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BVRLA warns of chronic funding shortage

Date: 30 March 2010   |   Author: Tristan Young

BVRLA president Kevin McNally picked the organisation's annual dinner to warn of ongoing funding issues for the leasing industry.

"A chronic shortage of funding has been the most visible and persistent symptom of the credit crunch," said McNally. "The last 18 months has seen a significant number of key funders pull out of the market."

Despite this, he pointed out the industry continues to provide essential mobility, but with added benefits that are even more attractive in a recession.

"Vehicle rental and leasing allows organisations to fix their motoring costs and budget more accurately," he said.

Speaking to more than 800 people from the leasing industry, McNally also claimed the BVRLA had achieved successes in cutting red tape, which helped all fleet businesses. "There have been some notable successes," he said: "The association persuaded the Treasury to ensure that its new corporation tax arrangements reduced the accounting burden for business car owners and offered a real incentive for them to choose lower emitting vehicles.

"For rental members it obtained a vital exemption from the 'Cooling-Off period for distance selling' portion of the EU Consumer Rights Directive. It also won the right for rental employees to be exempted from the need to record their driving hours on a tachograph.

"Altogether, this lobbying has saved our industry an estimated £700 million."