LEASING brokers finished 2015 on a high, and nowhere was this more evident than at the Small Fleet Leasing Awards at the end of last year.
Personally, I was honoured that the judges named Fleetdrive the Best Small Fleet Green Leasing Company of 2015. But the event wasn’t just about the awards – not only was there wonderful food, but it was also a fantastic opportunity to discuss just how successful our sector was in 2015.
These discussions on the growing success of our leasing broker sector continued at the BVRLA’s first leasing broker committee meeting of 2016. The BVRLA now has 224 brokers providing vital support to SMEs requiring finance – and these brokers were responsible for 208,006 vehicles on contract at the end of 2015.
This represents a 27% increase compared to the end of 2014, and shows the increasingly prominent role brokers are playing in the fleet industry.
Leasing brokers’ total car volumes increased by 24% to 148,819 units. Much of this growth was driven by personal contract hire, which has seen its share of leasing broker business rise to 39% in 2015 from 22% back in 2012. Looking at 2015 in isolation, personal contract hire accounted for 48% of all new agreements signed by leasing brokers.
This growth and these figures have caught the attention of regulators, but BVRLA members are prepared thanks to the work the association has been doing over the past 18 months. The BVRLA has already introduced its new compliance programme this year, and its revised Codes of Conduct give leasing brokers even more credibility and provide customers with even more reassurance.
We’ll still be busy though. The Financial Conduct Authority (FCA) is changing its complaint-handling requirements from June 2016, and the International Accounting Standards Board (IASB) has just published its plans for large companies to bring their operating leases on to the balance sheet.
These were among the hot topics at our last committee meeting, where we also discussed the BVRLA’s upcoming Broker 200 go-kart race. Once again, this event takes place at Daytona Milton Keynes in May, and this year, we’re hoping to raise even more money for automotive industry charity BEN. If you’d like to enter a team or sponsor an element of the day, visit the event webpage.
- Mike Potter is chairman of the BVRLA Leasing Broker Committee, and MD of FleetDrive Management