Fleet News

GE turns its back on small fleets

GE Capital Solutions Fleet Services, number eight in the FN50 list of the country’s biggest leasing companies, is moving out of the small fleet sector.

Within two years, it says it will only be dealing with fleets in excess of 50 vehicles.

The company says it wants to concentrate its resources on larger UK corporate and pan-European accounts.

GE has written to the affected companies confirming it will honour existing contracts.

In total GE says its decision will affect some 5,000 vehicles, or 10% of its current fleet size.

“The thinking behind this is simple,” explained Rich Green, managing director, GE Fleet Services.

“In recent years we have grown substantially across Europe, achieving 60% growth in four years to a point where we now have 350,000 vehicles under funding and fleet management across Europe.

“The move to concentrate on major UK corporate and pan-European accounts is designed to play to our strengths, enabling us to continue to invest in the products and services that make a difference to these customers.”

In 2006, GE bought Custom Fleet from the National Australia Bank.

While the UK deal was designed to provide representation in the broker market where GE had traditionally been weak, the real prize was Custom Fleet’s 130,000 global fleet.

However, GE says its new large fleet strategy won’t mean the end of its Custom Fleet broker-base.

“Custom Fleet will continue to contribute a large number of key accounts to our overall business,” continued Mr Green.

“It is a misunderstanding of the broker sector to believe that it only consists of one and two vehicle leasing deals.”
 

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