Waters said: “In a difficult economic climate when cost pressures are significant, businesses crave certainty and stability.

“This is exactly what contract hire can offer them, shielding them from the risk associated with the used vehicle market and replacing it with a fixed monthly lease.”

He added: “It is very difficult for companies that don’t employ dedicated fleet experts to have all of the knowledge and skills now necessary to optimise a small company car fleet operation. As a result the support of a good leasing provider has become invaluable.”