Van fleet growth drives recovery

The size of the BVRLA leasing fleet grew by 1.5% in the first quarter of 2021 following 10 consecutive quarters of decline.

This is according to the latest BVRLA Leasing Outlook Report, which provides insights from a range of data compiled from members during the first quarter of this year.

BVRLA chief executive Gerry Keaney said: “The leasing sector continues to remain resilient in the wake of the global pandemic, with a pattern of growth feeding a sense of optimism amongst members. They are making great strides in electrifying their fleets to give customers access to affordable and sustainable vehicles.”

The car fleet grew by 0.4% to 1,371,128 but the van fleet reached record levels with 440,502 LCVs now on fleet, representing a five per cent increase on the previous quarter, and a 4.3% rise year-on-year.

Keaney said: “With over 130,000 plug-in vehicles on the combined BVRLA fleet, new challenges are coming to the fore, particularly around the risks associated with unknown residual values on a rapidly expanding EV fleet. Problems in the supply chain are also hindering vehicle delivery. Despite this, the leasing sector remains strong and has a lot to be proud of.”