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Lease inquiries show bounceback from Coronavirus lockdown

The Leasing Broker Federation’s quarterly market survey, which charts changing attitudes to the sector, has shown members are ramping up business and looking to a “bright future”, while the start of online vehicle deliveries in mid-May has brought with it encouraging signs of recovery.

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June 12, 2020

FURTHER evidence that the broker market is picking up comes with new figures reported today.

The Leasing Broker Federation’s quarterly market survey, which charts changing attitudes to the sector, has shown members are ramping up business and looking to a “bright future”, while the start of online vehicle deliveries in mid-May has brought with it encouraging signs of recovery.

This is backed up by The Federation’s ‘Return to Work’ survey, to be published next week, which reveals that 87% of brokers who responded are engaging in new leads.

Leasing.com reported today that on one day, inquiries increased by a phenomenal 812% from the lowest point of lockdown and from there inquiry data has quickly aligned back to 2019 year-on-year levels.

Key to this leap and the recovery of leasing is the quality of deals on offer, with savvy and active consumers keeping an eye on what deals have been trending on Leasing.com.

Volvo has been flourishing during this uncertain period, selling out most of its in-stock deals over the course of the month.

As a new advertiser with Leasing.com, and with all of their dealerships forced to close, it understood the need to diversify its revenue stream and adapt to the challenges lockdown posed.

By the end of the month, Leasing.com provided a significant volume of all Volvo sales leads with the V60 estate and S60 saloon proving most popular.

Dave Timmis, Managing Director at Leasing.com, said: “Volvo utilised all the tools we provide to their fullest potential. In one example, an inquiry was sent to them at 6:15pm and within the hour finance was approved and the vehicle was ordered.”

One other trend identified over the course of lockdown has been customer desire for electric vehicles, with EV lease inquiries increasing 148% over the same period last year.

Prior to the Coronavirus pandemic, electric vehicle leasing proved to be outperforming the wider new car market by nearly double, with enticing deals on the new Renault Zoe and the Tesla Model 3 continuing to catch the public imagination.

This move towards electric vehicles during the Coronavirus pandemic is not just confined to leasing, with SMMT data revealing the Tesla Model 3 became the best-selling car in the UK for the month of May. This resulted in battery electric vehicles being the only segment to grow in the new car market for the month.

Continuing operations throughout the pandemic has been a challenge to all, but has allowed Leasing.com to adapt to the market and retain advertisers via a smart, fair and considered pricing model. This has allowed advertisers to make accurate forecasts throughout these challenging times.

Thinking of the switch to electric?

Need help in finding the right electric vehicle for you? Compare driving range, battery capacity, charging time, price, and features to find the perfect EV for you.

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Chris Wright

Chris Wright

Chris Wright has been covering the automotive industry nationally and internationally for 30 years. Following spells with consumer titles he became News Editor of Automotive Management (AM), Editor of Automotive International, International Editor for Detroit-based Automotive News, and Editor of Dealer Update. He has also co-authored several FT Management Reports and contributes regularly to Justauto.com

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