THE BVRLA leasing broker fleet has shrunk for the second successive year. In bald terms it was 390,898 in 2023 and at the end of 2024 had declined by 8.9% to 356,022, according to the BVRLA’s H2 2024 Leasing Broker Survey.
It means the total fleet is just below the pre-COVID level of 2019.
The decrease in the total number of vehicles on the broker fleet reflects what many leasing brokers have privately said was a tough year for new business. Any gains were hard-fought.
There are a number of reasons for this: OEMs balancing ICE sales versus ZEV Mandate targets, with private drivers given no incentives to make the switch. Then in November, the Court of Appeal’s ruling on hidden commission charges for dealer finance sales impacted sales as some funders paused business in reaction to uncertainty ahead. The uncertainty really did not help business.
But the picture is rather more nuanced as brokers take different routes to market and OEM oversupply, plus new market entrants, begin to impact on increased deal availability.
BCH rules as leasing brokers pivot to fleet and business sales
One of the clear trends we’ve been witnessing is the change in focus of leasing brokers to fleet and business sales. Those brokers already invested in that market are working it well, while other more previously PCH-focused brokers are turning to the unregulated market for new business.
Brokers have been re-orientating themselves towards BCH in recent years and new BCH contracts bear this out.
Overall, new car contracts on BCH increased for the first time since 2021, up by 2.5% in 2024 (66,125 to 64,428), following 2023’s 19% decrease over 2022.
PCH - not so bad for the big players
Personal Contract Hire represents 52% of the broker channel fleet, down from 57% last year. However, recently we’ve reported a healthy start to 2025 for a number of brokers who specialise in PCH. In our recent analysis of the quarterly Leasing Outlook, Central Contracts, Nationwide, Select, Leasing Options and VIP Gateway reflected good PCH business. Although still far from the pre-2020 levels, according to the Leasing Broker Survey new PCH contracts staged a recovery (YoY): from 26,517 to 30,198 cars as deals started to appear towards the end of the year.
Salsac data – work in progress
In this report, there’s no data at all on new contracts funded by salary sacrifice – just columns of ‘redacted’ data. As the BVLRA mentioned in the Outlook, the salsac tally might be higher than thought because some agreements are being recorded as business contract hire, others as personal contract hire. The BVLRA notes that ‘Salary sacrifice numbers have been redacted as it is unclear to funders how brokers position products. What a funder finances as a BCH may well be provided as a salary sacrifice by brokers. We are investigating how to resolve this’.
Vans - maintenance is up
The LCV fleet declined by 8.5% in 2024 to 87,844 units with net additions at -8,133 for the year. However, the report adds that the number of new contracts is up from 16,362 in 2023 to 20,925 in 2024. ‘This represents a rise of 28%, although well below the 32,000 achieved in 2021.’
Although modest, the prevalence of electric (BEV) vans is increasing for BCH, 9% in 2024 compared with just 2% in 2023. This is more noticeable in additions where 15% are BEV up from 2% in 2023, despite van fleets hampered in the switch to electric because of a lack of suitable product.
The overall contraction in the number of vans on the broker fleet is likely to be influenced by greatly extended lifecycles following parts shortages and the squeeze on new product availability. In 2023 the Association of Fleet Professionals (AFP) reported that some van fleet operators were discovering that replacement cycles could go as high as eight years without major problems. The 2024 report recorded that the number of maintained vans rose by 3% after three consistent years at 25%.
BVRLA on the leasing broker report
Commenting on the report, Toby Poston of the BVRLA said:
“The numbers lay bare the challenges that leasing brokers had to contend with last year. The Cost of Living crisis took hold of households and businesses across the country, causing many to curtail or delay spending on high-value items. Our Industry Outlook report at the turn of the year showed that members expect a more positive 2025. The early signs are encouraging and suggest that leasing brokers will again demonstrate their relentless ability to adapt for success.”
Read the Bi-annual leasing broker survey Annual Data to December 2024
Download directly from the BVRLA’s website.
Joe Broxton joins Silverstone Leasing
Silverstone Leasing has appointed Joe Broxton as its new leasing account manager. He will be working mainly across business to business sales.
Wessex Fleet walks for charity under the sun
On one of the hottest days of the year so far, Wessex Fleet staff and families raised a phenomenal £2,768 for the charity Julia’s House.
Stellantis LCV brands disappearing into the darkness
Stellantis commercial vehicle brands including Vauxhall, are running down more than 22% over the first four months of 2025.
Rivervale putting on a Maxus show for Fleet Procure Live
Maxus retailer Rivervale is pulling out all the stops for Fleet Procure Live at Donington Park on 21-22 May, with major new LCV product.
Broker News Awards 2025 winner profiles: loveelectric, Best Salary Sacrifice Broker
lovelectric was named Best Salary Sacrifice Broker 2025 by the judging panel – here’s the winner’s profile supported by Leasing.com
Ford flops in April after stunning March
After an exceptional March, Ford’s April’s new car figures flopped into negative territory with a drop of more than 14% for the month.
Russell Hayes’ early career was 14 years of motoring journalism in print (for What Car?), television (for Top Gear), as well as online. Since 2007 he has authored 11 motoring history books on subjects including TVR, the Earls Court Motor Show, the Volkswagen Golf and the original Aston Martin V8 – see Russell Hayes on Amazon. However, he’s not forgotten how to be a motoring journalist and now writes for UK consumer motoring sites and an American classic car magazine – not to mention Broker News. When he’s not writing, Russell can be found in the cinema or planning his next travel adventure.
