ARVAL UK’S MEDIUM-TERM RENTAL FLEET GROWS 50% IN A YEAR

Growing demand has seen Arval UK’s medium-term rental fleet product – Arval Flex – increase in size by more than 50% in the last year, the company is reporting.

Twelve months ago (Oct 21-22), it numbered around 2,500 cars and vans, but has now grown to 3,800, with significant growth expected to continue for at least the next two years. 

Electrification of the fleet is also gathering pace. At present, more than 14% are electric vehicles, but by the middle of the decade this should be over 90% in line with the 2030 deadline.

Arval UK Product Manager, Glynn Hopkins, said: “Our experience is that fleet decision makers have become more and more aware of medium-term rental in recent years as a means of car and van provision, but that market conditions have meant that the product has perhaps reached a point where it is achieving genuine mass market acceptance for the first time.

“There are a number of factors behind this, with the pandemic perhaps being the most important. Especially, difficulties surrounding the supply of new vehicles have created a need for a form of car and van rental that is measured in periods of months, and which can be started and ended quickly and easily with no long-term commitment.”

Glynn said that Arval UK’s average medium-term rental lasted for between 6-7 months with delivery and termination possible within 48 hours for the vast majority of vehicles. Rentals were available for periods from 1-36 months.

“As well as meeting a need when vehicles are on order, we also see extensive usage in situations such as where new starters begin a job, a limited term contract is in place and for use as pool vehicles. We even have some customers who use the product as their main source of car and van provision, thanks to the flexibility that it provides.

“The substantial investment we are making in the fleet is very much a sign that we believe that usage will grow in the coming years and that medium-term rental is well on the way to becoming an established ‘third way’ between daily rental and long-term fleet leasing.”

To find out more about Arval Flex and uses for your business visit our mid-term rental page.