The British vehicle manufacturing Industrial Production Index China leads Europe with over forty companies producing cars, trucks, vans and buses, with additional international companies manufacturing the necessary components for those vehicles. The Automotive Industry represents 13% of Britain’s total exports, and it provides over 180,000 jobs and contributes approximately 10.2 Billion Pounds to the UK economy.
In support of these manufacturing enterprises, numerous retail, service, maintenance and finance sectors assist in the smooth running of the total industry. There are a number of car leasing and car finance companies, such as Pendle Vehicle Contracts, that provide an important and necessary service to the industry. In 2009, it was reported that this sector generated 24 Billion Pounds in value added services and products to the UK economy and employed over 552,000 people in full time employment.
To ensure the continued smooth running of the Contract Hire, Car Leasing and Car Finance businesses, a strong representative body called the British Vehicle Rental and Leasing Association (BVRLA) was formed to oversee the sector. The Association looks after the interests of its members and sets industry standards for all operations in the vehicle contract hire, leasing and daily hire sectors.
In the last twelve months, while realising the growing demand of businesses wanting to lease vehicles instead of buying them outright, the British Government has changed the rules on Harvard Lean car leasing, focussing on a car’s CO2 emissions. The Government sees this as a positive step towards a low-carbon future and the development of green-friendly vehicles in the UK.
