IN the latest research from GE’s Company Car Trends, there’s a marked increase since end of the recession in the appeal of company cars. Commercial director of GE Capital Fleet Services, Gary Killeen, explains more.THE company car has rapidly regained importance to businesses during the last two years, according to our latest quarterly Company Car Trends research.
The perceived importance of the company car is now rated on aggregate 8.7 out of ten (where 10 is highly important) for essential car users compared to 8.0 in Q3 of 2010 and 7.2 in Q3 of 2009. Before the recession, in Q3 of 2007, the response was as high as 9.7.
Interestingly, 45% of the 250 fleet decision makers responding to the survey today give a maximum score of 10 in answer to this question while 85% opted for a rating of 8.0 or above.
The results for non-essential users are almost equally marked. In answer to the same question, the latest aggregate score is 5.7, compared to 5.1 in Q3 of 2010 and 4.7 in Q3 of 2009.
The perceived importance question provides an impression of how employers viewed the company car as a business tool and as a benefit to employees in today’s tougher economic and legislative environment.
What this research indicates is that since the technical end of the recession towards the end of 2009, the company car has become quite markedly more important to UK employers and their employees.
There are a number of reasons for this, we believe. Key amongst them is recognition that the company car remains the best business transport solution available at a time when costs are being closely scrutinised and achieving real world results is essential.
Also, in an uncertain economic environment, employees have come to value the company car ever more as a part of their remuneration package.
It is a timely reminder of the key contribution that the company car makes to business life in the UK.
Editor’s note: To find out about the latest business and company cars, go to our road test section. Click here: Business Car Tests.
About Company Car Trends
Company Car Trends is a quarterly survey carried out for GE Capital Fleet Services that looks at the key issues facing car and van fleets. It is established as an authoritative and widely respected piece of research.
