A HUGE new area of fleet business could be created with the launch of proposals to regulate the minicab industry in London. The potential new market of 160,000-200,000 vehicles would result from the initiative aimed at regulating the minicab industry in the capital, and the proposals are set to have far-reaching consequences throughout the country.

Unlike black cabs, minicabs in the capital are unregulated and new proposals are currently out to consultation. Professor Peter Cooke, head of the Centre of Automotive Industries Management at Nottingham Trent University, is leading work on using outsourcing of services to monitor the industry and he believes the potential effect of the regulations will be a massive new industry.

Cooke said: 'The Public Carriage Office has produced consultation documents and it is planned to outsource the provision of vehicle inspection to the private sector. The inspection will open new business vistas, including replacement minicabs to match the improving standards, nearly new car sales, vehicle finance and leasing, maintenance programmes, replacement cars, and insurance. '

• For details of the proposals, click here.