Fleet News

Pan-European leasing to grow to four million vehicles

LEASING could account for as many as four million company cars across Europe early into the new millennium with the growth fuelled by customer demand and a single European currency. There are about 2.74 million leased cars across Europe, and EMU, common interest rates, and the potential for greater alignment of fiscal and VAT regimes across Europe will facilitate pan-European leasing, according to John Lewis, executive director of Dial.

Speaking at a pan-European conference in Milan, he identified significant demand from customers to maximise buying power when purchasing vehicles and support services by running cross-border company car policies. But he singled out barriers which the leasing industry needs to overcome on behalf of its customers to make these benefits real.

'I see it as the leasing industry's responsibility to design products that are able to deliver the benefits of pan-European leasing to fleet operators,' said Lewis. The obstacles facing pan-European leasing include the different balance sheet and VAT treatment of leasing in each country, an understanding of why some countries can offer motor insurance and others cannot, and an appreciation that contracts in certain countries need to include provision of winter tyres.

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