Interleasing aims to use Concept - which trades as CarLand following its acquisition of the failing group last year - as a retail outlet for its ex-contract hire cars, giving it greater control over residual values. It also sees a potential new profit stream through car sales and add-on products like finance and insurance.
Len Clayton, Interleasing chief executive, said the purchase, for an undisclosed amount, would give his company “more flexibility” in bidding for major tenders. “The big deals are being won or lost on tiny differences in prices. This move brings those bids well within our reach,” said Mr Clayton. “The present swings in residual values and the oversupply of new cars is worse now than I can remember in 25 years of working in the business.”