February 5th, 2010
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Turnover at Hungarian car rental firms plunged up to 30% in ’09

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Hungarian car-rental companies sustained a 10-30pc drop in turnover in 2009, while their car fleet decreased to 3,000 from 10,000 a year before, business daily Vilaggazdasag reported on Thursday.

Several car-rental businesses went bankrupt in the EU during the same period, while the market shrinked an average 20pc. The trend continued in Hungary, where Austrian company Denzel left the country and the Hungarian company Csiki-Bege ceased its rental services.

The main problem, Vilaggazdasag wrote, is that most companies have relatively low registered capital of around HUF 20-40bn and are only granted loans when offering to cover 20pc.

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