Fleet News

PwC targets drivers with personal leasing service

PRICEwaterhouseCoopers is targeting private customers, whether new to the concept of leasing or former company car drivers who have taken cash instead of a car, with an online personal leasing service, which it aims to double in size this year. The Lease123.com website offers customers the chance to privately lease high value cars, which are provided through a partnership agreement with BCH Vehicle Management.

Since its launch towards the end of last year, Lease123 has received about 200 vehicle orders, with a further 25 cars a month being ordered by customers. It expects demand may also come from companies looking to source cars for their employees to take on privately. The firm expects that by September the monthly order bank will have doubled, equal to about 600 cars a year. Lease123 focuses on high value vehicles, such as Mercedes-Benz, which would require a high cash deposit if purchased that some customers might not be able to afford.

Konstantina Kosma, marketing director for Lease123, said: 'With the introduction of carbon dioxide-based company car tax in 2002, many high mileage drivers will move out of company cars because their tax level will increase. We felt there was a market for personal leasing as drivers took cash instead of a car.'

The offer includes all service, maintenance and breakdown cover and customers are fully briefed on issues such as excess mileage before signing up to a contract. PwC has already predicted more than 100,000 drivers could move out of company car schemes into tax-efficient structured personal leasing schemes. PwC is already targeting that side of the market off-line through a strategic alliance with Abbey National-owned Whitechapel, creator of the innovative Whitechapel employee car ownership scheme.

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