Fleetlease is developing a personal leasing package for dealers through its Nova Vehicle Finance operation. The scheme, designed to attract ex-company car drivers who have taken the cash option, is being piloted with a national dealer group with a possible launch early next year.
Steve Underwood, Nova Vehicle Finance general manager, said the initiative offered a “fully inclusive service with no hidden charges”. He accused some dealer schemes of being “substandard” because some options, like full maintenance and 'gap' insurance, cost extra.
Fleetlease is expected to exploit the leasing scheme through its Direct used car operation in Newbury, which retails a range of ex-fleet models.
Hugh Lyall, Fleetlease Direct general manager, said: “We feel that cash-for-cars is going to be a major part of our income stream in the medium to long term. With our typical stock mix we will be ideally placed to win this business.” Fleetlease Direct has sold more than 1,200 cars since its January launch, well ahead of expectations. Stock ranges from Porsche and BMW to Ford and Vauxhall, and is typically three years old with 45,000 miles on the clock.
“We attract a lot of customers from outside our local region which means we get more part-exchanges than the area can handle,” Mr Lyall added.
“This affects local residual values so we have to sell them outside the area, for example Oxford and South Wales, through independent used car dealers and auctions.”
Fleetlease has not ruled out expanding the used car operation, though this is unlikely to happen for 18 months.