Europcar Mobility Group is one of the major players of the mobility industry. The Group offers a wide variety of mobility solutions to serve the span of its customers needs. With operations in over 140 countries, Europcar Mobility Group manages more than 300,000 vehicles and serves more than 9.5 million customers.
The Challenge In 2018, Europcar Mobility Group began its search for a lease accounting solution to support compliance with IFRS 16.
In addition to all the features and functionalities required to facilitate accounting under IFRS 16, Europcar Mobility Group needed a robust solution with the ability to manage a massive amount of lease data at scale. Moreover, the solution had to ensure compliance with security in a complex ecosystem composed of multiple subsidiaries with different ERPs for financial data, most of them under Oracle and SAP.
Why Nakisa Lease Administration Prior to solution selection, Europcar Mobility Group completed a technical accounting assessment and quickly realized they needed specialized leasing software to successfully adopt IFRS 16. A single solution would be required to manage end-to-end lease accounting from initial recognition to disclosure reporting. Understanding their unique needs, Europcar Mobility Group set out to find a solution with capabilities to support lease accounting for their massive lease portfolio.
“We considered many different solutions but ultimately, Nakisa Lease Administration was the best one to help us reach our goals,” said Valerie Leffray, Global Business & Functions Director.
Throughout implementation, Nakisa supported Europcar Mobility Group at critical moments. “The challenge was significant due to our high expectations, but Nakisa rose to meet it and we are satisfied to have chosen them as a partner for our IFRS 16 accounting,” said Najat Oucheg, Head of Consolidation and accounting.
The Result The final result for Europcar was a streamlined lease accounting process that reduced the time and effort required to manage subsequent measurements, modifications, and reassessments in an environment that included a massive lease portfolio with numerous contract events.
“We appreciate the unique technical challenges of managing such a large lease portfolio,” said Imran Mia, Nakisa’s Head of Global Solutions Engineering. “With over 100,000 contracts in the off-season and up to 240,000 in high-season, Europcar required a solution able to handle mass lease modifications under IFRS 16. As well as being able to handle the sheer volume and providing greater visibility, Nakisa Lease Administration was able to act as a single consolidation tool for all lease data across the Europcar Mobility Group.”
“We considered many different solutions but ultimately, Nakisa Lease Administration was the best one to help us reach our goals”
– Valerie Leffray, Global Business & Functions Director