Four out of five (80%) brokers expect business volumes to increase by 5% or more over the next twelve months, according to a survey by Investec Asset Finance.
The survey found that 30% of the 181 respondents expect business volumes to increase by 15% or more over this period.
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The vast majority (89%) of respondents anticipate the growth in business volumes to arise from ‘repeat business for existing clients’. According to Investec, this finding suggests that the sector is struggling to reach out to new business.
The growth within a broker’s existing client base was suggested to come from ‘cross selling additional products’ and ‘consumer vehicle funding’.
Mike Francis, head of asset finance at Investec, said: "Although overall broker confidence levels remain reassuringly high, the dependence on existing customers for growth suggests that there is still a significant way to travel in raising awareness of broker introduced finance and what it can offer SMEs."
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