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Fleet management in Europe

Growing importance in a world

of changing mobility Fleet management in Europe | Growing importance in a world of changing mobility 03

Preface

05

Business model analysis

30
04 Fleet management in Europe | Growing importance in a world of changing mobility 05

Fleet management has developed into

a multi-billion-euro industry in Europe in recent years. More importantly, the importance in a world of changing mobility. sharing instead of owning and secondly the trend towards self-driving vehicles. It comes as no surprise that more and more

OEMs are actively pursuing opportunities

Historically, the business was largely dom-

today, several of the largest players still are.

In recent years however, several OEMs have

their operations. agement will continue to grow, what the

Preface

are, and what will be the future drivers of industry, which main M&A activities have recently characterized consolidation in the industry, and what implications the main trends in the automotive industry with regard to the Future of Mobility will have with a summary of major strategic impli- actions required of the various players in more and more into a global business and several of the largest players in the agement services globally (mostly through cooperation), we have chosen to focus this management globally and also in many regards the most advanced. Despite the will ultimately also have relevance on a global scale. We hope you enjoy reading our insights and thoughts on this increasingly impor- tant segment of mobility.

Partner |

Strategy & Operations

Christopher Ley

Senior Manager | Strategy & Operations

Florian Tauschek

Senior Consultant | Strategy & Operations

Philipp Enderle

Consultant | Strategy & Operations

06

Today, the ability to manage and operate

in the Future of Mobility.

Relevance of

Fleet management in Europe | Growing importance in a world of changing mobility 07 08 terized by two major customer segments.

Almost all new vehicles sales are either reg-

istered to private or to corporate custom- ers (leaving a small number of registrations for e.g., governments). Both segments and enced continuous change in recent years.

Today, nearly two out of three new cars are

sold to the corporate channel. The majority of these vehicles are registered as company cars, i.e., as corporate car pools or corpo- most obvious is because they are needed for the business objective (e.g. service cars or sales cars). Another important factor in

Europe is the high relevance of employee

unique in a global perspective. The main motives may be found in the favorable

Historically, companies used to own their

house. In recent years this has drastically changed, with more and more companies buying full-service leasing contracts and accordingly their total assets, while more and more companies outsource the companies with the aim of realizing further cost reductions. leasing, and services, as well as reselling the vehicle on termination of the contract (see entire vehicle lifetime. Fleet management in Europe | Growing importance in a world of changing mobility 09

Contract

opening (New) vehicle selection

Financin

g/

Leasing

Registration and

delivery Fuel managementDriver supportContract managementVehicle remarketing

Insurance

Repair,

maintenance and tires

Source: Deloitte analysis

10 2%2% 8% 12% 15%

20%41%

Depreciation

Fuel Repair, maintenance, tires, and roadside assistance

Interest

Insurance

Management fee

Fleet management in Europe | Growing importance in a world of changing mobility 11

From a customer perspective the total cost

cost saving potential and reducing operat- tires, and repair management add up to an be attributed to additional services and management fees. during the use of the vehicle itself.

Fleet management companies pursue a

strategy of reducing these costs for their large purchasing volumes grant them a discounts with OEMs. Price reductions cars. Part of these gains is passed on to customers, helping to reduce monthly charges and leading to a highly competitive price environment. Furthermore, providing percentage points. FMCs also leverage their iated repair shops, in order to reduce the

TCO costs for FMC customers.

Today, more and more companies tend

to analyze and optimize the total cost of mobility (TCM) rather than the TCO. While the TCO gives a cost calculation per vehicle, the TCM is calculated per mobility user ity mobility models into account. The TCM calculation considers all costs ranging from the vehicle itself and its related costs to car sharing, or rental cars. management companies focus on the TCM customers to reduce their total cost of travel than just TCO. from vehicle management to total mobility management. 12

Europe is dominated by

new car sales are shifting from private to corporate.

386814Maybe yes/maybe no

Probably ye

s 60%

70%80%90%100%

100%
47%
49%

37%72%

98%98%99%

50%
40%
30%
UK currently goingnot goin gFranceGermanySpain0%10%20%8% 13% 26%
59%9%
35%
54%7%
37%

55%33%

59%

26%26%

24%33%

31%
9% 9% 4%15% 8%14% 7%

310890currently

goingnot goin g

380820currently

goingnot going

505695currently

goingnot goingPulsuhr

Smart Watch79%

5%

Fitness-Tracker44%Smartphone

4% 8%

Tablet

eher ja

Smartwatc

h

201217

16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0~56%

Growing

commercial business ~63%

Shrinking

private business ~37%~44%

20132014201520162017e2018e2019e2020e2021eauf keinen Falleher nicht

Fitness-/Gesundheits-Apps21%

32%47%

Fleet management in Europe | Growing importance in a world of changing mobility 13

In Europe, the corporate channel has

important one. While the overall number of new vehicle sales has steadily grown with between private and corporate sales has shifted in favor of the corporate channel. large in Western Europe (7.3 million private

Since then there has been an increasing

of total registrations) registrations. This economic recovery and growth of Western

Europe. In addition current low interest

in Western Europe in one year for the

This further increase in corporate regis-

trations implies an increasing number of need to be managed and therefore provide management companies. corporate is clear throughout Europe, there

France, UK, Italy and Spain are shown in

Sales to corporate channel:

OEM:

OEM self registrations (to employees)

Rental:

Rental cars (short, medium, and long-

term rental) full service leasing

386814Maybe yes/maybe no

Probably ye

s 60%

70%80%90%100%

100%
47%
49%

37%72%

98%98%99%

50%
40%
30%
UK currently goingnot goin gFranceGermanySpain0%10%20%8% 13% 26%
59%9%
35%
54%7%
37%

55%33%

59%

26%26%

24%33%

31%
9% 9% 4%15% 8%14% 7%

310890currently

goingnot goin g

380820currently

goingnot going

505695currently

goingnot goingPulsuhr

Smart Watch79%

5%

Fitness-Tracker44%Smartphone

4% 8%

Tablet

eher ja

Smartwatc

h

201217

16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0~56%

Growing

commercial business ~63%

Shrinking

private business ~37%~44% auf keinen Falleher nicht

Fitness-/Gesundheits-Apps21%

32%47%

Total OEM & Rental

Total True Fleet

Total Private

14

Country ȵShare of true

registrationsȵ

1,179,055

1,132,727

H991,752

924,305

831,115

814,303

529,159

430,489

335,028

277,081

183,574

6RXUFH'HORLWWHDQDO\VLV'DWDIRUFH/0&

Fleet management in Europe | Growing importance in a world of changing mobility 15

Description

•Historically leasing segment in Britain is very strong; relatively low share of OEM & rental segment •ȴ 2 2,3,4 •Total number of new vehicle registrations in Germany •Germany has a high number of short term OEM self registrations to sidestep recommended sales prices of OEMs and to give discounts to end customers • corporate demand 5 •Company car as strong status symbol commonly used regulation and therefore a strong rental segment • corporate segment is high with many small and medium-sized companies active in this segment 7,8 16 corporate car market

Accounting standards

Accounting Standard Board (IASB) will re-

quire companies to disclose leased assets in their balance sheets and also to recog- nize liabilities for future rental payments. leases, this is a major change. Up to now, the balance sheet so as to disclose a low debt-to-equity ratio to enable easier access to funding. The change in accounting Green

Apart from changes to accounting stand-

No matter which country is selected, green

initiatives are ongoing everywhere, which will have a considerable impact on future

ȵThe European Union came to an agreement

to reduce the overall CO rules, also binding limit values for the CO emissions of new cars. Currently they are set introduced.

This new testing regime

Japan, and India to provide a more realistic

picture of real vehicle emission and fuel consumption.

Vehicles which do not comply with the

Apart from the economic, demographic, and political drivers

The trend towards green

FMCs and captives. For

these companies it will be more and more compli- customers for used diesel- engined cars when their sending their residual values on a downward slide. Fleet management in Europe | Growing importance in a world of changing mobility 17 2

Germany:

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