Fleet News

Newcourt sold to US lease firm

THE fourth largest fleet leasing company in the United States has bought Newcourt Automotive Services in a move that gives it a 'beachhead' for European expansion. Associates First Capital Corporation has acquired Newcourt's Canadian and British fleet operations for an undisclosed sum - the industry's third major deal this month that had European expansion at its heart, following the acquisitions of Arriva Automotive Solutions and Masterdrive. This latest deal covers 30,000 vehicles in Canada and 11,000 in the UK, all on full service leases.

Associates Fleet Services already manages more than 205,000 vehicles on full service leases in the United States and 17,000 in Canada, where it has now become the market's third largest player.

More than half Associates' major North American customers - companies that run in excess of 250 vehicles - operate vehicles in Europe and have been increasingly attracted to the concept of a global fleet supply arrangement. John Kines, president, diversified services, Associates First Capital Corporation, said: 'This acquisition has created for us a beachhead in the UK, and we look at that as an opportunity to move into the continent.'

Colin Tourick, managing director of Newcourt Automotive Services, said 'For the first time we are part of a large, important vehicle leasing organisation that can bring to us resource and capabilities as well as leads and opportunities.'

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