Synergy Car Leasing recently announced the appointment of Will Voisey as its new Managing Director following the exit of founder Paul Parkinson. Voisey, an 11-year veteran of the company, discusses his new role, the challenges of 2024, and future growth plans with Editor Ralph Morton.
Congratulations on your appointment Will! How does your new role differ from your previous responsibilities?
THE core aspects of my day-to-day tasks remain similar, but stepping into the Managing Director role means taking full ownership of decision-making and developing new strategies – especially as there’s no Paul to lean on! This year, the focus is on expanding income streams, finding innovative solutions, and upskilling our team to ensure continued success.
What are the top three challenges you anticipate for Synergy in 2024?
I think there are three main areas to focus on.
- Profitability in increased regulation: Maintaining profitability amidst growing regulation will be a key challenge. We must be compliant and competitive to thrive.
- Managing assets and used vehicles: We’ll look to maximise our owned vehicle book (currently 450 vehicles) and expand our used vehicle leasing programme with funders as an attractive alternative to new vehicles, especially in the EV market.
- Adapting to Chinese EV brands: The increasing presence of Chinese EV manufacturers presents an interesting disruption. We see this as a positive opportunity for Synergy and are excited to see how existing OEMs react to the Chinese challenge.
How will Synergy develop under Newable’s full ownership?
Newable has been involved with Synergy for a year now, fostering a real sense of stability. Their focus now is on driving growth and providing opportunities for expansion.
We’re looking to diversify our offerings and become a full-solution provider within the industry. I’m honoured to lead the company into this new phase – and they have faith in the senior management team to deliver.
Where do you see the opportunity of significant growth for Synergy this year?
There are two critical areas for growth I believe.
Business and commercial vehicle fleets: We see great potential in managing larger business fleets, especially in the commercial vehicle sector – it’s not an area we have been strong in, but we aim to change that.
Salary Sacrifice (Salsac): Our Salsac initiative is in its early stages, but we’re investing heavily to offer a complete package in this area with the help of funders.
The leasing sector has already seen acquisitions in 2024. What do you see as the broader industry trends?
I think there are three trends we need to watch.
Consolidation: Further acquisitions and buyouts are likely as the industry matures. I think we can all see that.
New players: The emergence of new brands and how they play out in the market and an increased focus on salary sacrifice schemes. Even with the Budget’s recent cut in National Insurance, salsac is still a great value way to get into leasing with an ultra low emission vehicle or an EV. Especially if there are more brands in the EV market
Used Leasing: I expect further growth in the used vehicle leasing market, particularly while EVs find their correct level of RV. I think this is an area that could see real innovation.
Synergy is predominantly a BCH business. How do you see the balance between BCH and PCH shifting?
We will likely remain a 70/30 BCH to PCH business as the EV market matures. However, focusing actively on both sectors is essential.
We’re seeing a resurgence in the personal market as customers adjust to economic conditions and the interest rates on mortgages stablise – and might even fall.
Finally, Synergy has earned exceptional customer satisfaction ratings from Feefo. What’s the secret to your success, and how do you improve further?
Our core value is delivering the best outcomes for all stakeholders. We prioritise customer satisfaction, and our entire team is dedicated to upholding these values. I believe this commitment to service is vital to our continued success.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
