Typically cash-rich companies in such areas as banking and finance, pharmaceuticals and manufacturing. Vehicles are financed from deposits or loans. The operator takes the risk of maintenance, repair and disposal values, but can give day to day responsibilities to a fleet management company, for a fixed monthly fee.
Vehicles are on balance sheet.
This method of funding needs high calibre expertise to manage well. Popular with large organisations which can enjoy economies of scale and spread the risk over a large number of vehicles.