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Firms look to company car sales to raise cash
MORE than one in four financial directors intends to sell off company-owned cars in a bid to raise cash, according to a survey published yesterday.
The study by YouGov and Lex Autolease found 27 per cent of businesses were planning to hand over the keys to company-owned vehicles.
The survey followed an annual audit by Lex, which highlighted the growth funds being raised through "sale and leaseback" agreements.
Lex said UK companies had benefited from a cash injection of more than 50 million in the past 12 months after the leasing company purchased thousands of company-owned vehicles.
The firm said this form of funding – essentially a switch from ownership to contract hire – had been re-ignited during the latter part of 2008 and had continued on a growth spurt during the worst of the credit crunch and ensuing recession.
The company said many financial directors were considering the move to take cars off their balance sheets.
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Saturday 26 May 2012
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