BCFC Establishes Tas'heelat Car Leasing Company "TCL"

02/03/1439 05:49 AST

Bahrain Commercial Facilities Company BSC (BCFC) officially launched the group's new venture Tas'heelat Car Leasing Company WLL (TCL), on Wednesday 15th November 2017. The event was hosted at the Gulf Hotel in Manama, attended by Board of Director and top management of BCFC and guests from both public and private sector in Kingdom of Bahrain.

Commenting on this important milestone, Dr. Adel Hubail the CEO of BCFC stated" The seed of investing in the automotive business was smartly taken by the Board of BCFC in 1988. They wisely and insightfully read the future and took what it takes to strengthen the business model of Bahrain Credit".

In his speech at "TCL" official launching he also added "Over the years, we have invested time, money and resources to understand and master the art of running an automotive distributorship based on a professional business thinking. As you know, a business that does not grow or rebirth or transform itself, it is doomed. Within this context, it is critical that our automotive business grows and evolves in form and substance. That is why we have decided to acquire the distributorship rights of GAC, the iconic Chinese automotive brand. This has further augmented our presence in the automotive space and enabled us to further optimize our set up in the automotive space. The next evolution which we are witnessing its birth tonight is this Tas'heelat Car Leasing".

Then he highlighted on the future of the automotive industry at the cusp of high disruptions, the forces of disruptions are a lot. The key ones are the unprecedented great advances in technology, platforms, artificial intelligence, and above all innovations in energy. All of these would result in replacing the personal emotional ownership vehicle. Customers would be motivated to frequently change their vehicles. He added "In the foreseeable future, the advances of other forms of energy would create less dependence on oil. We expect our region to be less wealthy as advanced nations move to be less dependent on oil. Governments and companies would no longer afford to buy vehicles and tie upfront cash for years. They will be driven to choose leasing assets rather than owning

assets. It is therefore mandatory that we gear up our resources and capabilities to be ready for current economic reality and to position ourselves for the future changes in the automotive mobility. We believe

that creating an independent leasing company with a very strong base of synergies with the remaining companies of the Group would put us a in competitive and leading position to address the needs of the corporates through the provision of premium mobility services".

At the end of his statement, Dr. Hubail affirmed that TCL will also enable the group to focus on spotting the emerging trends in automotive space faster and design products and services more efficiently.

Then Mr. Ripin Mehta, TCL General Manager gave a speech to the audience by saying: "Today is an important day for us as we embark on a new journey with TCL. There are aspects-changing business and economic environment, new tax implementations and consumers preference. The shift of a consumer choosing to lease over buying is more evident now than ever as the consumer is understanding the benefits clearly be it an individual or a business".

He added "Industry experts estimate that 30% of consumers will choose leasing over buying a vehicle. This percentage is significantly higher in luxury cars where it is estimated to be at 75% opting for lease, and it's

clear that leasing is the consumer choice of the future". He also mentioned that TCL is a spin-off from the leasing and rental arm of National Motor Company, offering well-established track record of more than a decade in vehicle leasing and rental services with a diversified fleet of vehicles catering to a strong customer base within government, corporate, commercia

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