BMW Strengthens Position In Vehicle Fleets

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BMW Strengthens Position In Vehicle Fleets
BMW Strengthens Position In Vehicle Fleets

Video: BMW Strengthens Position In Vehicle Fleets

Video: BMW Strengthens Position In Vehicle Fleets
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BMW takes the trend into account. The Munich-based car manufacturer has doubled the vehicle inventory of its leasing subsidiary Alphabet in one fell swoop.

The car company BMW is significantly expanding its business in the growing vehicle fleet market. BMW is buying the car leasing division of the Dutch bank ING for 637 million euros, as the companies announced on Friday in Munich and Amsterdam. The number of vehicles in the portfolio of the BMW leasing subsidiary Alphabet will thus more than double to a total of 440,000 vehicles.

Companies are ordering more company cars again

BMW is thus significantly strengthening its European market position in this segment. Subject to the approval of the competition authorities, the acquisition should take place in the fourth quarter of 2011. The ING subsidiary ING Car Leasing currently has 240,000 vehicles, the BMW subsidiary Alphabet around 200,000 vehicles. The number of leasing and fleet management contracts increases to a total of around 540,000.

After the economic crisis, companies are ordering more company cars again: The number of new company car registrations rose by more than 18 percent to around 487,000 in the first half of this year, according to a spokeswoman for the VDA industry association in Berlin. Overall, the share of commercial owners among new registrations was 58 percent and thus back to the level before the economic crisis.

Conditions for ING

At the Dutch financial group ING, the sale of the car leasing subsidiary is linked to EU requirements. In the boiling financial crisis of 2008, ING was kept afloat by the Dutch taxpayer with 10 billion euros. In order to obtain the approval for the rescue operation, ING had to undertake to sell parts of the company.

ING only parted ways with the direct banking subsidiary in the United States in mid-June. ING Direct USA went to the American financial group Capital One for 9.0 billion dollars (6.3 billion euros). (dpa)

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