The UK’s leading short-term leasing company, Cars on Demand, has achieved a year of record results, announcing its highest double-digit profit growth yet.
The Leeds-based company’s annual turnover grew by 30% to £2.45M in 2018, following an increase in demand for its short-term lease packages. In a similar vein, EBITDA* profit grew to £422,343 in 2018 – an impressive 22% increase compared to 2017.
The achievement caps a year that saw an investment of over £75,000 on systems, training and service enhancements during the year, including the introduction of an on-line reservations and vehicle ordering platform (IQ) to manage vehicle fleet, invoicing and CRM, adding further value to the customer.
Cars on Demand is the UK’s leading provider of short-term flexible leases and long-term hire of cars and light commercial vehicles, servicing both the business and private customer. The firm offers fleet operators, small businesses and large corporates the ability to adapt their fleet to meet changing circumstances.
It has strategically placed offices across the UK in order to provide a nationwide delivery and collection service, with locations in Leeds, Manchester, Belfast, Edinburgh, Silverstone and Dorking.
Throughout the year, over 1200 cars were leased across the company’s nationwide sites, with Leeds and Silverstone standing out as the top performers.
Paul Brown, managing director of Cars on Demand said: “The recent growth reflects the efforts we are making to deliver an exceptional hassle-free service to customers, both old and new. We pride ourselves in working alongside the customer to come up with a leasing solution which suits their individual needs and we aim to continue with our efforts over the coming year.
“There are many exciting developments across the market over the next 12 months and these continue to offer new opportunities around innovation, technology and the vehicle leasing industry as a whole. We expect to see this translate to further growth and revenue generation in 2019.”
During the next couple of years, Cars on Demand will also be launching a suite of new services based around enhancing mobility, as well as developing its systems further to broaden and enrich the customer experience.
The company is expecting that 2019 will bring further growth, with a projected turnover of £3m based upon a target of 1400 vehicles leased.