It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Scott Norville, Managing Director of Silverstone Leasing.
After a turbulent three years of trading in the vehicle leasing industry, I believe things are looking up for 2023.
While there will be an element of people being hesitant to lease in personal contract hire due to all the current cost of living issues, I think we will start to see a bit more movement in production, and the stock coming into the UK will be plentiful.
Manufacturers will have to be mindful of the current market and bring in discounts so they can carry on moving products and keep customers on side.
Sadly, following one of the most volatile periods of trading for our sector, some businesses will be forced to close if they don’t focus wholly on customer service.
The introduction of the Consumer Duty, expected in July 2023, will enforce all retail businesses to ensure they are conducting themselves in a certain manner, treating the customer fairly, and having the right procedures and processes in place to ensure affordability and put the customer at the very forefront of all transactions.
All businesses will have to focus heavily on customer service. It’s not going to be a volume driven year, it will be about quality, not quantity.
