Car and Van Hire - UK - March 2010
The UK has experienced its severest recession since the 1940s and arguably car and van hire should be a market that would have felt the full effect of the recession as consumers cut back on discretionary spending with reduced car usage, less travelling and fewer UK holiday breaks.
Profitability in the car and van hire market is dependent upon car hire companies achieving maximised levels of fleet utilisation. If demand falls significantly then car hire companies are faced with a choice of either reducing hire rates to levels that stimulate demand and winning market share from competitors, or reducing the size of their vehicle fleets to achieve higher levels of utilisation.
The need to achieve maximised levels of utilisation of vehicle fleets increases pressure on hire rates, which results in a highly competitive price-led market. To avoid outright competition on price in terms of hire rates, hire companies can offer consumers value-added services and this has resulted in hire companies offering customer collection and delivery as well as competitive hire rates.
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