Luminor Bank has granted EUR 1.5 million in leasing financing to Mūsa Mežciems for the purchase of demo vehicles, enabling customers to explore and test a wider range of brands and models. The financing will also support the company’s further growth following its recent expansion through the acquisition of Autobassadone’s assets and workforce. 

A larger demo vehicle fleet allows customers to compare different models and test them before making a purchase. By expanding its operations and integrating Autobassadone’s experience and resources, Mūsa Mežciems now provides access to a broad portfolio of brands, including Hyundai, Opel, Peugeot and Citroën, as well as the Chinese automotive brands Omoda and Jaecoo. 

“In a rapidly changing market marked by increasing competition, a broad and diverse offering is becoming an important competitive advantage. Mūsa Mežciems has significantly expanded its operations, and this financing will help ensure the availability of the vehicles required to meet customer demand effectively. The company’s growth and broader brand portfolio further strengthen its competitiveness in the Latvian market,” says Ilze Zoltnere, Head of the Corporate Department at Luminor Bank in Latvia. 

The expansion enables the company to offer suitable solutions to both private and corporate customers, while also participating more actively in public procurement. The company’s strategic goal is to strengthen Mūsa Motors Group’s position in the Latvian automotive market and increase the Group’s share of the new car market to approximately 17%. 

“Our goal is to offer customers a broad range of brands, helping them find the vehicle that best suits their needs in one place – whether for private use or for a company fleet. Following the expansion of our operations and the addition of new brands to our portfolio, it is particularly important to ensure that customers can explore the new models in person. Each brand we represent requires an average of three to five demo vehicles, which are then sold on the market after approximately six to twelve months. Luminor Bank’s financing provides us with significant support in building a comprehensive fleet of demo vehicles in a timely manner,” says Zigurds Liepa, Director of Mūsa Mežciems.