Short-Term Car Lease - A Flexible Business Solution

The past three years have been extremely challenging for the automotive industry. Rental companies have shrunk their fleets, and vehicle manufacturers still can’t meet the growing demand.

As a business owner, finding the right vehicles for the right needs can be difficult during this time. The vehicle market is predicted to stay the same for the foreseeable future, leaving business owners and fleet managers alike in a lurch. 

In this blog, we will dive into why short-term fleet leasing is the best option for business owners during the ongoing vehicle shortage in uncertain times. 

What is short-term leasing? 

Short-term leasing refers to a flexible vehicle rental agreement that allows individuals or businesses to lease a car, van, or pickup truck for a period of 1 to 24 months. With short-term leasing, lessees have the option to terminate the lease after just one month without penalty. This arrangement is ideal for those who need a temporary solution while waiting for their permanent vehicles to become available or during peak periods of demand. Short-term leasing offers a flexible and convenient solution for those needing a vehicle for a shorter period without committing to a long-term financial obligation. This fleet leasing service fits all sizes of businesses, even for small and medium-sized companies.

Global Vehicle Shortage: A 2024 Update

There's been progress in addressing the supply chain disruptions that initially fueled the vehicle shortage. This includes improvements in semiconductor chip production, which has been a significant bottleneck. However, the recovery is uneven, with some areas experiencing faster improvements than others.

The demand for vehicles remains high, driven by various factors, including economic recovery in certain regions, increased consumer savings, and a shift towards electric vehicles (EVs). While beneficial for the industry, this sustained demand continues to strain the available supply, contributing to the ongoing shortage.

The EV sector is particularly affected, with demand outstripping supply for several popular models. Manufacturers are ramping production capabilities, but the transition to electric mobility requires significant investments in new technologies and infrastructure, which can slow down the pace of recovery.

As we move into year 4 of combatting this shortage, fleet managers feel pressure. The inability to order the correct vehicles needed for your fleet can cause added stress to an already stressful job. That’s why we recommend many clients move to short-term leasing while waiting for vehicle purchases.

Short-term Leasing: Instant Vehicle Availability 

When you partner with Foss, you partner with a seasoned expert team that drives fleet management innovation. Through the vehicle shortage, Foss has continued to supply our valued customers with top-of-the-line vehicles ready for duty. From light-duty pickup trucks to convenient hatchbacks, there is an option for everyone. Short-term leasing allows you to stay on top of your work duties while you wait for your permanent vehicles to arrive. 

During a time when the average wait time for receiving vehicles is over a year, short-term leasing provides a solution for your business. Our standard turnaround time for receiving vehicles is less than a week. 

Short-term leasing is a low commitment, high reward decision: At Foss National Leasing, our short-term leasing program is a customized solution for business use. You can lease a car, van, or pickup truck from one to 24 months, with the ability to terminate the lease after one month without penalty. In competing short-term leasing cases, a large charge would normally be associated with early lease termination. Rest easy knowing that Foss National Leasing has you covered. 

If you can find predictability in your short-term needs, we can order vehicles that meet your company’s needs.

Fit For Purpose Vehicles 

Receive your vehicles fit for the purpose of usage. Need heavy-duty pickup trucks for your construction company? Our short-term leasing plan provides vehicles up for the challenge. A stronger fleet means a stronger business, so you can build without worrying about losing value. When designing the short-term leasing program, we put mileage restrictions in place with commercial use in mind, allowing up to 5,000 kilometres per month. Plus, our extensive cross-Canada network allows for delivery and pickup at almost any location. 

Rest Assured with a Flexible Term

Our flexible terms range anywhere from 1 to 24 months, with a no-fee cancellation policy after completion of the first month. If your business needs change, you can lengthen or shorten the contract without a fee. Unlike many traditional long-term leasing agreements, short-term leasing moves with the needs of your business. As short-term leasing is neither a rental offering nor a traditional lease, we’ve found a competitive way to offer you the vehicle you need at an affordable cost. You only ever pay for the amount of time you use the vehicle. We also help you manage the full vehicle's lifecycle. 

Paving the Way: How Lafarge Uses Short-term Leasing to Manage the Vehicle Shortage

Leading by example: Lafarge is a global leader in building a net-zero future for our planet. Our short-term leasing experts provided Lafarge with a fleet of ready-for-duty pickup trucks. Leaseplan Canada referred Lafarge to Foss National Leasing for custom short-term leasing services.  

Lafarge utilized our short-term leasing program for various employees completing duties. Our team took the stress out of vehicle sourcing and created strong opportunities for organizational success. 

Final Thoughts: Short-term Leasing Provides a Flexible Solution 

Short-term leasing provides a flexible solution to the global vehicle shortage for fleet managers and small business owners alike. From needing a vehicle for three months of seasonal work to waiting for your permanent fleet to come in, Foss National Leasing has a solution for you. 

For more information on short-term leasing, visit our website or contact our team of experts.