THE growth in Personal Contract Hire was a key factor in a bullish outlook for brokers, reported in the first Leasing Broker Attitude Survey undertaken by the Leasing Broker Federation.
86% of brokers reported an increase in demand for this form of personal leasing, followed by contract hire (66%), finance lease (47%) and demand for maintenance (42%).
Brokers responding to the survey, conducted in Q3 and Q4 of 2015, said they expected these products to continue being in demand through 2016.
Customer service was seen as brokers’ greatest strength – but also the area that could be their greatest area of weakness. Other strong suits included a consultative process, price and a spread of funders from which to choose.
“Brokers see opportunities in the future and after delivering record returns in 2015, look poised to expand their market presence further by offering enhanced professional services as well as moving into areas that have traditionally been the preserve of leasing companies,” commented Colin Tourick, Professor of Automotive Management, University of Buckingham and author of the report.
Meanwhile, relationships with vehicle manufacturers are mixed. The report suggests a patchy record and that manufacturers would do well to invest some time in the relationship, with some appearing to ignore this valuable route to market.
While most brokers expected to continue trading in the future, respondents believed that there would be fewer brokerages in five years’ time, suggesting market consolidation is on the cards.
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