Tax change prompts sales
OSLO - Fleet buyers are stocking up in Norway, in advance of new tax rules. Cars purchased after 1 January by leasing and rental firms must be held for three years before they can be sent back into the market at a discounted tax rate. Until now, cars 6 months old could be sold with the tax break.
Finance JV for Renault in Brazil
SAO PAULO - Renault will set up a car-finance joint venture with Banco Real. The carmaker expects to have 45 dealers in Brazil by the end of this year, 85 by 1998 and 250 by 2000.
Peugeot fires Brazilian dealers
SAO PAULO - Peugeot will fire 20 of its 80 Brazilian dealers because of poor sales and service. The carmaker wants to cut parts and service costs by 30-50 percent. It intends to have 150 dealers by 2000.
LONDON - Lex Service has bought the remaining 49.9 percent of Hyundai's UK import franchise, Hyundai Car (UK), from distributor Inchcape Motors. Lex paid £20 million ($33 million).
VIENNA - Austrian Mitsubishi distributor Wolfgang Denzel AG has bought a majority stake in Hyundai Import GmbH in Austria.
Peugeot wants new UK dealers
LONDON - Peugeot wants to establish up to 20 new UK dealerships through a joint-venture investment scheme called Peugeot Dealer Development. Such locations are expected to be capable of selling 300-400 new cars a year. Peugeot currently owns 26 of its 360 UK sites.
D'leteren repairs police cars
BRUSSELS - Car importer and distributor D'Ieteren has won a five-year contract to repair Belgian police vehicles, worth BFr26.5 million ($730,000).
Reuters News Service