Vehicle subscription models – Are you ready to support them?

This image depicts two fingers, representing people enquiring about how vehicle subscription models work
Bynx fleet leasing software platform is primed and ready to support the new vehicle subscription model

Vehicle subscription models could be good for the fleet leasing sector, which is facing unprecedented challenges right now and business models are having to change. The latest offering of a business vehicle subscription service provides a welcome opportunity for both customers and fleet leasing providers. Potential customers are reacting favourably to the concept of accessing vehicles at a low-risk, with no long-term contract commitment or early termination penalties. In addition to the vehicle, a subscription model provides insurance, road tax, servicing and repairs, UK breakdown, accident, glass and tyres cover. This business model promises to be an important antidote to any fallout from the lockdown suffered by the leasing sector.

However, before you can successfully offer a vehicle subscription model, you need a leasing management platform that is flexible enough to support it. Most software solutions are limited to the traditional 36/48/60 month contract model, and in some cases lack the ability to provide the additional services and vehicle financing controls required. Bynx, on the other hand, can support the new requirements, plus it has the capability to manage all the in-life processes necessary to administer the vehicle over the lifetime of the subscription.

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