German vehicle manufacturers Daimler and BMW reduced their
leasing business in the US in 2009 to reduce losses, according to
German business daily Handelsblatt.
According to the newspaper, which cited BMW sales chief Ian
Robertson and Daimler sales chief Joachim Schmidt, both companies
reduced their leasing business to around 50 percent, from 60 and 70
percent respectively.
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BMW alone lost some €2 billion in its US leasing business in
2008.
Both Robertson and Schmidt, however, said that the US used car
market has now stabilised. They believe that car sales could
increase again this year, Handelsbatt newspaper
said.
Antonio Fabrizio
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