×


Home About Contribute Media Kit Contact Sign In
×







.


Finance Industry News

Experts confident UK vehicle leasing market on its way back after enquiries soar


The number of people looking into leasing a new vehicle was up 69% in June compared with the same month last year, according to leading UK firm Select Car Leasing

Experts confident UK vehicle leasing market on its way back after enquiries soar


"The boost in business we've seen since the start of last month shows great optimism for the UK economy as a whole."
Mark Tongue, Director of Select Car Leasing



EXPERTS are confident the UK vehicle leasing market is on its way back after enquiries soared by more than two thirds last month compared to June 2019.

The automotive industry was hit hard by the coronavirus crisis, with sales of new cars and vans down and leasing deals put on hold as businesses across the nation were forced to close their doors.

But leading UK firm Select Car Leasing, based in Reading, has revealed it experienced a 69 per cent year-on-year surge in enquiries from June 1, following the partial lifting of the Government’s lockdown measures.

It has also seen a 42 per cent growth in website visitors.

And bosses are confident this shows the potential for business sectors relying on customer credit to bounce back over the next few months. 

Director Mark Tongue said: “Like in most areas of the economy, the last three months have been really tough for the vehicle leasing sector.

“Thankfully, we are starting to see the green shoots of recovery that we hope will continue as restrictions are further eased over the coming weeks and months.

“Our figures for June show the number of enquiries about leasing cars and vans were up 69 per cent on the same month last year.

“We’ve also had the highest number of enquiries in a single day in the history of the company.

“This shows that people are starting to think what life will look like after the Covid-19 lockdown.

“As the UK’s leading car leasing company we act as a bellwether for customers wanting to take out credit.

“The boost in business we’ve seen since the start of last month shows great optimism for the UK economy as a whole.

“And for people looking to secure finance, it demonstrates things may not be as bad as many feared a few months or even weeks ago.”

There was concern that both the motoring sales and leasing markets would be irreversibly damaged by the fallout of the global pandemic.

But car dealerships have also reported encouraging interest since they were allowed to reopen, with strict social distancing measures in place.

Mr Tongue believes many people may even be returning to car ownership – or getting a vehicle for the first time – due to ongoing public health concerns. 

And they are more likely to opt for leasing rather than purchasing a used car, as there are fears the second hand market is dipping dramatically.

He added: “It looks to be a bit of a perfect storm because most people won’t be going on holiday this year due to the Covid-19 crisis.

“They will also want to treat themselves after spending many frustrating weeks in lockdown.

“Used car sales are stalling, which means acquiring a new car on a lease agreement is a very attractive option – and there are some great deals around at the moment.

“There are also worries about the safety of using public transport following the pandemic, with the threat of a so-called second spike constantly in the news.”

.


Finance Business News - Unify Credit Union has increased its borrowing limits to support people who may be struggling as a result of the pandemic and stop them from becoming another statistic.


Wigan credit union offers help to financially vulnerable affected by Covid-19

Finance Business News - With the world facing the greatest public health crisis in living memory and public sector borrowing at record levels, leading economic historian, Dr George Maher, argues that the root causes of many of the economic disasters of our time are much the same as those of the Roman Empire.


Pugnare - George Maher's lessons from the economic collapse of Rome

Finance Business News - South Manchester based accountancy firm Leavitt Walmsley Associates LWA are thrilled to announce they are due to return as an official Manchester Storm sponsor for the 20 21 Ice Hockey Elite Series LWA first came on board with the local club during the 2017 18 Elite League season and have continu...


LWA Return as Official Sponsor for the 2021 Ice Hockey Elite Series

Finance Business News - A North-East based fintech firm has been launched with the aim of digitally transforming the way private equity firms, venture capital funds and angel investment networks currently manage the end-to-end investment process.


Fintech firm digitally transforming the investment sector

Finance Business News - Business owners seeking to reshape their companies to overcome the challenges of the pandemic and Brexit have put accounting and advisory firm HURST on track for a bumper year as it gears up to celebrate its 40th anniversary.


Helping clients through Brexit and Covid puts HURST on track for bumper year

Finance Business News - Manchester Credit Union has made two new appointments to grow its membership and build new partnerships with companies across the city and beyond, so workers reap the benefits of loans and savings.


Credit Union invests in its workforce to increase members and payroll partners






Ten Times Ten

We transform your bright ideas into brilliant digital products.