Element Doubles Fleet Originations, Triples Service Revenue
Element Financial Corp.'s fleet management business doubled originations in the second quarter compared to the same quarter a year ago, following its acquisition of GE Capital's fleet business, the company has reported.
Element reported $1.7 billion in originations during the quarter ending June 30, which compares with $820.7 million from the same quarter in 2015. Element considers originations as new vehicles that have been financed in the hands of clients during the reporting period.
Element's fleet management unit reported total earning assets of $12.73 billion as of June 30. The company had $5.2 billion as of June 30, 2015.
Service and fee revenue was $126.7 million versus $126.7 million on a currency neutral basis for the previous three-month period ending March 31 and $44.6 million for the same period last year.
Services and fee revenue accounted for 57% of total fleet revenue versus 56% for the previous three-month period ending March 31 and 52% for the same period last year.
Element closed its acquisition of GE Capital's fleet business on Aug. 31, 2015. The deal brought Element about 880,000 new vehicles funded and managed.
Read more from Element's announcement here.