Credit crunch sees Alphabet stop new business
17 November 2008
Author: Tristan Young
Mark Sinclair is boss of leasing firm Alphabet
The global financial crisis is starting to hit UK leasing firms with BMW-owned Alphabet closing its door to new customers after 19 November.
Alphabet, the UK's 11th largest lease firm with a fleet of 45,000 cars, will carry on doing business with existing customers, including supplying new vehicles, but will close its doors to new fleets after 19 November.
Alphabet boss Mark Sinclair, who also runs a blog on the BusinessCar website, was unavailable for comment. Alphabet are passing on all press calls on the subject to a BMW financial spokesman.
"This is a temporary measure for an unspecified period," said an Alphabet spokesman. "It is a worldwide decision taken by BMW Group in response to the financial markets."
The spokesman confirmed that BMW could not get funding at the right level on the banking markets to run new business at Alphabet.