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Beijing Benz starts leasing program

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Li Hongpeng (left), GM for sales and marketing of Sino-German car JV Beijing Benz, Don Chan (2nd from left), director and general manager of Fortis Lease (China) Co Ltd for Greater China, and Patrick Chou (third from left), chairman of car dealership Beijing BetterLife Group with a Mercedes-Benz C-Class in a Beijing showroom.

The joint venture between Daimler AG and Beijing Automotive Industry Holding Corp last week forayed into the auto leasing business with BetterLife and Fortis, an affiliate of BNP Paribas.

The new business model will see Fortis provide financing to customers to lease new cars made by Beijing Benz from Beijing BetterLife for terms between three months and three years. When the lease expires, customers can buy the cars or lease other new Mercedes-Benz models. Unpurchased used cars will go onto the second-hand market through dealerships.

The business will mainly target institutional customers such as government organizations, multinational executives and managers in China as well as China's State-owned enterprises.

Beijing Benz has delivered 100 cars to BetterLife for leasing, part of its efforts to further propel sales.