RUN YOUR FLEET TO LAUNCH OWN CONTRACT HIRE SOLUTION
Run Your Fleet, a Warwickshire based independent Fleet Management Solutions provider, today announced its intentions to launch its own contract hire offering, having successfully secured funding lines.
To date, Run Your Fleet has offered contract hire as a broker through third party supplier agreements. Although this worked well for the company’s requirements at the time, it did not offer the same possibilities as offering contract hire on its own paper.
“We estimate that 95% of our customers acquire their vehicles through outright purchase and, on average, have an ageing fleet of just under 5 years. This presents an opportunity for us to convert some of these customers to contract hire – particularly where they wish to release equity for other purposes, said Steve Whitmarsh, Managing Director, Run Your Fleet. “We are setting a relatively modest target of 420 vehicles on contract hire in the next 12 months.”
Since the launch of the company in 2011 it has seen its managed fleet grow from 0 to 20,000 vehicles across its 1000+ business customers, with fleets ranging in size from 1 to 1,600.
This impressive growth, and 98% customer retention rate, is due in part to the company’s focus on the often neglected SME market. With a suite of products including breakdown cover, daily rental, telematics, risk management, service, maintenance and repair, Run Your Fleet has been able to exercise its considerable buying power to offer smaller fleets discounts only usually available to the larger fleets.
“Our concept was to come up with something that helps an SME regardless of how and where you get your vehicle from”, explains Whitmarsh. “It’s a pound a month for the basic fleet management and everything is consolidated into a single monthly payment.”
“Now after having invested considerable time and money future-proofing our systems, ensuring scalability and flexibility, we are in a position to move into contract hire in our own right,” Whitmarsh concludes.
For further information regarding the new contract hire solution and all existing products and services contact Run Your Fleet on 03445 733111 or visit www.runyourfleet.com .