UK vehicle leasing brokers enjoy 27% volume growth in 2015

Vehicle leasing brokers were responsible for 148,819 contract hire cars in the UK at the end of 2015, 24% more than 12 months earlier.

Personal contract hire (PCH) was behind much of that growth, according to the British Vehicle Rental and Leasing Association (BVRLA), the UK’s trade body for vehicle leasing companies which published the data.

The PCH sector saw its share of leasing broker business rise to 39% in 2015 from 22% back in 2012, and PCH accounted for 48% of all new agreements signed by leasing brokers in 2015.

Business contract hire enjoyed a 61% share of leasing brokers’ business, and finance lease 34%. Leasing brokers were also responsible for 59,187 vans, marking a 27% overall volume increase in 2015.

What is personal contract hire?

“This growth shows the prominent role brokers are playing in the fleet industry,” said Mike Potter, Chairman of the BVRLA’s Leasing Broker Committee.

“Whether it’s cars for personal customers or vans for businesses, brokers are increasingly being called upon to provide access to affordable vehicle finance.”

The BVRLA’s figures correspond with what we’ve seen at ContractHireAndLeasing.com with contract hire searches up 36.65% year-on-year in 2015, while personal lease deal searches increased 58%.

This growth is expected to continue well into 2016 as more consumers make the switch to car leasing and a raft of innovative and exciting new cars come to market.

2015 also saw the BVRLA expand its membership by more than 100 members to a record high of 780, thanks to the growing popularity of vehicle finance.

Between them, these members operate 4,477,971 vehicles in the UK, more vehicles than ever before in the BVRLA’s 49-year history.