Latest news with #BVRLA


The Independent
17-07-2025
- Automotive
- The Independent
Minister wants tourist attractions to ‘supercharge' EV infrastructure
It is vital that more tourist destinations offer electric vehicle (EV) chargepoints, a minister said. Lilian Greenwood, future of roads minister, met with tourism leaders at Staffordshire theme park Alton Towers to urge them to 'supercharge' the roll out of devices. She told the PA news agency: 'It's really important that people know that they can charge wherever they want to go, not just where they live. 'Even if people feel like they can do their day-to-day journeys to work, or the school run, or to the shops, they also want to be able to use their EV with confidence when they go off on road trips or on holiday. 'The tourist industry is worth over £30 billion pounds every year for our economy, so giving people the confidence to be able to use their electric vehicle when they're off on their holidays is really important.' Trade body the British Vehicle Rental and Leasing Association (BVRLA) has launched a campaign aimed at encouraging more visitor attractions to install EV chargers. Chief executive Toby Poston said: 'A lot of attractions, particularly smaller ones, are a bit put off or don't really understand the benefits of adopting charging infrastructure. 'The message is, if you invest in electric vehicle charging, you will attract new customers, when they visit you they'll stay for longer, and it's good for your brand. 'Depending on how you introduce the charging, you can make it a revenue opportunity as well in terms of the actual chargepoint. 'The campaign is about busting some myths and helping attractions understand that it's good for business, it's easier than they think and their customers will thank them for it.' The Department for Transport announced on Monday that grants for new electric cars are being reintroduced after being scrapped in June 2022. Drivers will be able to reduce the purchase cost of a new electric car by up to £3,750. Officials hope the measure – restricted to vehicles priced at up to £37,000 – will encourage more drivers to switch to electric motoring. The Government has pledged to ban the sale of new fully petrol or diesel cars and vans from 2030.


The Independent
17-07-2025
- Automotive
- The Independent
Ministers wants tourist attractions to ‘supercharge' EV infrastructure
It is vital that more tourist destinations offer electric vehicle (EV) chargepoints, a minister said. Lilian Greenwood, future of roads minister, met with tourism leaders at Staffordshire theme park Alton Towers to urge them to 'supercharge' the roll out of devices. She told the PA news agency: 'It's really important that people know that they can charge wherever they want to go, not just where they live. 'Even if people feel like they can do their day-to-day journeys to work, or the school run, or to the shops, they also want to be able to use their EV with confidence when they go off on road trips or on holiday. 'The tourist industry is worth over £30 billion pounds every year for our economy, so giving people the confidence to be able to use their electric vehicle when they're off on their holidays is really important.' Trade body the British Vehicle Rental and Leasing Association (BVRLA) has launched a campaign aimed at encouraging more visitor attractions to install EV chargers. Chief executive Toby Poston said: 'A lot of attractions, particularly smaller ones, are a bit put off or don't really understand the benefits of adopting charging infrastructure. 'The message is, if you invest in electric vehicle charging, you will attract new customers, when they visit you they'll stay for longer, and it's good for your brand. 'Depending on how you introduce the charging, you can make it a revenue opportunity as well in terms of the actual chargepoint. 'The campaign is about busting some myths and helping attractions understand that it's good for business, it's easier than they think and their customers will thank them for it.' The Department for Transport announced on Monday that grants for new electric cars are being reintroduced after being scrapped in June 2022. Drivers will be able to reduce the purchase cost of a new electric car by up to £3,750. Officials hope the measure – restricted to vehicles priced at up to £37,000 – will encourage more drivers to switch to electric motoring. The Government has pledged to ban the sale of new fully petrol or diesel cars and vans from 2030.
Yahoo
17-07-2025
- Automotive
- Yahoo
Ministers wants tourist attractions to ‘supercharge' EV infrastructure
It is vital that more tourist destinations offer electric vehicle (EV) chargepoints, a minister said. Lilian Greenwood, future of roads minister, met with tourism leaders at Staffordshire theme park Alton Towers to urge them to 'supercharge' the roll out of devices. She told the PA news agency: 'It's really important that people know that they can charge wherever they want to go, not just where they live. 'Even if people feel like they can do their day-to-day journeys to work, or the school run, or to the shops, they also want to be able to use their EV with confidence when they go off on road trips or on holiday. 'The tourist industry is worth over £30 billion pounds every year for our economy, so giving people the confidence to be able to use their electric vehicle when they're off on their holidays is really important.' Trade body the British Vehicle Rental and Leasing Association (BVRLA) has launched a campaign aimed at encouraging more visitor attractions to install EV chargers. Chief executive Toby Poston said: 'A lot of attractions, particularly smaller ones, are a bit put off or don't really understand the benefits of adopting charging infrastructure. 'The message is, if you invest in electric vehicle charging, you will attract new customers, when they visit you they'll stay for longer, and it's good for your brand. 'Depending on how you introduce the charging, you can make it a revenue opportunity as well in terms of the actual chargepoint. 'The campaign is about busting some myths and helping attractions understand that it's good for business, it's easier than they think and their customers will thank them for it.' The Department for Transport announced on Monday that grants for new electric cars are being reintroduced after being scrapped in June 2022. Drivers will be able to reduce the purchase cost of a new electric car by up to £3,750. Officials hope the measure – restricted to vehicles priced at up to £37,000 – will encourage more drivers to switch to electric motoring. The Government has pledged to ban the sale of new fully petrol or diesel cars and vans from 2030.
Yahoo
08-07-2025
- Automotive
- Yahoo
UK road to net zero undermined by used EV market slump
Progress on the UK's journey toward zero-emission transport is facing major setbacks, according to the British Vehicle Rental and Leasing Association (BVRLA). While the number of public chargepoints and availability of new electric vehicles (EVs) continue to grow, spiralling public charging costs and plummeting used EV values are 'offsetting that positivity,' the association warned in its 2025 Road to Zero Report. BVRLA Chief Executive Toby Poston described the current phase of the transition as 'its most challenging period,' noting that while corporate demand for electric cars remains strong and salary sacrifice schemes are 'democratising access' to EVs, the used market is facing a crisis. 'Used EV values are falling relentlessly,' said Poston, adding that this collapse is 'destroying value on an epic scale' and 'costing fleets hundreds of millions of pounds.' He called the impact a 'death by a thousand cuts' that is steadily eroding industry confidence. The report, produced in collaboration with Ricardo, was launched during the BVRLA's Fleets in Charge conference, where Minister for the Future of Roads, Lilian Greenwood MP, acknowledged both the opportunity and the challenge facing the sector. Ricardo plc is a global strategic, environmental, and engineering consultancy based in the UK. 'Transport is the engine of our economy,' Greenwood said. 'The transition to zero emissions brings huge opportunities to futureproof our automotive and logistics sectors.' She welcomed the report and committed to working with industry to deliver a 'greener and more prosperous future.' The Road to Zero assessment outlines progress across three key pillars: vehicle supply, demand, and infrastructure. While 12 electric models priced under £25,000 are now available – a promising development – that figure still trails the 26 comparable petrol or diesel vehicles in the same price range. Meanwhile, the UK's used EV market has seen a 46% drop in average values from 2021 to 2024, more than double the 19% drop seen in internal combustion engine vehicles. The report also highlights a 'significant unseen barrier' to EV adoption: destination charging. Locations such as hotels and leisure venues are still under-equipped with chargepoints, hindering wider EV uptake. Despite the headwinds, there are bright spots. The BVRLA points to targeted incentives that are continuing to support EV adoption, especially through personal and business leasing. However, progress is slower in sectors without equivalent support, such as rental and van operations, with rental sector EV utilisation actually declining year-on-year. Public charging remains a critical concern, though the number of installed chargepoints continues to rise along the 'exponential curve' needed to hit the government's 2030 target of 300,000. Through its Bon VoyCharge campaign, the BVRLA is stressing the need for a charging network that's not just expansive, but strategically aligned with real-world use cases. Poston said the government's recent £1.8 billion commitment to support EV uptake 'could make a difference,' and pledged that the BVRLA will continue to work with policymakers to ensure the funding delivers the 'best return on investment.' "UK road to net zero undermined by used EV market slump" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
23-06-2025
- Automotive
- Yahoo
Q&A with Bluestone: From overheating to undervalued, what's next for the EV leasing market?
Bluestone explains how automotive collections companies can help lenders mitigate short-term pain and create new pathways for customer retention. The electric vehicle (EV) revolution promised a future of cleaner air and cutting-edge technology. For leasing and finance providers, it also promised a lucrative new revenue stream. But as the next wave of EVs reaches the end of their contract terms, reality is hitting hard, and the expected revenue stream many had expected has failed to materialise. Across the UK, leasing and car finance firms are facing unprecedented losses as used electric vehicle values nosedive, falling far short of the residual or guaranteed future values (GFVs) that were forecast just a few years ago. The British Vehicle Rental and Leasing Association (BVRLA), says car finance companies are now losing hundreds of millions due to unanticipated EV depreciation, prompting one executive to describe the situation as "extreme." Only a few years ago, used EVs were enjoying strong values driven by low supply and rising demand. In 2021 and 2022, as the market rode a post-COVID supply crunch, residual value models showed bullish forecasts for popular EVs. Leasing firms priced their contracts accordingly. But valuation experts like CAP hpi began ringing alarm bells. Their analysts flagged that EV values were unsustainably high and corrected their forecast models downward. Despite this, many vehicles already on the road were financed on legacy assumptions. These are the vehicles now being returned with values well below their original forecasts. Simon Frost, Head of Business Development at Bluestone Credit Management, says the current state of play is creating unwelcome headaches for lenders. He recounts a recent case: 'A colleague returned a three-year-old Tesla Model 3 with a GFV of £25,000. It was only worth £18,000. They would have gladly bought it for £20,000 and financed it again, but that option was never on the table. The result? A £7,000 hit to the lender, plus the costs of transport and remarketing.' Frost says that while car finance firms are "looking for government support in the future, today's reality is that many are haemorrhaging money as cars financed over the last three years, on PCP and leasing agreements, often fail to meet their forecast end-of-contract value. Add in the cost of transportation and remarketing, and the losses per car escalate.' A market out of balance Oxford Economics: Assessing the impact of support for the used BEV market (September 2024) BVRLA-OE-Used-BEV-market-forecast-Sept-2024Download Demand, however, isn't keeping pace. 'The used car market is nearly four times the size of the new car market,' says BVRLA Chief Executive Toby Poston. 'If we don't stabilise demand and values for used EVs, the entire transition to net zero could be jeopardised.' In May 2025, analysis from Cox Automotive shed light on how aggressive discounting of new electric vehicles (EVs) has sent shockwaves through the used market. According to the data, EVs up to 24 months old retained an average of 83% of their original cost new (OCN) when sold to the trade in 2022, a figure buoyed by post-pandemic supply shortages and strong demand. Fast-forward to April 2025, and the picture has dramatically changed: comparable vehicles now retain just 47% of their original value. By contrast, diesel vehicles of the same age were holding up far better, retaining around 70% of their OCN. With the losses mounting, many in the industry are asking: what next? Motor Finance Online editor Alejandro Gonzalez (AG) spoke to the Head of Business Development at Bluestone Credit Management, Simon Frost (SF) about SF: Recent months have seen a consistent trend in rising consumer demand for battery electric vehicles (BEVs), with the SMMT noting that BEVs recorded the highest growth in Q1, increasing by 58.5% to 65,850 units and a record 3.3% share of all transactions. They attributed this growth to increasing supply and affordable prices, creating 'a new phase where electric becomes a realistic and attractive option for more buyers.' SF: can't speculate on lenders' speed of response to adjust future values. However, regardless of this speed, what is clear is that historic high future values were already 'baked in' to lenders' EV portfolios, and it is something we believe we can help them to manage.' SF: While digitising processes and the use of AI can both help to streamline operations, there remain areas where personal intervention can help to customise the customer journey. We see this every day in helping people address historic debt issues. The end of contract guaranteed future value hurdle, where the hurdle is often too high for a consumer to move to purchase their EV, is a similar position. The one-to-one discretion to lower the height can help more customers clear the hurdle, delivering a win-win position. SF: Lenders are making individual decisions on this question, and where the decision involves an OEM keen to sell new cars, a joint decision will be needed. By highlighting the opportunity for a tailored risk mitigation option, we have given lenders another choice. SF: While never ruling out a repeat of such a situation, I think it is fair to reflect that the combination of a highly unusual post-COVID-19 car market boom with new car shortages creating unprecedented used car values and the emergence of EVs at increasing scale, helped by government support, was a unique situation. While the pain is being felt now as agreements mature, it is fair to say that lenders have adapted to the adjustment in future values. SF: Today's residual values can be mitigated to an extent, but lenders often lack the necessary processes and resources to implement what may be only a two or three year window of pain. It is an area where automotive collections experts, like Bluestone, with our outbound customer contact expertise, can pivot their model to help lenders proactively contact customers and tailor a new financing solution. "Q&A with Bluestone: From overheating to undervalued, what's next for the EV leasing market?" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data