Auto leasing picks up speed

Leasing companies bought between 60%-70% of all new cars sold in Israel in 2005, double their proportion of new car sales in 2000.

By DANIEL KENNEMER
May 18, 2006 06:54
1 minute read.
car leasing 88 298

car leasing 88 298. (photo credit: Ariel Jerozolimski)

 
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Leasing companies bought between 60 percent and 70% of all new cars sold in Israel in 2005, double their proportion of new car sales in 2000, Business Data Israel said Wednesday. "The move to leasing indeed began in the hi-tech and computers sector, but in the past two years companies belonging to traditional industry, as well as small businesses, are adopting this method," the business research firm said, explaining that leasing cars frees companies from handling the cars' running maintenance, and helps in managing cash flow. The volume of turnover in the leasing sector grew 16% to NIS 6.7 billion in 2005 amid an "impressive growth surge," BDI said, adding that an estimated 120,000 vehicles are being sold through operational leasing, of which 80% are family cars. Leading the list of leasing companies in Israel was New Kopel-Shlomo, with NIS 2.2 billion in business and 600 workers; followed by Dan Vehicle & Transportation (Avis) with NIS 1.1b. in turnover and 625 workers; Eldan with NIS 950 million and 566 workers; Albar with NIS 900m. and 310 employees; and Kesher Rent-a-Car (Hertz) NIS 640m. in turnover and 430 employees. Avis and Eldan moved up in the hierarchy since last year, as Albar fell from second to fourth place.

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