Total
0
Shares
Eclipx Group (ASX:ECX) - CEO, Julian Russell - The Market Herald
CEO, Julian Russell
Sourced: Fleet Auto News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Eclipx (ECX) has released a series of business updates, revealing strong growth in its end of lease (EOL) incomes over the last five months
  • Unaudited EOL income totalled $26.4 million, or $5766 per unit, at the end of February, an increase of 70 per cent year on year
  • The vehicle fleet and financial specialist has credited the increase to strong demand within the used car market
  • Along with the income update, Eclipx also revealed it had priced its sixth Australian asset-backed securitisation (ABS)
  • FP Turbo Series 2021-1 Trust has a $300 million price tag and is backed by Australian operating, finance and novated finance lease receivables originated by ECX
  • Shares in Eclipx are down 1.05 per cent at $1.88

Eclipx (ECX) has released a series of business updates, revealing strong growth in its end of lease (EOL) incomes over the last five months.

The vehicle fleet and financial specialist noted its EOL income had "materially outperformed versus expectations", and the trend continued last month.

The company explained its unaudited EOL income totalled $26.4 million, or $5766 per unit, at the end of February.

Those figures represent an increase of 70 per cent when compared to 1H20, when EOL income was $15.5 million or $2468 per unit.

Eclipx has credited the recent increase to strong demand within the used car market. However, it noted the demand is likely "temporary."

"The current EOL income outperformance is temporary in nature and has principally been driven by the limited supply of new vehicles into the Australian and New Zealand markets," the company stated.

"Published research from independent third parties indicates that the global supply shortage for vehicles could be restored as early as June 2021, broadly consistent with the Group’s expectation," it added.

"When the used car market normalises, the Group anticipates the relevant benchmark for future EOL income will be more consistent with that of 1H20," ECX said.

Along with the income update, Eclipx also revealed it succesfully priced its sixth Australian asset-backed securitisation (ABS).

FP Turbo Series 2021-1 Trust has been awarded a $300 million price tag, backed by Australian operating, finance and novated finance lease receivables originated by Eclipx.

Shares in Eclipx are down 1.05 per cent at $1.88 at the close of Wednesday's trading session.

ECX by the numbers
More From The Market Herald
Alliance Aviation Services (ASX:AQZ) - Managing Director, Scott McMillan - The Market Herald

" Alliance Aviation Services (ASX:AQZ) option exercised by Qantas (ASX:QAN)

Alliance Aviation Services (AQZ) has welcomed Qantas Airways’ (QAN) exercise of a wet lease agreement option for additional aircraft.
AMA Group (ASX:AMA) - Former CEO & Executive Director, Andrew Hopkins - The Market Herald

" AMA Group (ASX:AMA) takes ex-CEO to Federal Court, seeks $2.4M

Automobile repairs company AMA Group (AMA) is officially taking ex-CEO Andrew Hopkins to court as it looks to recover $2.4 million from the...
Vmoto (ASX:VMT) drives up sales by 42pc in Q1 2021

" Vmoto (ASX:VMT) drives up sales by 42pc in Q1 2021

In the first quarter of 2021, Vmoto (VMT) saw a 42 per cent year-on-year (YoY) increase in sales to 5869 units.
Vmoto (ASX:VMT) unveils encouraging FY19 earnings guidance

" Vmoto (ASX:VMT) secures $13M order from long-term customer

Vmoto’s (VMT) business-to-business (B2B) customer, Greenmo Group, has placed an order for 5904 electric scooters.