Updated Version: Private Leasing – beginning of a big wave? (IT – enhanced data amendment, UK & NL)
Leasing has been predominantly known as the way business uses cars, without putting it on their balance sheet. Private customers have been, in most markets, in the habit of owning a car rather than finance it. Even when they used financing, it was normally to pay for the car. Now this has been slowly changing over the last couple of years. Customers seem to have become more open to leasing construction through the relentless market push of models for customers.
When we talk about private leasing, this means operational leasing for NL and the UK, and financial leasing for Italy.
If we focus on the Private Leasing in UK, Italy and the Netherlands, we can see that the weight of this part of the Total Market has been increased from 0.9% in 2015 to 2.1% already for 2018’s May YTD (year-to-date). The total volume has been effectively increasing every year by 50%.
Specifically, in the Netherlands we can see a staggering growth in the last years, with this year Private Leasing being at 10.6% of the Total Market!
In Italy, Long-Term-Rental companies have been substantially growing their operational private lease business since last year and in 2018 the trend has grown even stronger.
The current development within UK, Netherlands and Italy might just continue next year. New accountancy rules in 2019 dictate that in principal you need to put your cars with operational lease on the company’s balance sheet. And as that might restrict the financing opportunities of companies, we will probably see a shift to an employee mobility budget, rather than company cars. Leaving what seems to be the perfect moment for a Private Lease contract.
Is everybody riding the wave along? Not necessarily. The surprising leader in the selected countries is Kia. In both 2017 and 2018 the brand has managed to put most cars on Private Leasing. The market share for YTD May 2018 is currently at 12.5%. The podium is completed by the also surprising Volvo (9.3%) and Toyota (7.3%).
Zooming in on Private Leasing as part of the total sales of the brand, we see a lot of luxury brands, such as Volvo (13.2%), Maserati (8.2%), Ferrari (8.0%), and Jaguar (6.4%). For Volvo this is in line with the car-subscription strategy that the company is presently rolling out.
For the volume bands we see Kia in 1st with a 7.8% mix, Toyota in 2nd with 3.6% and Smart in 3rd with 3.4%.
Vehicle segments & models
Now which customers are most likely to snatch up a Private Lease deal? We see an interesting dispersion where the customers either of mini-sized cars or large sized SUV’s and passenger cars seem to be more interested relative to the market average.
Not surprisingly, Kia has also the No. 1 and 2 models in the list with the Kia Sportage holding 4.4% of the overall Private Leasing market and the Picanto with 3.7%. The Toyota Aygo completes the top 3 with 2.5%. A notable model in the line ups is also the Volvo XC60 at 1.9%.
Signs are green for the further increase of Private Leasing. Time to get ready!
(522 words; 2,993 characters)
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DATAFORCE – Focus on Fleets
Dataforce is the leading provider of fleet market data and automotive intelligence solutions in Europe. In addition, the company also provides detailed information on sales opportunities for the automotive industry, together with a wide portfolio of information based on primary market research and consulting services. The company is based in Frankfurt, Germany.
Julian de Groot
Dataforce Verlagsgesellschaft für Business Informationen mbH
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60486 Frankfurt am Main
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