Ungated Post | 04 Dec 2014
The economic impact of the motor vehicle full-service leasing and rental sector
This study, commissioned by the BVRLA, the trade body for the vehicle rental and leasing sector, investigates the economic contribution the full-service leasing and rental sector makes to the UK economy. In 2013, the sector owned some 3.6 million vehicles (cars, light commercial and HGVs). This was over 10% of the vehicles on the UK’s roads that year. Of these, some 11 vehicles in every 100 were leased, with a further two rented.
In 2013, the sector supported a £24.9 billion gross value added of the individual impacts of the operations of the industry itself, the UK-made vehicles it purchases, the use of UK made engines, the activity in dealerships, and its impact on the used-car market. This is equivalent to the size of the economies of Edinburgh and Leicester combined.
The sector is estimated to support 317,000 people in employment in 2013. To place this in context, in the same year there were 270,000 people employed in the city of Sheffield. By supporting economic activity and employment the sector raised tax receipts for the Exchequer. In 2013, these receipts amounted to £81 for every UK resident, or some £5.2 billion in total.
Click here to read the full report.
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