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Business contract hire causes BVRLA leasing broker fleet growth
Date: 13 April 2023 | Author: Sean Keywood
The BVRLA's leasing broker fleet saw slight annual growth in 2022 thanks to the returning popularity of business contract hire, according to new data.
The rental and leasing industry body has published its bi-annual leasing broker survey, using data to December 2022, which shows business contract hire for cars was up by 7% year-on-year.
This contributed to overall leasing broker fleet growth of 0.3%.
Almost three-quarters of new business contract hire contracts were for plug-in vehicles.
BVRLA chief executive Gerry Keaney said: "Leasing brokers are a vital link in the supply chain. To see the broker fleet hold steady amidst the most challenging supply conditions we have ever seen is testament to the hard work of those working across the sector.
"The shift towards BCH contracts is helping more drivers make the transition to cleaner, greener vehicles. While tax incentives are playing a key role, the knowledge and support provided by leasing brokers helps drivers switch with confidence.
"Expectations are that vehicle supply will return through 2023, reaching pre-pandemic levels next year. This latest report highlights the vital role that brokers will continue to play across the motor finance sector."
