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SME business car and van leasing rises by 29%

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28 May 2015

IT seems that small businesses and SME small fleets are getting the hang of car leasing and turning away from the ownership of vehicles.

Lex Autolease, the number one leasing company in the UK, has reported a sharp growth in vehicle leasing among small to medium sized businesses in 2014.

Lex Autolease saw a 29% year-on-year rise in the number of vehicles it leased to SMEs in 2014. The company suggests the incline is a sign that businesses are looking to streamline their operations and cut overheads by stripping balance sheets of depreciating assets.

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This worry appears to be particularly relevant for commercial vehicles, with Lex Autolease experiencing a 110% year-on-year rise in van leasing by SMES. The number of company cars leased by SMES saw a 2014 year-on-year growth of 21%.

Head of SME Direct at Lex Autolease, Simon Barter, said;

“The UK’s nimble SME sector is focused on streamlining and operating more efficiently, and as many small companies shifted their business plans to expansion last year, they started looking at new, innovative ways of restructuring their operations.

“Company vehicles was one such area, and the sharp growth we’ve seen shows that increasing numbers of small businesses are seeing the benefits of leasing in delivering key, sustainable changes to their vehicle management that both streamline their operations and reduce costs.”

What colour cars and vans do SMEs like?

  • Black was the most popular colour, rising by 39.3% year-on-year
  • White was still the second colour of choice, but only rising by 13% year-on-year.
  • White vans accounted for 64% of company light commercial vehicles
  • Grey is the second most popular business van colour, accounting for 10% of the market.

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