Fleet Management In Europe - Deloitte
Fleet management in EuropeGrowing importance in a worldof changing mobility
Fleet management in Europe Growing importance in a world of changing mobilityPreface05Relevance of fleet management06Key players in the fleet management market18Selected M&A activities of market leaders24Business model analysis30Future of Mobility and implications for fleet management40Strategic fields of action regarding fleet management50Conclusion5203
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Fleet management in Europe Growing importance in a world of changing mobilityPrefaceFleet management has developed intoa multi-billion-euro industry in Europein recent years. More importantly, thefleet management business continues togrow and is gaining significant strategicimportance in a world of changing mobility.Particularly when we think about two of themain trends which are most likely to substantially influence the future of the auto motive industry: firstly the trend towardssharing instead of owning and secondlythe trend towards self-driving vehicles. Itcomes as no surprise that more and moreOEMs are actively pursuing opportunitiesin the multi-brand fleet managementmarket.Historically, the business was largely dominated by fleet management companiesfully or partially owned by large banks. Andtoday, several of the largest players still are.In recent years however, several OEMs have(re-)entered the multi-brand fleet management market, or substantially expandedtheir operations.In this study we will explain in greater depthwhy the strategic relevance of fleet management will continue to grow, what thekey characteristics of the business modelare, and what will be the future drivers ofthe corporate car market. Furthermore,the study names the key players in theindustry, which main M&A activities haverecently characterized consolidation in theindustry, and what implications the maintrends in the automotive industry withregard to the Future of Mobility will havefor fleet management. Our study concludeswith a summary of major strategic implications and respective fields of relevantactions required of the various players inthe fleet management business.Although fleet management is turningmore and more into a global businessand several of the largest players in thesegment are now able to offer fleet management services globally (mostly throughcooperation), we have chosen to focus thisstudy exclusively on the European market.Europe is by far the largest market for fleetmanagement globally and also in manyregards the most advanced. Despite thefact that other fleet management marketssuch as North America, for example arecharacterized by distinct differences ascompared to the European market, webelieve that the major findings of our studywill ultimately also have relevance on aglobal scale.We hope you enjoy reading our insightsand thoughts on this increasingly important segment of mobility.Sebastian PfeiflePartner Strategy & OperationsChristopher LeySenior Manager Strategy & OperationsFlorian TauschekSenior Consultant Strategy & OperationsPhilipp EnderleConsultant Strategy & Operations05
Relevance offleet managementToday, the ability to manage and operatefleets of multi-brand vehicles is a highlyprofitable business. Tomorrow,it will be a key capability to be successfulin the Future of Mobility.06
Fleet management in Europe Growing importance in a world of changing mobility07
The automotive market in Europe is characterized by two major customer segments.Almost all new vehicles sales are either registered to private or to corporate customers (leaving a small number of registrationsfor e.g., governments). Both segments andtheir respective requirements have experienced continuous change in recent years.Today, nearly two out of three new cars aresold to the corporate channel. The majorityof these vehicles are registered as companycars, i.e., as corporate car pools or corporate fleets and this segment is thereforecalled “true fleet”. Companies have vehiclefleets for various reasons, of which themost obvious is because they are neededfor the business objective (e.g. service carsor sales cars). Another important factor inEurope is the high relevance of employeecars that are offered as a form of compensation (benefit in kind). This model is ratherunique in a global perspective. The mainmotives may be found in the favorabletreatment for tax purposes and also inbehavioral motives (e.g., status thinking).Historically, companies used to own theircompany cars and manage their fleets inhouse. In recent years this has drasticallychanged, with more and more companiesbuying full-service leasing contractsinstead of vehicles to reduce fixed assetsand accordingly their total assets, whiletransferring the residual value risk of thevehicles to external parties. In addition,more and more companies outsource themanagement of their fleets to specializedcompanies with the aim of realizing furthercost reductions.A fleet management company (FMC) typically offers services over the entire life cycleof a vehicle, including purchasing, financing/leasing, and services, as well as reselling thevehicle on termination of the contract (seeFigure 1).Typical fleet managementservice offerings cover theentire vehicle lifetime.08
Fleet management in Europe Growing importance in a world of changing mobilityFig. 1 – Typical fleet management service offeringContractopeningVehicleremarketing(New) vehicleselectionContractmanagementFinancing /Leasing Registration anddeliveryDriver supportRepair,maintenanceand tiresFuelmanagementInsuranceSource: Deloitte analysis09
Fig. 2 – Average total cost of ownership for company car in Europe2% 2%8%41%12%15%DepreciationFuelRepair, maintenance, tires, and roadside assistanceInterestInsurance(Road) tax & feesManagement feeSource: Global Fleet (2015)1020%
Fleet management in Europe Growing importance in a world of changing mobilityFrom a customer perspective the total costof ownership (TCO) is the key to identifyingcost saving potential and reducing operating expenses. Figure 2 shows a typical TCOsplit for a European fleet vehicle. Depreciation takes the largest slice over the lifetimeof a company car. Fuel costs make upabout 20% of the TCO while maintenance,tires, and repair management add up to anadditional 15%. Interest expenses comprise12% of total costs. The remaining costs canbe attributed to additional services andmanagement fees.In total, only 40% of the TCO is related to theactual vehicle, 60% of the costs are incurredduring the use of the vehicle itself.Fleet management companies pursue astrategy of reducing these costs for theircustomers. To tackle the key cost drivers,FMCs follow different approaches. Theirlarge purchasing volumes grant them astrong market power to negotiate highdiscounts with OEMs. Price reductionsof 15–25% are quite standard. Profoundknowledge about residual values andremarketing enables FMCs to achievehigher remarketing prices for their usedcars. Part of these gains is passed on tocustomers, helping to reduce monthlycharges and leading to a highly competitiveprice environment. Furthermore, providingfuel cards can lower fuel expenses by a fewpercentage points. FMCs also leverage theirservice and maintenance network to offerbetter prices than authorized or OEM-affiliated repair shops, in order to reduce theTCO costs for FMC customers.Today, more and more companies tendto analyze and optimize the total cost ofmobility (TCM) rather than the TCO. Whilethe TCO gives a cost calculation per vehicle,the TCM is calculated per mobility user(employee) and takes holistic multi-modality mobility models into account. The TCMcalculation considers all costs ranging fromthe vehicle itself and its related costs toother mobility options such as taxis, flights,car sharing, or rental cars.Most recent innovative products from fleetmanagement companies focus on the TCMand offer comprehensive solutions for theircustomers to reduce their total cost of travelexpenses and fleet-related costs ratherthan just TCO.While doing so, fleet management companies are expanding their core competenciesfrom vehicle management to total mobilitymanagement.11
Europe is dominated bythe corporate channel –new car sales areshifting from private tocorporate.Smartphone79%eher ja47%Tablet44%Fitness-Tracker8%eher nicht32%Pulsuhr5%21%Smart Watchauf keinen Fall4%Smartwatch12Fitness-/Gesundheits-Apps
Fleet management in Europe Growing importance in a world of changing mobilityIn Europe, the corporate channel hasovertaken the private channel as the mostimportant one. While the overall number ofnew vehicle sales has steadily grown withonly one small decline in 2013, the splitbetween private and corporate sales hasshifted in favor of the corporate channel.Overall, the private market segment shareis declining. In 2010 the private and corporate market segments were almost equallylarge in Western Europe (7.3 million privatevs. 7.2 million corporate car registrations).Since then there has been an increasingmarket shift towards more corporate carregistrations. In 2016 there was alreadya split of 6.3 million private (42% of totalregistrations) vs. 8.7 million corporate (58%of total registrations) registrations. Thisincrease can be mainly explained with theeconomic recovery and growth of WesternEurope. In addition current low interestrates permit attractive financial incentives(e.g., leasing) for companies to expand theirfleets.By 2021, Deloitte forecasts a share of newcar registrations of 37% for the private and63% for the corporate channel. With totalregistrations expected to exceed the 16million mark, Deloitte expects more than10 million new corporate car registrationsin Western Europe in one year for thefirst time. This equals a compound annualgrowth rate (CAGR) of 3.5% between 2016and 2020 or almost double the growth rateof the overall European car sales market.This further increase in corporate registrations implies an increasing number ofcorporate fleets and company cars whichneed to be managed and therefore providea major business opportunity for fleetmanagement companies.Although the general market shift towardscorporate is clear throughout Europe, thereare strong regional differences betweencountries, resulting in different corporatepenetration rates. The differences betweenthe five largest European markets, Germany,France, UK, Italy and Spain are shown inFigure 4.Sales to corporate channel:OEM:OEM self registrations (to employees)Rental:Rental cars (short, medium, and longterm rental)True fleet:Corporate fleets with or withoutfull service leasingFig. 3 – New car registrations in Europe (EU16) in millions17101691514813Growing12116business10 56%7commercial5 63%94873654 44%1private3business2 2020e2021eTotal OEM & RentalTotal True FleetTotal PrivateSource: Deloitte analysis, Dataforce (2016), LMC (2016)13
Fig. 4 – Overview of fleet management specifics in EU countriesCountryShare of truefleet to totalregistrationsTrue fleet 12430,489335,028319,406277,081183,574Source: Deloitte analysis, Dataforce (2016), LMC 24%Trend of true fleetrelevance
Fleet management in Europe Growing importance in a world of changing mobilityDescriptionDrivers Total number of new vehicle registrations is expected toincrease to 2.9M by 2020 Growth in salary sacrifice models 2 Total corporate market segment (OEM & Rental Fleet) isexpected to increase from 59% (1.3M cars) in 2012 to 63%(1.8M cars) in 2020 Recent changes in “benefit in kinds” taxation might softenfurther corporate growth 2,3,4 Uncertainty of BREXIT negotiations might harm futuregrowth in new car registrations Historically leasing segment in Britain is very strong; relatively low shareof OEM & rental segment Employment growth Total number of new vehicle registrations in Germanyexpected to increase to 3.5M by 2020 Economy and employment growth boosts furthercorporate demand Corporate market segment expected to increase from 63% (2.1M cars)in 2012 to 69% (2.4M cars) in 2020 High share (10–30%) of OEM self registrations5 Germany has a high number of short term OEM selfregistrations to sidestep recommended sales prices of OEMs andto give discounts to end customers Company car as strong status symbol commonly usedas extra incentive Company cars are tax beneficial under the one-percent- regulation Total number of new vehicle registrations is expected to increase to2.5M by 2020 Domestic market of large French full service leasing providers(Arval, ALD Automotive, PSA's “Free2Move”) Corporate market segment is expected to increase from 51%(1.1M cars) in 2012 to 56% (1.4M cars) in 2020 Real disposable income expanding Employment growth French market has a strong tradition of long-term rental(Location Longue Durée (LLD)) and short-term rental offeringsand therefore a strong rental segment Total number of new vehicle registrations is expected to increaseto 2.3M by 2020 Economic situation still worse than before the crisis Only market within the Top 5 in which private market segment outweighscorporate segment Although Italy has the most companies ( 4.3M) of the Top 5 markets,the majority of them ( 4.1M) are below 10 FTEs and have therefore nosignificant company car fleets6 Corporate market segment is expected to decrease from 41% (600k cars)in 2012 to 38% (900k cars) in 2020 Only gradual economic recovery Italian market has a strong tradition in rental services (e.g. due to tourism) Spanish market is the smallest within EU Top 5 Total number of new vehicle registrations is expected to increase to1.5M by 2020 Penetration of external fleet management services within fleet registrationsis high with many small and medium-sized companies active in this segment Political program (“PIVE”) to support the continued modernizationof the nation's motor vehicle stock ongoing7,8 Households are less wealthy than before recession Purchasing power of households is still recovering Spanish market has a strong tradition in rental services(e.g. due to tourism in particular on the Spanish islands)15
Future drivers of thecorporate car marketApart from the economic, demographic, and political driversoutlined, which are mainly country-specific, Deloitte foresees twomain drivers affecting the future development of the Europeancorporate car market across Europe.Accounting standardsBeginning in January 2019 the InternationalAccounting Standard Board (IASB) will require companies to disclose leased assetsin their balance sheets and also to recognize liabilities for future rental payments.For company cars financed with operatingleases, this is a major change. Up to now,these assets and liabilities could be kept offthe balance sheet so as to disclose a lowdebt-to-equity ratio to enable easier accessto funding. The change in accountingstandards described considerable effectson corporate car markets.9GreenApart from changes to accounting standards, there is a second major factor affecting the fleet market, driven by regulation.No matter which country is selected, greeninitiatives are ongoing everywhere, whichwill have a considerable impact on futurecorporate fleets.16The European Union came to an agreementto reduce the overall CO2 emissions by 80%up to 2050, compared to the base year of1990. To achieve this ambitious goal, the EUCommission defines, besides many otherrules, also binding limit values for the CO2emissions of new cars. Currently they are setat 95 grams/ CO2 per kilometer by 2020. Alimit which Deloitte expects to decrease to 84 grams/ CO2 per kilometer by 2030 and 56 grams/ CO2 per kilometer by 2040.10Furthermore, in September 2017 thenew Worldwide Harmonized Light DutyVehicles Test Procedure (WLTP) will beintroduced.11,12 This new testing regimewas jointly developed by experts of the EU,Japan, and India to provide a more realisticpicture of real vehicle emission and fuelconsumption.Vehicles which do not comply with thedefined limits will be affected by drivingbans and higher taxes. As a result Deloitteexpects the share of low emission vehiclesin corporate fleets to increase sharply withinthe next years.The trend towards greenis a ticking time bomb forFMCs and captives. Forthese companies it will bemore and more compli cated to find enoughcustomers for used dieselengined cars when theirlease contracts expire –sending their residualvalues on a downwardslide.
Fleet management in Europe Growing importance in a world of changing mobilityFig. 5 – Expected future development of CO2 emission limits in EuropeGramCO2 per km160Gasolineper 100 km- e2040e2050e0Source: Deloitte analysis 10,13Deep dive – Regional Regulatory ImpactsUnited Kingdom:Salary sacrifice is a strong driver forcompany cars/ fleet sales due to relatively high tax incentives. The UK is discussing the adjustment of Benefit inKind (BIK) taxation, based on the newWLTP, threatening company car driverswith an increase of up to 30% in BIK.Deloitte expects that around 50% ofthe 970k British employees paying BIKon their car will be affected by theseplanned changes. The significance ofthis change for the whole corporate carsector in UK becomes obvious if thisnumber is put into perspective withthe total corporate registrations of1.7M in 2016.Only ultra-low emission vehicles withemissions 75grams CO2 per km will beexcluded from these changes and willcontinue to enjoy the benefit of reduced taxation. Deloitte therefore expects a sharp increase in hybrid andbattery-electric vehicles in UK’s corporate fleets.14,15Germany:Many German cities are currently discussing driving bans for certain inner- city areas for vehicles not meeting thelatest Euro 6 emission standards, so asto achieve CO2 and NOX emissionstandards defined by the EU. The cityof Stuttgart recently went ahead anddecided to put such a ban in placestarting in January 2018. Only dieselvehicles meeting Euro 6 standards(with the exception of delivery vehiclesand certain craftsmen) will be allowedto enter the city center. This ban affects 68% (or 73k) of all registered diesel ve-hicles in S tuttgart.16 At the beginning ofMay the city of Hamburg also introduced bans for two main roads in thecenter.17If other cities follow the role models ofStuttgart and Hamburg, this will haveenormous consequences the Germancorporate vehicle park – currently 80% of it is running on diesel. Sharesof PHEVs and hybrids as well as BEVsare expected to rise significantly inGermany too.1817
Key players in thefleet managementmarketFleet management has historicallybeen dominated by banks, withOEMs now entering the market.18
Fleet management in Europe Growing importance in a world of changing mobility19
Historically, fleet management companiesin Europe grew out of the banking industry.Banks identified vehicle leasing as an asset- based business model with profitable interest margins, the potential for additionalrecurring service revenue, and manageablerisk. In addition to banks, some OEMs grewnaturally into fleet management, evolvingfrom retail leasing contracts to managingand financing large corporate fleets leveraging the financial power of their captives.The structure of many fleet managementcompanies has changed in recent years.The European market leader LeasePlan,for example, was founded as a subsidiaryof ABN Amro banking group but laterbecame owned in an equal joint venturebetween the German Metzler Bank and theVolkswagen Group. In 2016, the previousowners sold LeasePlan to a consortiumof institutional investors led by a Dutchpension fund.19Leading European bank-backed fleet management companies are Arval (owned byBNP Paribas Group) and ALD Automotive(owned by Société Générale). Leadingcaptive related multi-brand FMCs areAlphabet (BMW FS) and Athlon (DaimlerFS) and most recently PSA’s “Free2Move”.Volkswagen Leasing (VWFS) is a majorplayer in that field but is, despite havingrecently acquired CarMobility!, currentlyrather focused on its own group brandsand is therefore not analyzed in furtherdetail in this study.In a highly consolidating market today, theTop 5 players in Europe own more than50% of the market. Figure 6 compares thekey players in Europe.20
Fleet management in Europe Growing importance in a world of changing mobilityFig. 6 – Top 5 fleet management companies in EuropeUnits in operation(as of 2016)HQShareholderRecent transactionsLeasePlan 1,600,000( 70% in EU)Amsterdam,NetherlandsLP Group B.V.,consortium of institutional investorsLP Group BV’sacquisition ofLeasePlan Corp NV for 3.7 billionALD Automotive 1,400,000( 90% in EU)Clichy,France100% subsidiary ofSociété GénéraleGroupMay 2016, ALDAutomotive acquiredParcours SAS for 300million 1,000,000( 3 million with globalpartner Element)Rueil-Malmaison,FranceUnits in operation(as of 2016)100% subsidiary ofBNP Paribas GroupJune 2015, Arvalacquired GeneralElectric's Europeanfleet businessHQShareholderRecent TransactionsAlphabet 650,000( 90% in EU)Unterschleißheim,Germany100% subsidiary ofBMW GroupAthlon 340,000(all EU)Machelen,Belgium100% subsidiary ofDaimler FinancialServices AGArvalSource: Deloitte Analysis, mergermarket.com, Annual Reports, Company WebsitesSeptember 2011, Alpha bet acquired ING CarLease, a subsidiary of INGGroup for 637 millionJuly 2016, Daimler FSacquired Athlon for 1.1 billion21
Strong consolidationin last years led to 5major players having 50% market shareMarket is consolidatingIn the past 15 years a strong consolidationhas started within the European fleetmarket which is still ongoing. More than 50acquisitions formed a concentrated marketwhere the Top 5 companies own more than50% of the total European market.Three main reasons in particular are drivingthis trend:Cross-border service offering mattersThe main reason for the consolidationprocess can be seen in the companies’growth strategies. Multinational customersdemand a pan-European service coverageto serve their European subsidiaries andemployees with a seamless service leveleven across boarders. Strong competitionto become the European leader in fleetmanagement started a race which canhardly be won by pure organic growth. Theacquisition of existing companies and theirfleets became a lever to quickly increaseportfolio size, product offering and geographic coverage.22Economies of scaleSecondly, scaling effects can be seen.FMCs identified size as a prerequisite tobenefiting from economies of scale and toreducing their operating costs per contract.In addition, high volumes lead to strongpurchasing power over suppliers (such asOEMs and fuel providers).Investment caseBanks and private equity funds appreciatedthe high profit margins and relatively lowrisks of fleet management business andstarted to acquire FMCs as strategic investment cases in times of low interest rates.Ongoing consolidationAs a result the independent medium- sized pan-European players like Athlon orParcours have all been acquired and thissub-segment has effectively vanished.The European FMC market today can bese parated into a group of five large pan- European providers and a large numberof fragmented domestic companies rarelyhaving more than 30,000 cars undermanagement.
Fleet management in Europe Growing importance in a world of changing mobilityFig. 7 – Strong consolidation in European fleet management marketAutomotive ServiceGroupHLADaimler Fleet ManagementARIING Car LeaseLeasePlanLHSFleetLogisticsFleetlevelAthlonGE CapitalCar ProfessionalManagementParcoursTÜV SüdASGFleet CompanyMasterleaseHPIAlphabetArvalALD AutomotiveDeutsche LeasingALD AutomotiveAlphabetAthlonLeasePlanArval 50% of total European fleet marketmanaged by Top 5 playersSource: Deloitte analysis23
Selected M&Aactivities of marketleadersDriven by the three factors outlined alllarge fleet management providers haveconducted significant M&A deals in Europeduring the last decade.Whereas the motivation of the captive- backed FMCs was mainly to leapfrog along period of organic growth by instantlyacquiring a large portfolio, the independentproviders selectively bought companiesacross Europe to increase their size andgeographic coverage in the respectivemarkets.These ongoing M&A activities and thedecreasing availability of suitable targetsresulted in an sharp increase in respectivetransaction prices. The average price paidper contract has doubled during the lastdecade.This price increase becomes very obviouswhen comparing the recent acquisitionsmade by OEM-affiliated FMCs. Although24Daimler Financial Services acquired a similar portfolio size as Alphabet did five yearsearlier, the price per contract was approximately 50% higher. Alphabet paid roughly 2,917 per contract whereas Daimler hadto pay approximately 4,400 per contract.*Another example is the case of LeasePlan.Volkswagen acquired LeasePlan jointlywith other investors in 2004. VW paidapproximately 1 billion for its 50% share.In 2015 VW and Bankhaus Metzler sold offLeasePlan to LP Group B.V. for a total of 3.7 billion. VW is expected to have received up to 2.2 billion or nearly doublethe amount that the group paid for itsstake roughly ten years earlier.19Most recent examples show that this trendis continuing. In early 2017, Zenith wasbought by Bridgepoint Advisers Ltd. forroughly 10,300 per contract.19* High level price simulation based on publicly available information
Fleet management in Europe Growing importance in a world of changing mobilityFig. 8 – Selected transactions of Top 5 players in recent years2011201520162016ING Car LeaseGE CapitalFleet ServiceAthlonParcoursAlphabetArvalBNP Paribas GroupDaimlerFinancial ServicesALD AutomotiveVehicles240,000164,000250,00061,500Price 700Mn/a 1.1B 300MØ per vehicle 2,917n/a 4,400 4,878TargetBuyerFig. 9 – Average amount paid per vehicle based on historical transactionsin 10,0008,000 7,5506,000Target ParcoursBuyer ALD Automotive4,0002,000Target ING Car Lease 3,550TargetAthlonBuyerDaimlerFinancial ServicesBuyer 0182019Size of bubble represents the volume of vehicles (UiO) involved in the transactionSource: Deloitte analysis, mergermarket.com25
Case Study:The acquisition of ING CarLease to increase Alphabetpays off for BMWIn particular the acquisition of ING CarLease's 240,000 cars has raised Alphabetto a significant sales channel for BMW inEurope with a fleet size of approximately630,000 of the global fleet of 690,000 carsbeing under management in Europe.20The following case study is based onDeloitte estimations derived from publiclyavailable information and shows the relevance of Alphabet for the BMW Group as asales channel:Based on an average expected leasing contract duration of three years and a shareof BMW Group cars of around one-third inAlphabet's fleet results in annual renewalsof roughly 70,000 BMW and Mini vehiclesby Alphabet customers. This implies thatAlphabet contributed to approximately6.4% total of 1,092,000 BMW Group sales inEurope in 2016.2026Apart from pure per unit sales, Alphabethas two additional positive effects on BMW: Possibility of converting existing nonBMW contracts into future BMW salesafter current contract expires Challenge other OEMs by firstly demanding significant discounts (skimming theirsales margin) for multi-brand cars andsecondly routing these vehicles aroundthe after sales network of other competitors (skimming their after sales margin)
Fleet management in Europe Growing importance in a world of changing mobilityStrong benefitsfor the core businessof the acquirerFig. 10 – Alphabet’s relevance as a sales channel for BMW 2070,000420,000210,000140,000Ongoing contractsContract renewalsBMW GroupothersSource: Deloitte analysis, BMW (2017): Annual report 20162027
Case Study:Zenith Group Holdings Ltd –object of speculation similarto the real estate marketEstablished in 1989, Zenith is one of theUK’s largest independent leasing and fleetmanagement companies. During the last 14years it was sold seven times between various well-known private equity funds. During this time Zenith’s portfolio increasedfrom 10,000 to 85,000 units in operation.Meanwhile, its valuation increased from 26M in 2003 to 878 million in 2017.28Zenith is working in a cooperation withSantander to optimize its refinancing andaccess Santander’s customer base.The Zenith case proves fleet managementcompanies to be a solid investment casefor banks and private equity funds searching for opportunities with high profitabilityand moderate risk in an environment of lowinterest rates.
Fleet management in Europe Growing importance in a world of changing mobilityFig. 11 – Development of the valuation of Zenith Group Holdings LtdP/ Emultiple13.8x8.7x11.8x25.7xn/an/aP/ 29HgCapitalBridgepoint297%P/ vehiclemultiple(in StanleySource: Deloitte analysis, Zenith Group Holdings Ltd press releases29
Businessmodel analysisFleet management has becomea service business – funding andefficiency are key factors.Finance30
Fleet management in Europe Growing importance in a world of changing mobilityRemarketingInsuranceServicePurchase31
Figure 12 (below) illustrates the typicalmain components of the value chain of afleet management company and the cor responding profit allocation.Today, the core profit driver of an FMCremains financing the assets. Funding andleasing alone contribute about 30–35% tothe total profit.Forecasting the right residual value of thevehicle at the end of its contract is the mostcrucial capability for determining monthlypa
trends in the automotive industry with regard to the Future of Mobility will have for fleet management. Our study concludes with a summary of major strategic impli - cations and respective fields of relevant actions required of the various players in the fleet management
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May 02, 2011 · Deloitte & Touche LLP Cleveland, Ohio 1 216 589 5717 tgriffiths@deloitte.com Theresa Cui . Engagement Consultant . Deloitte & Touche LLP . Cleveland, Ohio Cleveland, Ohio 1 216 589 5018 1 216 . tcui@deloitte.com . Kathie Schwerdtfeger Advisory Principal Deloitte & Touche LLP . Austin, Texas 1 512 691 2333 . kschwerdtfeger@deloitte.com .File Size: 720KB
