Sogo Mobility is underscoring the benefits of flexible leasing as the Bank of England predicts a recession in the final quarter of 2022.

Karl Howkins, MD of Sogo Mobility, says flexible leasing could bring benefits to fleets in the current uncertain financial climate

It’s calling for fleet managers to consider greater use of the financial solution, which allows cars and LCVs to be leased on a monthly basis, amid forecasts that high inflation, rising interest rates and the energy crisis will combine to impact economic activity by the end of the year and lasting for five quarters.

Launched at the start of 2021, Sogo offers an ultra-flexible approach that provides leasing from one to 12 months for cars and LCVs.

Karl Howkins, managing director, said: “As the economy faces significant challenges, it’s vital to get the right mix of leasing models. Flexible leasing allows short-term demand to be met without the problems of a long-term commitment in an uncertain market.

“Monthly leasing frees capital from the balance sheet that can be deployed elsewhere in the company to fund growth. While many managers are not in the position to transition out of traditional lease models immediately, I think it’s useful to start thinking about the mix across your fleet.”

It’s an approach that has seen the company report rapid growth over the last 12 months. Sogo is also supporting the transition to net zero. It’s providing a range of services to help drivers make a move to electric vehicles, including a growing fleet of EVs with lease terms said to be competitive.

The business is also offering a carbon-neutral fleet across petrol, diesel and EVs by purchasing carbon offsets from the BP Target Neutral service. The scheme has helped Sogo customers offset over 5,200 tonnes of carbon in its first 12 months; equivalent to the electricity production of 3,250 homes for one year or 8,900 flights from London to New York.