongoing Digital LeasePlan transformation, which is enabling us to build a fully digital operating model, delivering digital services at digital cost levels.”

Europe

Major global downturn in traditionally powered vehicles may prove an opportunity for EVs

May 20, 2020

The British Vehicle Rental and Leasing Association (BVRLA) has announced a surge in battery electric vehicle (BEV) registrations at the end of 2019 in its Q4 2019 Quarterly Leasing Survey. According to the BVRLA, this rush of registrations was a contributing factor to the lowering of the average new lease car emissions to 113g/km CO2, the lowest level since Q3 2018. The market share of BEVs had grown by 750% compared to the same period the year before, now making up more than 4% of new lease car registrations. This helped to counteract the impact of the WLTP emissions standards, which had increased most petrol and diesel emissions by 10-20%.

Americas

PACCAR Financial Services reports record revenues

Feb 06, 2020

Assets at PACCAR Financial Services reached a record $16.07 billion last year as its portfolio grew to 208,000 trucks and trailers. The results include PacLease, a major full-service truck leasing company in North America and Europe, which has a fleet of more than 40,000 vehicles. PFS revenues were a record $1.48 billion in 2019 compared to $1.36 billion in 2018. Last year’s pre-tax profits were $298.9 million.

Asia Pacific

SG Fleet widens service offering in Australia through strategic investment in car subscription provider Collaborate

Dec 16, 2019

Vehicle leasing company SG Fleet has bought a stake in Australian mobility specialist Collaborate Corporation for $2.2 million to widen its service offering. Collaborate’s core businesses are its car subscription service ‘Carly’ and a range of peer-to-peer vehicle rental offerings. With Carly, users pay a monthly subscription fee to access any vehicle from the entire fleet available.