Hitachi Capital Vehicle Solutions has struck a sale and leaseback deal involving 1,050 cars owned by A&N Media, the consumer division of Daily Mail and General Trust.
The deal was clinched on the basis of a rolling monthly contract hire agreement being offered on older vehicles within the fleet.
Nick Jenkinson, head of procurement at A&N Media, told Fleet News that the price paid for the fleet reflected the market value of a fleet consisting of vehicles of various ages and mileages.
“We concluded that this agreement made the best business sense,” explained Jenkinson. “But, while it was heavily driven by working capital, this was not the only driver.”
With approximately 450 vehicles already under contract hire on the fleet, the company said that the sale and leaseback deal also provided it with a better structure with which to manage its fleet.
Derek Thornton, head of strategic accounts at Hitachi Capital Vehicle Solutions, said: “Despite being formally out of recession, we’re seeing a lot of interest in sale and leaseback, as businesses look to free up funds in order to invest in future growth.”
Login to comment
Comments
No comments have been made yet.