European Car-as-a-Service firm LeasePlan has published its financial results for Q3, revealing a net profitability of €124m (£106m) – an 85% increase year-on-year.
The firm noted that the Turkey fleet impairment in Q3 in 2018 had an impact on the results.
For the year-to-date, the company achieved an underlying profit of €430.6m – down 8.1% year-on-year.
LeasePlan’s Car-as-a-Service business for new cars showed service fleet growth in key markets, while the company continued to digitalise fleet operations. This included the roll out of its online showroom for the SME segment and the implementation of digital customer onboarding process in one European market.
The company also deployed its full package EV solution to 12 countries, contributing to its 2030 net zero emission fleet target.
CarNext.com, LeasePlan’s European used car marketplace, saw B2C volumes grow 26% to 16,750 vehicles. The business also expanded its online delivery solution, now available in 14 European countries.
Tex Gunning, chief executive of LeasePlan said: “We delivered a solid performance in both of our businesses this quarter as we continued to make strategic investments in CarNext.com. In our Car-as-a-Service business, the SME segment showed strong growth, supported by the roll out of our fully online SME car showroom, which is now available in seven countries.
“In addition, we continued to see growing demand for low-emission vehicles, showing sustained customer engagement with our zero-emission mobility strategy. CarNext.com, our high-quality used-car marketplace, also continued to grow, particularly in B2C sales, supported by 3 new store openings and the introduction of our industry first 100% online delivery solution,” he added.
Recently MotorEasy partnered with LeasePlan to provide its 250,000 members access to vehicle leasing deals supported by LeasePlan’s price promise.
This is a new service offering members six-to-eight value vehicles with no hidden charges. The vehicles will be in stock and ready at short notice.
If members can find an identical package costing less elsewhere LeasePlan will match it or send out £50 in vouchers.
Members will be supported by LeasePlan’s experts once a car has been chosen who will help with car protection, maintenance and repairs.