WHILE EVs are justifiably finding increasing favour with business drivers, RVs remain fragile.
Coupled with discounts to stimulate the market – particularly for reticent personal lease customers – pressures are mounting on the EV-only Onto subscription business.
According to reports from Sky News and CarDealer, the EV subscription company is looking for new finance to help support it.
Unpredictable RVs for electric vehicles are the cause of increasing market instability says Philip Nothard:
It is clear the used vehicle market is in a state of flux, with numerous factors shaping its future trajectory. But above all the factors, the single biggest change to the used car market is the rise of battery electric vehicles (BEVs).
Undoubtedly, the supply of BEVs in the used vehicle wholesale market is increasing, and this growth has led to unprecedented levels of volatility and uncertainty, catching many off-guard. While it is true that changes in the used vehicle market historically take time to stabilise, the emergence of the BEV sector adds an extra layer of complexity, especially around managing residual values.
Let’s hope Onto finds a way to manage this RV complexity – and it remains an isolated case in its exposure to the fall in EV values.
Photo: Onto
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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.
