The number of vans and cars leased to businesses grew by 6.6% year-on-year in the fourth quarter of 2016, new figures from the British Vehicle Rental and Leasing Association have revealed.
According to the organisation’s quarterly survey of its members, much of this growth came from a leap in the number of vans leased, up 16.2% year-on-year, while the number of cars leased grew by 6.6%.
Exact vehicle numbers are not available, as the survey does not cover every BVRLA member’s fleet – only the ones who responded to the questionnaire.
The rental body also found the broker channel has grown considerably in the past 12 months, with its members having 26% (53,647) more cars on contract than they did in Q4 2015 to reach 261,653 units, with leasing brokers signing 27% more contracts than they did in 2015.
In total, 29.4% of the vehicles leased to businesses are LCVs and 70.6% are cars, compared with a 28.5% and 71.5% split at the end of 2015.
The BVRLA’s survey also found that the average leased car added to its member’s fleets emitted 110.8g/km of CO2 – 7% less than the average new car registered in 2016.
“It’s great to see our members’ business lease fleet increasing, but the real growth is coming from personal contract hire. BVRLA members can tailor a personal contract hire arrangement to suit a driver’s monthly budget and include costs such as maintenance and replacement tyres, and it’s clear that more and more customers appreciate these benefits,” said Gerry Keaney, BVRLA chief executive.
He added: “Our latest statistics show that leasing brokers are providing more and more consumers and businesses with access to affordable vehicle finance, as a lot of the growth is coming from a new audience – small businesses and consumers who are coming to leasing for the first time.”
