Luminor grants €1.5 million leasing financing to car dealer Mūsa Mežciems
Bank Luminor has provided €1.5 million in leasing financing to car dealer Mūsa Mežciems to expand its demo car fleet following the company's takeover of SIA Autobassadone's assets and staff. The funding will help ensure availability of new brands and strengthen competitiveness.
Car dealer Mūsa Mežciems has received €1.5 million in leasing financing from bank Luminor, intended to expand its fleet of demonstration vehicles. The move follows the company's recent business expansion, which included taking over the assets and workforce of SIA Autobassadone.
A broader brand lineup
Following the merger, Mūsa Mežciems now offers customers a wider portfolio of new car brands, including Hyundai, Opel, Peugeot and Citroen, as well as the new Chinese automaker brands Omoda and Jaecoo. A larger demo car fleet allows customers to view and test-drive various models in person before purchasing.
Ilze Zoltnere, head of Luminor's Corporate Department, notes that amid rapid market changes and growing competition, a broad and diverse offering becomes a key competitive advantage, and the financing will help the company ensure the necessary availability of vehicles and respond effectively to customer demand.
Goal: a larger market share
The expansion will allow the company to offer suitable solutions for both individuals and businesses, as well as participate more actively in public procurement. The strategic goal is to strengthen the position of Mūsa Motors Group in the Latvian car market and increase the group's share of the new car market to approximately 17%.
Mūsa Mežciems Director Zigurds Liepa explains that each represented brand typically requires three to five demo vehicles, which are then sold on the market within roughly six to twelve months. According to him, Luminor's financing provides significant support in building a full-fledged demo car fleet for the new brands in a timely manner.
