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Fleet Management in Europe Growing Importance in a World of Changing Mobility

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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 Fleet management in Europe | Growing importance in a world of changing mobility Preface 05 Relevance of fleet management 06 Key players in the fleet management market 18 Selected M&A activities of market leaders 24 Business model analysis 30 Future of Mobility and implications for fleet management 40 Strategic fields of action regarding fleet management 50 Conclusion 52 03 04 Fleet management in Europe | Growing importance in a world of changing mobility Preface Fleet management has developed into are, and what will be the future drivers of We hope you enjoy reading our insights a multi-billion-euro industry in Europe the corporate car market. Furthermore, and thoughts on this increasingly impor- in recent years. More importantly, the the study names the key players in the tant segment of mobility. fleet management business continues to industry, which main M&A activities have grow and is gaining significant strategic recently characterized consolidation in the Sebastian Pfeifle importance in a world of changing mobility. industry, and what implications the main Partner | Strategy & Operations Particularly when we think about two of the trends in the automotive industry with main trends which are most likely to sub- regard to the Future of Mobility will have Christopher Ley stantially influence the future of the auto­ for fleet management. Our study concludes Senior Manager | Strategy & Operations motive industry: firstly the trend towards with a summary of major strategic impli- sharing instead of owning and secondly cations and respective fields of relevant Florian Tauschek the trend towards self-driving vehicles. It actions required of the various players in Senior Consultant | Strategy & Operations comes as no surprise that more and more the fleet management business. OEMs are actively pursuing opportunities Philipp Enderle in the multi­brand fleet management Although fleet management is turning Consultant | Strategy & Operations market. more and more into a global business and several of the largest players in the Historically, the business was largely dom- segment are now able to offer fleet man- inated by fleet management companies agement services globally (mostly through fully or partially owned by large banks. And cooperation), we have chosen to focus this today, several of the largest players still are. study exclusively on the European market. In recent years however, several OEMs have Europe is by far the largest market for fleet (re­)entered the multi­brand fleet manage- management globally and also in many ment market, or substantially expanded regards the most advanced. Despite the their operations. fact that other fleet management markets such as North America, for example are In this study we will explain in greater depth characterized by distinct differences as why the strategic relevance of fleet man- compared to the European market, we agement will continue to grow, what the believe that the major findings of our study key characteristics of the business model will ultimately also have relevance on a global scale. 05 Relevance of fleet management Today, the ability to manage and operate fleets of multi­brand vehicles is a highly profitable business. Tomorrow, it will be a key capability to be successful in the Future of Mobility. 06 Fleet management in Europe | Growing importance in a world of changing mobility 07 The automotive market in Europe is charac- Historically, companies used to own their terized by two major customer segments. company cars and manage their fleets in­ Almost all new vehicles sales are either reg- house. In recent years this has drastically istered to private or to corporate custom- changed, with more and more companies ers (leaving a small number of registrations buying full-service leasing contracts for e.g., governments). Both segments and instead of vehicles to reduce fixed assets their respective requirements have experi- and accordingly their total assets, while enced continuous change in recent years. transferring the residual value risk of the vehicles to external parties. In addition, Today, nearly two out of three new cars are more and more companies outsource the sold to the corporate channel. The majority management of their fleets to specialized of these vehicles are registered as company companies with the aim of realizing further cars, i.e., as corporate car pools or corpo- cost reductions. rate fleets and this segment is therefore called “true fleet”. Companies have vehicle A fleet management company (FMC) typi- fleets for various reasons, of which the cally offers services over the entire life cycle most obvious is because they are needed of a vehicle, including purchasing, financing/ for the business objective (e.g. service cars leasing, and services, as well as reselling the or sales cars). Another important factor in vehicle on termination of the contract (see Europe is the high relevance of employee Figure 1). cars that are offered as a form of compen- sation (benefit in kind). This model is rather unique in a global perspective. The main motives may be found in the favorable treatment for tax purposes and also in behavioral motives (e.g., status thinking). Typical fleet management service offerings cover the entire vehicle lifetime. 08 Fleet management in Europe | Growing importance in a world of changing mobility Fig. 1 – Typical fleet management service offering ontrat opening eile e eile remareting eletion ontrat Finaning/ management eaing € rier upport egitration an elier Fuel epair management maintenane an tire nurane Source: Deloitte analysis 09 Fig. 2 – Average total cost of ownership for company car in Europe 2% 2% 8% 41% 12% 15 Depreciation 0 Fuel Repair, maintenance, tires, and roadside assistance Interest Insurance (Road) tax & fees Management fee Source: Global Fleet (2015) 10 Fleet management in Europe | Growing importance in a world of changing mobility From a customer perspective the total cost price environment. Furthermore, providing of ownership (TCO) is the key to identifying fuel cards can lower fuel expenses by a few cost saving potential and reducing operat- percentage points. FMCs also leverage their ing expenses. Figure 2 shows a typical TCO service and maintenance network to offer split for a European fleet vehicle. Deprecia- better prices than authorized or OEM­affil- tion takes the largest slice over the lifetime iated repair shops, in order to reduce the of a company car. Fuel costs make up TCO costs for FMC customers. about 20% of the TCO while maintenance, tires, and repair management add up to an Today, more and more companies tend additional 15%. Interest expenses comprise to analyze and optimize the total cost of 12% of total costs. The remaining costs can mobility (TCM) rather than the TCO. While be attributed to additional services and the TCO gives a cost calculation per vehicle, management fees. the TCM is calculated per mobility user (employee) and takes holistic multi­modal- In total, only 40% of the TCO is related to the ity mobility models into account. The TCM actual vehicle, 60% of the costs are incurred calculation considers all costs ranging from during the use of the vehicle itself. the vehicle itself and its related costs to other mobility options such as taxis, flights, Fleet management companies pursue a car sharing, or rental cars. strategy of reducing these costs for their customers. To tackle the key cost drivers, Most recent innovative products from fleet FMCs follow different approaches. Their management companies focus on the TCM large purchasing volumes grant them a and offer comprehensive solutions for their strong market power to negotiate high customers to reduce their total cost of travel discounts with OEMs. Price reductions expenses and fleet­related costs rather of 15–25% are quite standard. Profound than just TCO. knowledge about residual values and remarketing enables FMCs to achieve While doing so, fleet management compa- higher remarketing prices for their used nies are expanding their core competencies cars. Part of these gains is passed on to from vehicle management to total mobility customers, helping to reduce monthly management. charges and leading to a highly competitive 11 Europe is dominated by the corporate channel – new car sales are shifting from private to corporate. 100% 98% 98% 99% 17 100% Maybe yes/maybe no 8% 7% 16 13% 9% 90% 15 14 80% Probably yes 33% 72% 13 26% 35% 37% Growing 70% Smartphone 79% 12 commercial 11 60% eher ja business 33% 47% 10 49% ~63% 50% Tablet 44% ~56% 9 8 40% 47% 37% 26% 7 30% 59% 26% 59% eher nicht 54% 55% Fitness-Tracker 8% 6 24% 31% 20% 32% 5 Shrinking 14% 15% 4 private 10% 9% 3 8% 9% Pulsuhr 5% ~44% business 7% 4% 2 0% auf keinen Fall ~37% UK FranceGermany Spain 21% 1 currently not currently not currently not currently not Smart Watch 0 4% 2012 2013 2014 2015 2016 2017e 2018e 2019e 2020e 2021e going going going going going going going going 386 814 310 890 380 820 505 695 Smartwatch Fitness-/ Gesundheits-Apps 12 Fleet management in Europe | Growing importance in a world of changing mobility In Europe, the corporate channel has By 2021, Deloitte forecasts a share of new Sales to corporate channel: overtaken the private channel as the most car registrations of 37% for the private and important one. While the overall number of 63% for the corporate channel. With total new vehicle sales has steadily grown with registrations expected to exceed the 16 only one small decline in 2013, the split million mark, Deloitte expects more than between private and corporate sales has 10 million new corporate car registrations shifted in favor of the corporate channel. in Western Europe in one year for the first time. This equals a compound annual OEM: Overall, the private market segment share growth rate (CAGR) of 3.5% between 2016 OEM self registrations (to employees) is declining.
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