Alphabet strengthens position in European fleet management market through ING Car Lease acquisition
Major step to be the leading provider of mobility services
(lifePR) (Amsterdam/Munich, )Alphabet, the international multi-brand fleet management division of BMW Group, will further strengthen its European market position through the acquisition of ING Car Lease, a division of ING Groep N.V. The purchase price amounts to EUR 637 million. The transaction is expected to close in the fourth quarter of 2011, subject to regulatory approvals.
"In the growing European fleet management market, ING Car Lease is the perfect fit to complement the activities of Alphabet. Alphabet will increase the number of company car contracts under management to approximately 540,000 and thus consolidate its competitive lead in the European fleet management market," said Norbert van den Eijnden, head of Alphabet. Through the acquisition, Alphabet is able to provide its corporate customers with broadened services in now 16 European countries.
The strengthening of the fleet management business is in line with the BMW Group Strategy to be the leading provider of premium products and premium services for individual mobility. There is an increasing demand for flexible mobility and usage solutions. Corporate Car Sharing within the fleet management is one of the current initiatives of Alphabet to be prepared for future demands.
"Alphabet is concentrating on the growing full-service fleet management sector and is developing products and services for sustainable and efficient corporate mobility management. Alphabet already assists our corporate customers to manage a sustainable fleet with a focus on low fuel consumption. Fleet management will also support the introduction of electric vehicles," continues van den Eijnden. Strengthening and expanding the fleet management activities means also offering a clear perspective to all employees.
ING Car Lease is a leading operational car leasing and fleet management business, with 240,000 vehicles in eight countries in Europe. ING Car Lease started its operations in 1977 and became part of ING Group in 1985. It has a total workforce of around 1200 employees per 31 December 2010.
Alphabet is one of the fastest growing international fleet management suppliers, providing financing and leasing for all makes of vehicles. Established in 1997 in the UK, Alphabet today has a financed car volume of approximately 200,000 vehicles of all makes and manages in total more than 300,000 company car contracts for over 12,000 customers. Alphabet is represented in 14 countries.
Alphabet offers a comprehensive portfolio of fleet products, with a wide selection of funding solutions, along with maintenance, service management, fuel management, accident management, risk management and vehicle rental. Alphabet Fleet Management is a division of BMW Group. Its headquarters are located in Munich, Germany.