Hitachi Capital Vehicle Solutions responds well to challenges

It’s been a good year for Hitachi Capital Vehicle Solutions (HCVS). The vehicle leasing company reported strong growth and was named Leasing Company of the Year – 20,000-plus vehicles – for the third successive year at the Fleet News Awards.

Despite the fleet industry being hard hit by the pandemic during the past financial year (2020/21), profit before tax was £19.7 million, compared with the £25.7m achieved for FY19/20.

It now operates a fleet worth £1.2 billion, a 24% year-on-year increase, securing its number seven ranking in the FN50 with a risk fleet of almost 78,000 cars and vans.

However, that growth could have been higher still if Hitachi, like the rest of the vehicle leasing industry, was not having to endure long lead times for new product, because of the semiconductor shortage.

Jon Lawes managing director at HCVS, says that there is a high demand for both new cars and commercial vehicles from its fleet customers.

“The economy is thriving and it’s the responsibility of us all (in the industry) to furnish those customers, because it’s those new, bigger fleets that turn the wheels of UK plc,” he explains.

However, with demand outstripping supply, Lawes admits: “The current situation is quite frankly limiting growth.”