Leasing firms faced major challenges in 2009, the most difficultyear in their history, with market leaders' turnovers shrinking byas much as 70%. The plummeting car sales meant a heavy blow for theleasing industry, and firms that had enjoyed two-digit growth inthe past saw their turnovers plummeting to just one quarter or onethird of 2008 levels. The entire leasing industry declined by 72%,with the total value of financed goods reaching 1.33bn euros. Thebiggest company on the market, UniCredit Leasing Corporation, ended2009 with a 300m-euro value of financed goods, from 555m euros in2008, with the decrease hitting 46%, much lower than the marketcontraction. UniCredit Leasing leads by a far distance from itsmain competitor, BCR Leasing, which last year saw the value offinanced goods slide by 70%, to 138m euros. At the same time,Porsche Leasing, one of the biggest funders on the car market,financed goods worth 121m euros, down 59% from a year ago. "Theeconomic downturn seriously hurt the car market and its declineimplicitly made an impact on the leasing market (...)," KurtLeitner, CEO of Porsche Finance Group, told ZF.
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