North East London based car rental company, Fair Rent, have commented on the BVRLA report which shows that the vehicle rental and leasing sector contributes £25 billion a year to the vehicle industry.

The British Vehicle Rental and Leasing Association commissioned the report which was researched by Oxford Economics, and the revealing figures determine that the two forms of rental sectors have contributed the £25 billion, which is equivalent to Edinburgh and Leicester’s combined economies.

Rental and leasing companies have become two of the vehicle industry’s biggest customers, with a purchase of 208,000 UK made vehicles made in 2013, which equates to 80% of UK vehicles sold in the UK. This expenditure has resulted in a £4.3 billion gross value to the GDP along with 90,000 jobs and £1.4 billion in tax receipts. These recent figures boost the already thriving vehicle rental and leasing sectors in the country.

The growth of these sectors has also helped boost jobs within the country, with an estimated one in every eighty eight workers in the UK being part of the industry on average, with a total of 317,000 employed between direct employment and supply chain and consumer spending job roles. The cost of purchasing a car has driven consumers to these services, which has resulted in the boom.

Vehicle rental company, Fair Rent, often comment on industry news, and a spokesperson for the company said, ‘The amount contributed by the vehicle rental and leasing sectors show just how healthy our industry is. We continue to see an increase in car rentals, especially over this busy festive period, and we believe this increase will continue due to the expensive costs of buying a car in the current economic climate.

We’re coming to a time in which car ownership figures are going down, as people embrace rental and leasing models, and it allows more freedom for adapting to certain situations. Going on a trip alone? A car will suffice. Need room for a large group? The minibus can be rented out instead. There is no need to make do with what you have with the rental industry.’

Fair Rent are a North East London based car rental company, renting out cars, vans, MPVs and Minibuses across Chingford, Enfield, Essex, Hertfordshire, Walthamstow, Woodford, Barnet, and Loughton. A range of vehicles are available in each type, with minibuses seating up to seventeen people. For further information Fair Rent, and the vehicles and services they provide, visit www.fairrent.co.uk today.