Q in figures. Private 58% (53%)

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1 La Lettre du Cette édition restitue le tableau de bord de la profession en 2011 The French long-term rental market 3 rd Quarter 2012 In Collaboration with The long-term rental market 3rd Quarter The automotive market 2-The corporatemarket 3- The long-term rental market 4- Long-term rental data 5-News 6-Services Q in figures 369,202 New passenger car 2011/2012: -12.8% 79,701 New commercial vehicle (<5t.) 2011/2012: -8.8% 160,119 Company car*- commercial vehicle 2011/2012: -8.1% 93,319 New long-term rentals put on the road 2011/2012: -4.8% * excluding short-term rentals, demonstration vehicles, self- Source: SNLVLD, CCFA, data processed by BIPE 1 The automotive market In a particularly challenging environment for automotive markets, the long-term rental sector once again proved fairly robust during the 3 rd quarter: with 93,319 new, the decrease was slightly higher than in the previous quarter (-4.8% in Q3,2012 vs. Q3, 2011 vs. -3.3% in Q2), but this channel still remains the most buoyant segment of a light vehicle market (Passenger Cars + Commercial Vehicles) characterised by an ongoing slump, as can be seen from the Q3 figures: -12%. Over the first 9 months of the year, the long-term rental market was the only automobile activity to record positive growth at +0.6%, with 309,552 new. The ongoing increase in the stock of longterm vehicle rentals is proof of the success of this means of acquisition in the corporate sector: since the end of 2011, this rental stock has increased by 15,650 vehicles, i.e. growth of +1.4%. Looking ahead to 2013, it is important to take account of the more stringent bonus-malus conditions applying to companies. The new measures, which enter into force on 1 st January 2013, are likely to have a structural impact on the long-term rental market. Breakdown of light vehicle in Q3 2012, as % of the total Q in figures Private 58% (53%) Short-term rental 5% (14%) Long-term rental +corporates 22% (19%) Demonstration + Carmakers 15% (14%) Sources: SNLVLD, CCFA, data processed by BIPE Set up in 1978, the Syndicat National des Loueurs de Véhicules en Longue Durée (SNLVLD) represents commercial companies that engage in long-term rental in France. SNLVLD s members, who represent 97% of the sector s activity in France, manage a stock of more 1.3 million vehicles and register every year more than vehicles representing more than 57% of corporate. 1

2 2 The corporate market Long-term rentals, the only positive contributor to growth Based on results for the first 9 months of the year, the long-term rental sector has emerged as the clear leader on the automotive market and appears to be the only positive contributor to growth in sales of non-household passenger cars. After a sharp decline in Q2, non-household new passenger car continued to plunge, falling almost twice as rapidly as in the previous quarter (-9.7% vs. -5.1% in the previous quarter). The famous so-called tactical channels are no longer able to provide a safety net in a generally depressed climate. The results are less positive for long-term rentals in the LCV segment: over the first six months of the year, long-term rentals in this segment proved fairly resistant despite a strong market downturn. However, during Q3, long-term rentals lost ground and the sector s results were in line with those of the CV market as a whole: new long-term rentals put on the road fell by -9.8% in Q3, while total CV fell by -8.8%. Over the first 9 months of the year, the long-term rental sector nonetheless stood out by very strong results in a depressed context: new stabilised at 95,874 units, i.e. a slight increase of +0.2% on a CV market which was down by -8%. 2% 1% 0% -1% -2% -3% -4% -5% -6% -7% Contributions to the growth of the non-household passenger car market 1.0% New long-term rentals put on the road (passenger cars) -2.3% Corporate -1.7% New short-term rentals put on the road (passenger cars) -2.5% Demonstration + Carmakers -5.5% Non-household passenger car Sources: SNLVLD, CCFA, data processed by BIPE French growth has not materialised Pending the final figures, the initial indicators for the French economy point to another quarter of zero growth. With falling order books and business confidence below its long-term average, industry and the service sector both struggled during the summer months. In this context, long-term rental companies had to contend with a particularly challenging business environment. As we emphasised during the second quarter, the sector must remain vigilant and rely on its scalable business model, its capacity to innovate, to anticipate and above all to adapt to the changing needs of its customers, in order to continue to withstand cyclical downturns. The trend towards extending contracts initiated in September by certain rental companies reflects this situation. The readiness to invest of corporate customers is a key factor for the growth outlook of the long-term rental sector End-of-month cash situation in the manufacturing industry (CVS) Source : Banque de France Market-related services. Change in activity versus the previous month (CVS) Source : Banque de France M1 2008M5 2008M9 2009M1 2009M5 2009M9 2010M1 2010M5 2010M9 2011M1 2011M5 2011M9 2012M1 2012M5 2012M9 2008M1 2008M5 2008M9 2009M1 2009M5 2009M9 2010M1 2010M5 2010M9 2011M1 2011M5 2011M9 2012M1 2012M5 2012M9 2

3 3 The long-term rental market The long-term rental market remains buoyant For the 2 nd successive quarter, long-term rentals put on the road fell slightly (-4.8% in Q3, after -3.3% in Q2). Growth over the first 9 months of the year was only +0.6% compared with the previous year. However, when assessing these results it is important to take account of the fact that, with growth of +9% compared with 2010, the volume of new was particularly high in 2011; the sector had benefited in particular from the numerous returns of contracts extended at the height of the crisis. Accordingly, the basis of comparison is not favourable to this year s results. Moreover, in addition to this unfavourable base effect, the situation has been compounded by a wait-and-see attitude among business customers. The uncertainties regarding possible new tax measures, unfavourable to diesel vehicles in particular, are causing fleet buyers to delay renewing their fleet. For the time being, therefore, the emphasis is on extending contracts, as an opportunity for longterm rental companies to boost customer loyalty. As a result, the stock of long-term rental vehicles stabilised at 1,165 million units between the 2 nd and 3 rd quarters. The trend is identical for the fleet management activity, which fell slightly between Q2 and Q3 (-0.5%). Fluctuations in long-term rental stocks Fluctuations in fleet management stocks Unités Unités Fluctuations in new long-term rentals put on the road Unités BIPE Set up in 1958, on the initiative of the public authorities and major French companies, the BIPE provides economic analyses and strategic forecasts to private companies and public authorities. 3

4 4 Long-term rental data Number of units New % versus stock Change versus the same period the previous year On , % 3.3% On , % 17.4% On , % 10.8% On ,000, 9.4% -3.3% On ,319 (p) 8.0% -4.8% Long-term rental stocks Number of units Change over the quarter Change since the start of the current year Change over the last 12 months On ,133, % 1.8% 1.7% On ,149, % 3.2% 3.2% On ,149, % -0.02% 3.8% On ,166, % 1.4% 3.3% On ,165,207 (p) -0.1% 1.3% 2.7% Fleet Management stocks Number of units Change over the quarter Change since the start of the current year Change over the last 12 months On , % 4.0% 1.2% On , % 5.4% 5.4% On , % 3.5% 7.2% On , % 6.0% 9.0% On ,020 (p) -0.5% 5.4% 6.9% Members AGL Service, ALD Automotive, Alphabet Car Lease, Arval, AthlonCar Lease, Business Partner, CA Consumer Finance, CM-CIC bail, Crédipar, CGFF, Cofiparc, Dexia LLD, Diac Location, Elat, Euralog SAS, FAL Fleet, GeCapital Fleet Services, LCA, LeasePlan, Locauto, Masterlease, Mercedes Benz Financial Services, NatixisCar Lease, Parcours, SalvaLocation, UcaLease, Véhiposte, Volkswagen Bank 4

5 Long-term rental data Total stock managed Top 15 as at Long-Term Rentals Fleet Management Total ALD 185, , ,999 DIAC 215,804 67, ,782 CREDIPAR 200,729 25, ,924 ARVAL 209,654 7, ,737 LEASEPLAN 89, ,005 GE CAPITAL FLEET SERVICES 51,674 24,347 76,021 ALPHABET CAR LEASE 68, ,073 PARCOURS 46, ,891 FAL FLEET 25,137 12,559 37,696 VW BANK 22, ,122 NATIXIS CAR LEASE 17,521 1,015 18,536 ATHLON 13, CMCIC BAIL 10, ,424 UCALEASE 9, ,565 VEHIPOSTE (2) 53, ,549 BUSINESS PARTNER (2) 18, ,828 Total 1,165,207 (p) 252,020 (p) 1,417,227 (p) (2) Data already recorded in the TOP 15 companies Vehicles put on the road Top 10 as at Q3, Renault Clio 2 Peugeot Citroën C3 4 Renault Mégane 5 Citroën C4 + Picasso 6 Renault Kangoo 7 Peugeot Renault Scénic 9 Volkswagen Golf 10 Peugeot

6 5 News The new Bonus-Malus system: changes As regards the bonus scale: A new scale entered into force on 1 st August 2012 and will apply until the end of However, bonus reimbursements by the ASP were rapidly suspended between the publication of the Decree and 30 October, the date on which the ASP recommenced processing reimbursement applications. This long period, after the Decree s publication, was devoted by the Directorate of Legal Affairs of the Ministry of Ecology, Energy and Sustainable Development to a reflection on how to apply the increased bonus and on which document should serve as the basis for deciding the eligibility of vehicles for the new scale.* As regards the malus scale: At the same time, the malus scale will in all likelihood be extended beyond 31/12/2012 and revised upwards in the framework of the Budget Bill for The text, which is currently being debated by the National Assembly and the Senate, will become law at the end of the year. For from 1 st January 2013, it provides for an enlargement of the scope of application, by reducing all bands and by increasing rates. * The following clarifications have been made: In the case of rental contracts: date of signature of the contract even pre-1 st August and the date of invoicing of the 1 st rental payment after 1 st August 2012 are to be taken into account. For legal entities, only the contracts and the 1 st rent after 1 st August 2012 are to be taken into consideration. For the calculation of the cap, the price to be taken into account is the catalogue price inclusive of taxes, plus the intrinsic features, less discounts. Will there be a cap on the deductibility of loan interest? Article 15 of the Budget Bill for 2013 provides for a cap on the deductibility of loan interest (if the net financial charges exceed 3 million) for financial years ended on , set at 85% and 75% in The text includes rental payments among the elements to be taken into consideration for the application of this cap. Simple rental operations or operating leases are treated as a lease incorporating a purchase option or as a financial lease. However, the text initially applied to financing operations and long-term rentals are in no event a form of financing: the rental amounts charged by rental companies do not include interest payments! In response, the SNLVLD drafted a proposed amendment to withdraw any reference to rental operations. The amendment, taken up and presented by the government, has been adopted by the National Assembly. The rents of operating leases are now excluded from the calculation for the application of the cap on the deductibility of loan interest. 6

7 6 Services Winter tyres In winter, motorists are exposed to many diverse conditions: wet, icy, dry and cold road surfaces, etc. Accordingly, winter tyres must satisfy the main requirements of motorists: safety, mobility and control. To achieve this objective, winter tyres are manufactured using a rubber compound specially adapted to low temperatures. Unlike summer tyres, they do not harden with the cold, which improves their performance and road holding capacity. In addition, their specially adapted tread improves traction, braking and stability in the most challenging conditions. On wet roads with a temperature below 7, winter tyres reduce the braking distance by 6 metres in comparison with summer tyres. Finally and contrary to popular belief winter tyres do not wear more rapidly than summer tyres. Therefore, motorists should not hesitate to fit winter tyres early in order to make the most of their advantages. The tyre service of rental companies, professionals attentive to the safety of their customers The vast majority of rental companies if not all of them offer a specific tyre management service, which enables customers to control costs, while benefiting from the proximity of the services of specialised networks for vehicle users. In the case of winter tyres, the service offered by rental companies is even more relevant, since it is available sufficiently upstream to avoid problems of delays at tyre fitting centres. User access to this service is facilitated, since the tyres in question are pre-ordered from the networks concerned, thereby avoiding risks of shortages. Moreover, pending the switch back to summer tyres on the agreed date, the summer tyres are stored. This is another example of the way in which rental companies play a support role in ensuring the safety of vehicle users throughout the rental period. Some illustrative figures (Source: MICHELIN, safety expertise in winter/press Kit/February 2012) A rapidly growing European winter tyre market In 3 years, the tyre market in Europe has grown by + 10%, increasing from 259 million units sold in 2009 to 286 million in The European winter tyre market has increased by + 50% over the same period. 100 million winter tyres were sold in Europe in In 2011, 1 out of 3 tyres sold was a winter tyre. The top-of-the-range winter tyre market has grown by + 82% in 3 years. In 2012, winter tyres will be compulsory in 11 European countries After Finland, Norway, Sweden, Latvia, Slovenia, Estonia, Lithuania and the Czech Republic, winter tyres have been compulsory in Germany since December They will be compulsory in Luxembourg and Romania in Safety, an obligation for all motorists In summer and winter alike, 70%* of motorists want to be able to count on all possible means of safety for their car. 92% of European motorists stated that their tyres play an active safety role. 69% of motorists declared that they choose a premium tyre brand. This figure has increased continually over 5 years. More than 50% of consumers consult a website to gather information before buying their tyres. Tyre search requests have more than doubled on Google since 2006**, while winter tyre searches account for 2 million clicks a month*** in Europe! * Source: Logiciel Channel Planning TGI (2011) ** Source: Google *** Source: Google Adwords 7