GE Capital
PRESS RELEASE
Car and van rental spend increasing rapidly – and set to grow further
Research from GE Capital’s latest Company Car Trends research
Sale, Manchester, 2015: According to new research a huge rise in the number of fleets using short term
rental has been seen in the last 12 months – and a further increase is expected in 2015.
The figures come from the latest quarterly Company Car Trends report from GE Capital, Fleet Services.
Almost two in five fleet decision makers (38%) say that they have spent more on rental in 2014, while a
similar figure (41%) expect to do the same in the next 12 months.
The picture is even more pronounced for van fleets, where more than three-quarters of fleet decision
makers (76%) report that their rental spend has risen while almost half (48%) believe that they will
spend even more in 2015.
The figures show the percentage of respondents who say their rental spend has increased:
Cars
Vans
Year to date
Next 12 months
38%
76%
41%
48%
Gary Killeen, Managing Director at GE Capital Fleet UK, said: “What we believe we are seeing here is a
hangover from the recession. Fleets are facing increasing demand as the economy starts to show signs
of improvement. They want to be able to retain the flexibility to hand back a vehicle at any point in time
in the eventuality that we see another downturn. It is an understandable attitude.
“Unfortunately it makes little sense from a financial point of view. Daily rental is very much a top-up to
your standard fleet needs rather than a long term solution and using it as an ongoing method of fleet
provision is very expensive. That flexibility comes at a high price.
“We are starting to see some fleets take a more structured approach to answering the need for further
vehicles rather than simply turning to a rental company. We are having conversations with several about
the need to manage capacity while maintaining a high degree of flexibility. It is all about helping fleets to
forecast and meet demand successfully.”
About Company Car Trends
Company Car Trends is a quarterly survey carried out for GE Capital Fleet Services that looks at the key
issues facing car fleets.
About GE Capital in the UK
GE Capital, one of the leading commercial finance providers in the UK, has major offices in Bristol,
Manchester and the London area and focuses on providing leasing and lending solutions, from working
capital and investment finance through to fleet management and equipment leasing to mid-market
customers. For more information, please visit www.gecapital.co.uk
GE Capital’s fleet management teams service over 80 major international fleets across 12 European
countries and keep 1.5 million vehicles on the roads across Europe, the Americas and Asia. Our global,
market-leading position and asset expertise makes GE Capital the ideal partner for both multinational
and domestic companies. Together with our continuous investment in our internationally recognised
online fleet tools, the result is leading-edge customer service, innovation, passion and excellence in all
things fleet.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services.
For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
About GE
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make
the world work better. GE brings together the physical and digital worlds in ways no other company can.
In its labs and factories and on the ground with customers, GE is inventing the next industrial era to
move, power, build and cure the world. www.ge.com