The vehicle rental and leasing industry contributes around £49 billion per year to the UK economy, according to a new report commissioned by one of Jaama’s industry associate members – The BVRLA.
Written by research organisation Oxford Economics, the report shows the size and influence of the sector.
This £49bn contribution is inclusive of the operations of the industry itself, the UK-made vehicles and engines it purchases, the activity of UK dealerships and its impact on the used car market.
- The industry employs 52,700 people directly,
- And contributes £23.9bn from rental and leasing activities.
Rental and leasing companies spent an estimated £30bn on buying over 1.8million vehicles in 2017, which includes £5.4bn spent on 304,000 UK-assembled cars, vans and trucks.
This means that they were responsible for 83% of all vehicles assembled in the UK which were sold domestically. The industry also purchased 418,900 vehicles with UK-made engines.
“This report underlines the role that rental and leasing plays in the UK, economy, particularly when it comes to supporting domestic vehicle and engine makers,” said BVRLA chief executive, Gerry Keaney.
“With its huge spending power and expertise, the industry will play a crucial role in delivering the UK’s transition to connected, autonomous and zero-emission road transport in the years ahead.”