The British Vehicle Rental and Leasing
Association (BVRLA) has launched a steering group aimed at
developing the availability of competitively-priced funding for the
vehicle rental and leasing industry.
The Funding Steering Group will work to help
existing and potential funders to understand the industry better,
including its risks and rewards.
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It is already working with six new funders to
assess the industry’s opportunities and product requirements, and
to spot any obstacles.
BVRLA chief executive John Lewis said: “This
group has been created to help replace some of the liquidity lost
since the credit crunch as banks have struggled to build up their
balance sheets and improve their flow of lending.
“From the conversations we have had with
potential lenders already, I am confident that there is new finance
available for leasing and rental companies.”
The steering group is chaired by BVRLA
honorary treasurer and board member Brian Back. It includes Graham
Hale, managing director of Fleet Hire, Andrew Cope, executive
chairman of Zenith Provecta, Roger Hancock, managing director of
Thrifty Car Rental, and David Barlow, chairman of ProHire.
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By GlobalDataAfter the group’s first meeting late in April,
the BVRLA has begun work on producing an ‘industry profile’
document for potential funders and aims to conduct a funding survey
of members by the end of May.
“We want to get a clear understanding of which
sort of finance they want to provide and what sort of companies
they want to deal with. The information we get from the survey of
members will help us point them in the right direction,” said
Lewis.
In the longer term, the BVRLA is also working
with the Finance & Leasing Association and exploring
alternatives to bank funding.
claire.hack@vrlfinancialnews.com
