FleetPartners leases and manages company car fleets for businesses in Australia and New Zealand, handling everything from acquisition to resale, like a turnkey car fleet service.
Money comes from leasing fees and vehicle sales, with operating margins around 27% in FY2025, though gross margins have fallen from 33% to 11.6% over two years, indicating a shift in revenue mix.
Scale and established relationships with corporate clients create switching costs, but competition from SG Fleet and LeasePlan (now part of ALD Automotive) pressures pricing, and the declining gross margin suggests weakening pricing power.
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