The broker market is set to be a key target for Meridian Vehicle Solutions in 2020 with its medium-term rental product offering an “excellent fit” for the sector, the company said in a statement.  

Managing director Phil Jerome said Meridian made its first inroads into the broker market in 2019.  

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“Our core business model is to be a white-label supplier of medium-term rental for leasing companies, so it has not been a huge stretch to also act in the same role for brokers.  

“However, what we have found is that the broker sector is, if anything, more receptive to the concept of supplying cars on a 6-12 month basis. Much of this appears to be thanks to the nature of the customer relationships that exist in this market.” 

“These are more likely to be personal in nature with the broker effectively acting as a bespoke leasing provider for the fleet. Therefore, they can structure medium-term rental into their proposition very easily and effectively,” he added.   

He said an important part of this was that businesses were more likely to talk to a broker about their needs therefore, brokers were more likely to spot medium-term rental opportunities.  

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“A typical situation is when someone calls a broker to order a car for which there is a long lead time but their requirement for transport is immediate. The broker can offer a solution in the form of a medium-term rental car from stock. There are many other kinds of broker scenarios where medium-term rental makes sense – for example, when a new employee is taken on probation or when someone has been taken on for a fixed-term contract,” he explained.   

 “The key is that the broker is more likely than a large leasing company to be having an in-depth conversation about their requirement for the car, so are able to suggest medium-term rental as a solution at appropriate moments,” he added.   

Jerome said Meridian’s plans for the broker sector included increased marketing and direct sales, as well as the potential development of specialist products.  

“Working with major leasing fleets will always be the core of our business but the broker sector offers a major opportunity. Our aim is to have more conversations with more brokers about how medium-term rental can fit into their portfolio,” he concluded.   

 Meridian’s medium-term rental cars are supplied new from a franchise dealer on contracts ranging from 6-12 months at monthly rates that are highly competitive compared to long-term leasing.  

Meridian Vehicle Solutions is an independent company formed in 2015, the company is located in Borehamwood, England.