Half of fleets have paid increased early termination fees on vehicles
More than half (52%) of fleet managers have said they’ve had to pay increased early termination fees on leased vehicles, due to the impact of the pandemic.
The research, carried out by Europcar Mobility Group UK in August 2020, also found that 75% of fleet managers had to review their fleet acquisition policy as a result of the pandemic.
Furthermore, 62% of fleet managers had to extend existing contracts in 2020 due to issues with supply of new or replacement vehicles; a situation likely to be exacerbated in the early part of 2021 due to the ‘perfect storm’ of Covid-19 and Brexit bringing a severe impact on access to new vehicles.
Europcar said the research highlights the benefits of staying flexible, adding that with economic uncertainty continuing well into 2021, an optimised vehicle fleet that can be changed as requirements vary will be key to ongoing success for many businesses.
Stuart Russell, specialist vehicle director at Europcar Mobility Group UK, explained: “At Europcar Mobility Group UK our long-term solutions provide options for businesses to expand and contract their vehicle fleets as and when demand requires, offering a cost-effective alternative to leasing or outright purchase so that they can concentrate on running an efficient business and meeting customer expectations.”