ROD Lloyd, the Chair of the BVRLA Leasing Broker Committee, opened the BVRLA Leasing Broker Conference in Birmingham (01 October 2024) saying that optimism about the economy was higher with leasing brokers than it was in current CBI data.
It comes as the leasing broker fleet has dropped by 20,000 vehicles from its 400,000 figure in 2023. Rod said this represented a 5% fall for cars, and a 3% drop for vans.
This was in part to the lack of consumer demand, the impact of the ZEV mandate, while the cost of broker business was definitely rising. Nevertheless, the broker sector was still performing above pre-covid levels, Rod explained.
In the latest BVRLA data to June 2024, 64,000 new car contracts and 18,500 new van contracts were added to the broker fleet.
But against this backdrop, Rod warned of the headwind represented by EVs.
He said that EV adoption – which has reached 27% of the broker fleet – had been impacted by the fall in used values of electric vehicles and they now represented a chancier asset for funders.
“The risk to leasing brokers is that we’ll see higher rental rates in the future at a time when consumers are pushing back against the price of EVs already. The 2030 phase out represents a significant risk to us.”
As well as leading the broker committee, Rod Lloyd is CEO of the lcv group which recently celebrated 25 years of business.
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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.
