Motoractive Leasing, which was taken over last year by US-based GE Money, the retail financial services unit of General Electric, financed the acquisition of goods worth 135m euros in the first nine months of this year, up 30% against the same period last year. By late September, the number of new contracts stood at around 7,000.
"The increase came amid the expansion of our distribution network and the introduction of a new product, auto leasing over a seven-year period (two years more than other available products). Over 30% of this year's financing was granted through this product," stated Felicia Relenschi, general manager at Motoractive Leasing.
The company opened two offices this year, which brings the territorial network to 15 offices. "In 2008, we will assess the potential of each area of the country and either open more offices, or strengthen the existing ones by increasing the number of employees," explained Relenschi.
Motoractive Leasing specialises in auto and equipment leasing, which accounts for 85% and 15%, respectively, in the firm's portfolio.
For overall new financing, the weight of financing for the acquisition of equipment rose from 15% last year to 25% within the first 9 months of this year, and reflected the overall market trend. "(...) In terms of strategy, we do not want to enter the real estate segment, but we have managed to get in line with the market in terms of equipment leasing. In 2008, we plan to boost its weight to 30% in the portfolio," stated Relenschi.
Relenschi also believes car leasing, which Motoractive relies on and accounts for 70% of the market, with a value expected to exceed 4bn euros this year, will witness slower growth against recent years.
At present, 80% of the company's customers are legal entities and 20% individuals. "In terms of strategy, we intend to increase our focus on retail and want to bolster the weight of individual customers in our portfolio. This is the strategy embraced by GE Money, which specialises in retail," added Relenschi.
This year, the company expects to grant financing worth 200m euros, up 33% on last year's value, and forecasts a similar growth rate in 2008.
Besides Motoractive Leasing, GE Money also took over Ralfi and Domenia Credit last year.
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