The Latvian vehicle leasing market will pick up once the
economic situation has evened out, the head of SEB Lizings in
Latvia believes.
“2009 will be the year of stabilisation in the market and thus
also in the car leasing market – without particularly steep falls
or rises in sales,” Ints Krasts, SEB Lizings’ managing director in
Latvia, explained. “We expect that after the economic situation
stablises, the sale of new vehicles will show a positive growth
rate again.”
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Krasts said that as businesses restructure to adjust to the new
economic situation, they are likely to actively use leasing to
upgrade and purchase new, competitive products.
“Since new vehicle sales had been showing dizzying growth in
Latvia in recent years, SEB Lizings is taking the present situation
as a phase when the market is calming down,” he added.
Vehicle registration in Latvia fell 41 percent in 2008,
affecting the leasing market. SEB Lizings is the second largest
leasing provider in Latvia, behind Swedbank.
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