By the end of the first half of 2024, Eurotime Leasing Company LLC, a Belarusian subsidiary of the Insight Investment Group, achieved a leasing portfolio valued at $77.2 million. This marks a significant 57% increase compared to June 30, 2023.
As of June 30, 2024, the volume of new business reached $23.9 million, rising from $17.4 million at the close of H1 2023. The company successfully secured 778 new contracts during the first half of 2024.
In early July, BIK Ratings awarded Eurotime an AA rating for business reputation, signifying high credibility.
Of all vehicles leased by Eurotime, passenger cars constitute the majority (82%), followed by trucks (8%), light commercial vehicles (4%), and equipment (1%). The remaining portion consists of other leased items.
According to Eurotime, the Chinese brand Geely leads the leased car market in Belarus (11% of Eurotime's total leased vehicles), followed by Russian Lada (9%), Chinese BYD (7%), and European brands BMW and Volkswagen (6% and 5%, respectively).
However, while European brands still dominate overall leasing deliveries, their market share is declining compared to 2023, whereas Chinese auto brands are gaining traction. In H1 2023, European passenger cars financed by Eurotime accounted for 32% of leases, Chinese cars for 28%, and cars from Eurasian Economic Union countries for 24%. In the LCV sector, European countries command a 63% market share, while both EEU countries and China each account for 19%. Notably, Eurotime did not supply any Chinese-manufactured light commercial vehicles in 2023. In H1 2024, European-manufactured trucks comprised 62% of Eurotime's total truck deliveries, with Chinese trucks at 25% and those from EEU countries at 9%.
Eurotime Leasing Company provides leasing services for passenger cars, light commercial vehicles, and trucks. Insight Investment Group acquired an 80% stake in the company in April 2024, while Maxim Radkov, the founder and director of Eurotime, retains the remaining 20%. At the end of 2023, Eurotime ranked 8th in the overall performance ranking of leasing organizations in Belarus.
