Tiriac Leasing resumes funding for car dealers outside the group

Tiriac Leasing, a company that prior to the crisis had been among the top ten on the market, has resumed collaboration with car dealers outside Tiriac group, after it had been halted for one year. Partnerships with car dealers for the funding of their clients are the most important business source for leasing companies. "Practically, Tiriac Leasing's funding activity has never ceased. The difference was that, over the past year, funding has been done only from own funds, being exclusively aimed at dealers part of the group. Starting June 15, once conditions for the new credit lines have been renegotiated and agreed upon, funding has been resumed for all the authorised dealers," stated Mircea Dihel, general manager of Tiriac Leasing. The company has not published its financial figures for the past year. The leasing market plummeted by over 70% in 2009, to 1.3bn euros, from 4.8bn euros in the previous year. "2009 was a year when the business adjusted to the new market coordinates, dictated by the delicate macroeconomic situation we're all coping with. The main business focused on debt recovery and reselling repossessed cars and the current portfolio is now stable (...)," Dihel says.