Thriving Italian leasing market welcomes new player: Rent2Go

Italy’s long-term rental market is flourishing. For the first time in its history, one million vehicles will be managed by lessors at the end of this year. That is the forecast of Aniasa (Associazione Nazionale Industria dell'Autonoleggio e Servizi Automobilistici). Last year, turnover increased by 9 percent to €4.9 billion, the average fleet by 17 percent, to 734,000 vehicles, registrations by 10 percent to 301,000. And in the first quarter of 2018, the three indicators recorded increases of 18, 18 and 13 percent, respectively.

No wonder then that new players are emerging. The latest new contender on the Italian LTR scene is Rent2go, a joint venture between Banca Popolare di Sondrio, the Autotorino group (Italy’s largest dealer network), and the Barchetti group (another multi-brand retailer group). Each of the three shareholders have one third of the €5.4 million equity.

Target: 8,000 cars by 2025

The sales network already consists of over 550 branches, 500 of which belong to Banca Popolare di Sondrio., mainly present in Northern Italy and Rome. The goal of Rent2Go is to reach a fleet of at least 8,000 cars by 2025, hired by professions and small and medium-sized businesses, but also by private individuals, which have recently become one of the most coveted targets in the renting sector.

With Rent2go, Banca Popolare di Sondrio intends to diversify its core business, supporting the evolution of customer needs with new services provided thanks to the synergies with its partners. The company should be operational shortly.

Picture copyright: FCA, 2018