Vehicle leasing broker fleet reaches ‘highest level ever’

The leasing broker fleet has surpassed 400,000 vehicles for the first time, growing by 2.7% this year, according to figures from the British Vehicle Rental and Leasing Association (BVRLA).

Long lead times, due the component shortage, are still presenting an “extreme barrier” to brokers meeting their customers’ needs, it says, although the impact has plateaued having peaked in March 2022.

Paul Parkinson, chief executive and founder of Synergy Car Leasing and chair of the BVRLA’s Leasing Broker Committee, said: “Leasing brokers have shown how resilient they can be in recent years, dealing with Brexit, covid, a vehicle supply crisis. The list goes on.

“To see the fleet reach record levels is encouraging and evidence of how well the sector has evolved.”

The record figures formed the backdrop of the BVRLA’s annual Leasing Broker Conference, which took place in London on Thursday (October 6).

With 150-plus attendees spanning leasing brokers, leasecos and industry suppliers, the conference covered the key factors having an impact on the sector’s performance.

The agenda also explored what is on the horizon for leasing brokers, most notably the incoming Consumer Duty and prevalence of the agency model for vehicle supply.