A North East vehicle leasing company is celebrating record-breaking levels of growth, with 2021 seeing an increase in turnover by 30 per cent.
Sunderland based We-ar Vehicles is also on track to exceed the 2021 turnover by more than 50 per cent in 2022.
The family-owned leasing company specialises in supplying and financing cars and commercial vehicles to suit any need nationwide.
Its ethos around customer service and support has been a key driving force to support the firm’s strong growth trajectory, with further growth and investment on the horizon, including new site acquisition.
The business operates a fleet of thousands of leasing contracts across the UK and despite a rocky period in lockdown with a period of closure, We-ar Vehicles weathered the storm and were able to keep output levels high.
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Monitoring of market conditions and a redirection of focus were key mechanisms to keep momentum and growth during the uncertain period for the Wearside firm.
Kaye Tansey, managing director at We-ar Vehicles said: “At the height of the pandemic the business closed for a short period and on reopening the market was turbulent. Our company is split between personal and company leasing, and when the pandemic unfolded the business leasing element took a hit.
"We were able to refocus our efforts, implement strict Covid-19 health and safety procedures, and the period saw an increase in personal leasing.
"Over the period there was high demand from many individuals working in key sectors who had public travel issues and in particular we facilitated the dispatch of a number of our cars to medical staff across the UK.”
We-Ar Vehicles have access to several of the UK’s primary vehicle finance companies and deals directly with every manufacturer, guaranteeing the best service, price and advice. With access to a host of deals from Audi, Jaguar, BMW, Fiat, Nissan to Vauxhall, We-Ar Vehicles can quote on most manufacturers, providing some of the best car leasing deals available on the market.
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The client base ranges from companies operating more than 60 commercial contract hire vehicles, to company directors driving prestige cars, to private individuals with a company car allowance.
A lease is essentially a long-term rental agreement, offering exclusive use of a car for a set period at a fixed monthly price.
As a business, this is the most cost-efficient method of funding the vehicles as it takes advantage of the tax and VAT regulations to reduce the whole life running cost of the vehicles and is supported by the buying power of the finance company, to assist in reducing the cost even further.
Advantages include minimum capital expenditure, accurate monthly budgeting, improved cash flow, fixed interest rates, plus rentals can be offset against the businesses profits.
Kaye added: “We are not a dealership that holds a large amount of stock meaning that we also don't have dealerships overheads to cover, this allows us to pass on the discount direct to the customer.
"There are many advantages to car leasing from both a business and personal perspective from fixed interest rates to accurate monthly budgeting. We are seeing a surge in enquiries, especially given the current economic climate.”
Electric vehicles (EV) also have a key role to play in the growth of the car leasing market overall with recent research citing that EV’s account for about 30 per cent of business leases. Alongside the environmental credentials, EVs come with a host of financial benefits to customers who utilise the salary sacrifice scheme.
Kaye added: “The electric vehicle market is also strong growth area for We-ar Vehicles. We are seeing an increase in demand for electric models and our range is extensive with over 90 models listed including some top model Lexus and Mercedes-Benz vehicles.
"Employees and businesses alike can reap some great financial incentives when leasing electric including low EV benefit-in-kind tax rates.”
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