Vehicle remarketing in Turkey: time for an update
With the Turkish economy and currency prone to fluctuation, residual value risks of leased vehicles are greater than in Europe. The problem boils down to the fact that leasing companies purchase new cars in foreign currency but sell them off-lease in Turkish Lira. When the latter devaluates, the resale value of the car evaporates.
The impact of last year’s crisis extended from the market’s borrowing power all the way down to RV setting and vehicle remarketing. Leasing contracts suddenly became much more expensive as the cost of money increased and residual values were adapted downward.
What’s the outlook for the leasing and rental market in the coming years? How are residual values evolving? Are there opportunities to be seized in the Turkish used car market? These and other questions will be answered during a keynote presentation by Mr Emre Ayyildiz, General Manager at Turkey’s leading automotive rental group Garenta, during the 2019 Fleet Europe Remarketing Forum in Estoril on November 6, 2019.
Now is the time to look back east and discover a market that is as dynamic as it is promising.
Image: Emre Ayyildiz, General Manager, Garenta