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LCVs driving leasing fleet growth, BVRLA reports
Date: Wednesday, January 11, 2023 | Author: Sean Keywood
Increased demand for LCVs is driving fleet growth among UK vehicle leasing providers, according to the BVRLA.
The rental and leasing industry body said that its members’ overall lease vehicle fleet had seen 1.9% year-on-year growth, entirely due to the LCV sector, which had seen 7.7% growth to a total of 499,924 vehicles.
This was in contrast to the lease car fleet, which was down by 0.06%.
The data is from the BVRLA’s latest Leasing Outlook report, which covers the period up to the end of Q3 last year.
Despite the year-on-year growth, between Q2 and Q3 last year, van numbers were said to be almost static, while cars saw a small increase.
The report also notes that the average mileage of lease vans has risen, which has been attributed to sustained demand for home deliveries and mobile services.
The BVRLA said its overall fleet growth had been achieved despite market challenges such as long vehicle delivery lead times, rising prices, and interest rate increases.
BVRLA chief executive Gerry Keaney said: “To see the leasing fleet grow against such a difficult backdrop shows how well the sector is adapting. Alternative business models are growing to fill the gaps left by reduced vehicle supply, while the relentless demand for vans shows how the sector has evolved to meet changing driver needs.”
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