Car renting reduces its turnover by 5.5% in 2020

The vehicle rental sector in Spain closed last year with a turnover of 5,964 million euros, which represents a decrease of 5.5% compared to 2019 figures, according to data published this Tuesday by the Spanish Association Vehicle Renting (AER).

The organization has justified these results by the incidence of the coronavirus pandemic, which has led to confinements and a reduction in activity, which caused a moratorium on payments and contract extensions.

The AER has also stressed that sales of second-hand vehicles have fallen due to the fact that companies have fewer used cars due to the extension of the contracts. On the other hand, the Spanish fleet of rental vehicles ended 2020 with 743,388 units, which represents an increase of 4.46% compared to a year before and the highest historical data.

The sector ended last year with 209,272 registrations, 30.91% less in the year-on-year comparison, while investment in the acquisition of these models was reduced by 26.74%, to 4,356 million euros.

Despite the drop in registrations in the sector last year, the weight of renting over all vehicle registrations in Spain stood at 20.35%, representing a record penetration.

The average duration of the lease contracts was 46.61 months, compared to 45.41 months in 2019.

The president of the AER, José-Martín Castro Acebes, has pointed out that the 2020 data show the “great capacity for transformation and resilience” of the sector. “2020 was the year that nobody wanted and it is like that, but we must look at the path that has marked us and how it has resisted and has gained flexibility to carry out all the actions that the situation and the renting clients required”, has aimed.

Castro Acebes has highlighted that in 2021 the growth in registrations will recover and that renting will continue to gain customers and weight over the total market. “Predictably, the fleet of vehicles will maintain growth figures similar to those of this year,” he said.

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