Vehicle Leasing and Rental Industry Worth 14 Billion Pounds in UK Economy

With regards to the U.K. economy, a new report by the British Vehicle Rental and Licensing Agency (BVRLA) shows the value of the vehicle rental and leasing industry.

The report’s findings conclude that car hire agencies (including both the rental and leasing industries) are pumping as much as 14 billion pounds a year back into the economy and offer 38,000 jobs for Britons. An additional 145,000 people are employed through supply chain operations and related business.

In total, the BVRLA report states that one out of every 175 working Britons is employed by the rental and leasing industry. BVRLA’s findings indicate that car rental generated 2.85 billion pounds to the U.K. GDP (gross domestic product) through purchases of domestic vehicles, foreign models with U.K.-made engines and transactions with British dealerships.

In addition, the BVRLA report found that the leasing industry is reducing nationwide carbon dioxide levels. Last year, leased vehicles were 25 percent cleaner than the average car, emitting 123 g/km of CO2.