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Cheaper solution
Page 53
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Contract hire isn't just for bright shiny new vehicles; it can also be used to fund second-hand wagons says Geoff Bonnett, MD of ERF Finance.
Three-to-five-year-old ERFs returned to his firm by first users are refurbished and go back out on the road under the ERF Encore banner on contract-hire deals running from six months to three years.
"I'd argue that we've developed this concept more successfully than any other company in the UK," he says. "We used it to successfully remarket over 1,000 trucks in 2004, and expect to do the same again this year.
"We've tended to target owner-drivers, but we've attracted some big distribution companies too," he adds. "They treat A as an alternative to renting vehicles and recognise that the prices we charge are cheaper than rental rates.
"We can offer a 380hp 6x2 tractor unit on a 12-month contract hire deal for £199 a week. That compares with a typical weekly spot rental rate of anything up to £300. We fully refurbish the trucks before we put them out again. That can include shot-blasting and repainting the chassis. and repainting the cab."
All the vehicles are serviced and valeted before they start their second life. Bonnett and his colleagues also offer HP and finance lease deals