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.
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.