The company has been disposing of its fleet through a series of sales at sites in London, Manchester and Glasgow, with about 300 vehicles sold from each venue each month. But, as a result of plunging residual values last year which saw Europcar lose money on the sale of many nearly-new vehicles, it has arranged 'buy-back' agreements with many of the manufacturers supplying its fleet in an attempt to end the disposal risk.
This has seen sales at the sites fall from about 300 to under 100 a month and Europcar says the Manchester and Glasgow venues are no longer viable. All vehicles not on a buy-back policy will go to the London site for sale. The closures also mean redundancies, including the regional fleet sales managers.