The business is proud of its track record and on-the-ground expertise to help create and close sales by collaborating with dealers and their customers. In this latest article, we look at what is driving the growth in LCV sales- small and medium-sized businesses.
The changing face of the UK economy has delivered significant growth in the sales of new and used light commercial vehicles (LCVs) in recent years. Prominent behind the change has been the acceleration of online retailing and rising consumer expectations for prompt delivery services. However, it is not only ‘last-mile’ logistics that have been behind the increase in LCV sales.
Despite the challenging economic backdrop, there has been a surge in new start businesses. Data published in early February revealed that a record high of over 900,000 new companies were incorporated in 2023 across the UK. Growth was led by the online retail sector, which inevitably needs delivery logistics support.
However, dealers can help themselves by recognising that amongst today’s record 5.31 million active businesses in the UK. The number is dominated by small to medium-sized enterprises (SMEs), employing between 1 and 249 employees; they account for 99.9% of all businesses in the UK, and arguably of greater interest is that 96% are microbusinesses, employing up to 9 people only.
Many of these smaller businesses are likely to source vehicles from a dealer, especially if that dealer can help them access appropriate financing support, and Mann Island’s expertise is proving invaluable in this area.
There is no ‘one size fits all’ financing solution for business customers. Helping them to understand the options and ensuring they liaise with their accountants has been central to Mann Island’s success in bringing buyers and dealers together over many years, and this trend is set to continue upwards.
