GrenkeLeasing has reported an 11.7% year-on-year increase in new business for the first quarter of 2013.
The German lessor announced 239.4m of new business for the first three months of this year, rising from 214.4m in the same period a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The German domestic market made up just under a third of the total, generating 69.5m in new business, a 6.3% increase on 65.4m the previous before.
The foreign and foreign franchise markets made up the remaining 71%, rising 11.5% to 160.2m and 82.8% to 9.8m respectively. Foreign business was further subdivided into four regions: Western Europe (excluding Germany) with 47% market share at 79.8m; Southern Europe with 30% market share at 50.8m; Northern and Eastern Europe with 20% market share at 34.2m; and 5.2m spread across other regions making the final 3%.
Grenke also announced the upcoming dissolution of its franchise agreement with vehicle leasing company Kazenmaier Fleetservice GmbH, in mid-2013, due to "hoped for synergies" not being sufficiently achieved. The company says this will not has had "no impact on the business results of either partner".
Grenke chairman Wolfgang Grenke added the company had the opportunity to "collaborate with different development banks of individual German states", and that in March 2013 it had renewed such an agreement with NRW.BANK in Dusseldorf for a second time. This would contribute 15m in development funds to provide leasing to SMEs and self-employed individuals.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataJörg Eicker, chief financial officer of GrenkeLeasing, said the franchise model had "Succeeded so far in markets including the UK, Spain and Portugal, which we have since integrated into the Group."
He continued: "We have also been active outside Europe since the 2012 financial year with the conclusion of a franchise agreement for Brazil."
