Explore the key findings from the FN50 2024 report, including leased fleet growth, EV challenges, funding trends, and why the fleet manager role is more vital than ever.
The latest FN50 Report from Fleet News offers a comprehensive view of the UK’s top 50 vehicle leasing companies and it paints a picture of a sector in flux. While the total number of funded vehicles hit a record high, profits fell, driven largely by the continued decline in electric vehicle (EV) residual values.
Based on data and commentary from leasing company leaders, the report explores key trends shaping fleet strategy today: from the growing importance of salary sacrifice schemes and shifts in funding preferences, to operational challenges around EV adoption and the vital role of the fleet manager.
What’s more, the average fair wear and tear charges have dropped, despite longer leases and higher mileage.
We’ve summarised 7 key findings to highlight what fleet decision-makers need to know. Alternatively, read the full report.
FN50 leasing companies now manage 1.8 million cars and vans – the highest ever. Both cars and vans contributed to this growth (vans rebounded after a drop last year). Profits fell by 32% (down £645m), mainly due to falling EV residual values, despite record revenues (£13.6bn).
We interviewed Simon Brown, Fleet Sales Manager at Vansdirect, to get his thoughts on how businesses are approaching fleet procurement. Simon shared that companies seem to be retaining vehicles for longer now, rather than replacing them with newer models: “The hit of maintenance costs is generally cheaper than the cost of a vehicle upgrade.”
However, a company’s fleet is an expression of their identity, he says:
“If you see a van out and about and it’s got a company name on the side and it’s rusty, it’s scruffy… You don’t look at it and think – I’m going to use that company. If you’ve got a nice clean van, you keep on top of your fleet… you keep your staff happy, you keep bringing in more business. It pays for itself.”
See the full interview with Simon
Takeaway: Review holding periods, consider extending leases, and work closely with providers on RV-aligned vehicle selection and replacement planning.
Is your fleet the right size? See our guide to fleet right-sizing and ensure your fleet utilisation is optimised for cost-efficiency. Fleet and Transport Managers are often tasked with downsizing a fleet, as companies may acquire surplus vehicles and later realise the need to streamline the fleet and optimise costs.
“A strong background in HGV operations equipped me with effective planning strategies – upon joining the company, I immediately assessed the fleet on paper using these methods. I now oversee a fleet of 95 vehicles, a deliberate reduction in fleet size. Like many large companies, surplus vehicles were previously acquired, and the appointment of a Transport Manager was intended to optimise costs, gradually streamline the fleet, and ultimately save money.”
Electrification is the #1 concern for 33 of 35 FN50 companies, particularly for vans. EVs now make up 27.1% of new FN50 fleet deliveries, exceeding the 2024 ZEV Mandate target (22%).
Challenges include:
Despite these, eLCVs accounted for 13.3% of new van deliveries. Still, diesel dominates with 88.5% of vans on fleet.
Takeaway: Use telematics and duty cycle analysis to assess feasibility and plan gradual transitions with a mixed-fuel fleets. Staying up to date with the latest government incentives can help you transition your business fleet cost-effectively.
Making the switch to EVs? Explore our guide to fleet electrification to learn the key considerations for EV fleet procurement and understand how your fleet telematics data can inform smarter decision making. Look carefully at range and payload and ensure that EV models can operate sufficiently without interrupting your operations, factoring in charging cycles and typical mileage.
See Vansdirect’s guide to choosing the right van for the nature of your daily work.
New FN50 data shows:
Takeaway: Improved driver care, proactive maintenance, and clearer return policies are making a difference. Reinforce driver training to reduce end-of-term costs.
Takeaway: Offer salary sacrifice is a flexible tool to attract talent and support sustainability goals. Consider alongside traditional policies.
See the latest changes to benefit-in-kind tax rates for double cab pickups.
Takeaway: SMR bundles offer predictability, but good internal processes can help you save.
Learn how your fleet tracking system can help you stay on top of service dates and reduce fleet downtime. Regular vehicle safety checks prevent costly issues from developing and can be easily incorporated into your team’s routine.
Leasing companies agree that a fleet manager role is essential. The complexity of vehicle selection, data, regulations, electrification, and ESG reporting requires expert leadership.
Fleet Manager responsibilities include:
Takeaway: If your company has no dedicated fleet leader, it may be time to revisit this. A skilled fleet manager turns data into action. See our guide to making the switch to a new telematics provider and get more from your fleet data.
“I advise any new Fleet or Transport Manager to go straight to the HR department and make as many friends as you can, because you’ll need their help throughout your career. Transport management involves people management skills, and dealing with unionised environments can sometimes be very tricky to navigate. I had to develop soft skills when I started out. You’ll need the Finance department’s help too, because without them, your fleet won’t go anywhere!”
For more insights into Transport Management and Fleet Management responsibility and challenges, see our Fleet Insider Interview with Paul Mullins. Our article ‘How to monitor out of hours use of company vehicles‘ offers further tips on how to manage the safety and cost-effectiveness of your fleet when vehicles are taken home by employees.
The FN50 report highlights how the leasing landscape is evolving, and fast. From electrification hurdles and RV volatility to shifting funding models and smarter SMR strategies, it’s clear that fleet management is becoming more complex and more strategic.
But there’s good news too: drivers are better informed, wear and tear costs are falling, and tools like telematics and salary sacrifice are opening up new opportunities for cost control and employee engagement.
In fleet management, staying ahead means staying informed. Whether you’re refining your funding strategy, preparing for an EV transition, or simply looking to optimise operations, this data and insight offers valuable direction.
Want to dig deeper? Read the full FN50 report, check out our expert guides, or talk to our team about how Quartix can help you manage your fleet with confidence.
If you’re looking at options for managing and tracking your business fleet, check out our customer reviews and the Fleet News recommended suppliers.
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