Vehicle and asset financier Wesbank has joined hands with automotive and logistics group Imperial to form a new business known as Imperial Fleet Management on Thursday.

Wesbank CEO Brian Riley told Engineering News Online at a media briefing in Johannesburg that the new business would offer customers a comprehensive fleet management solution.

"The new business is able to cover everything from full maintenance rental to managed maintenance. It further offers customers value-added products and services from roadside assistance and fuel cards to accident management."

Riley said that Wesbank was currently in "growth mode" and that the company saw great potential to grow in the fleet management market, of which it currently only holds a small market share.

He added that, as the biggest motor vehicle retail brand in South Africa, representing more than 250 dealers and all major vehicle brands, Imperial was an ideal partner for this venture.

Imperial CEO Hubert Brody said that the two companies shared a culture of service delivery, performance and entrepreneurship.

He estimated that about 40% of the total vehicle market was made up of the fleet, government and car rental business and said that Imperial identified its fleet business as a vital strategic imperative.

Riley said that he hoped to have about 5 000 units under fleet management within the first 12 months of business.

However, he pointed out that the new company would need at least 10 000 units under management, to make the business worthwhile. "We will be very pleased if we could reach that magical number by the second year," he concluded.