Taxi rental market surges to ease pressure on taxi fleets as black cab firm reports full bookings

Cabvision, a major player in the London taxi trade, has seen a much needed surge in demand for rental vehicles.

The company, known for providing payment solution devices, also operates a fleet of rental taxis. After months of slow business, their inventory is said to be almost fully booked for the first time this year.

A Cabvision spokesperson revealed that the rental market is showing signs of tightening as more drivers return to work. While the overall market remains far from healthy, the lack of new taxi sales has been a key factor in this shift. Drivers are opting for rentals as uncertainty in the industry persists, allowing fleets like Cabvision to clear vehicles that had been sitting unused.

Despite the positive trend in rental demand, the spokesperson cautioned that the broader taxi market is still in a precarious position. The limited availability of new vehicles is pushing drivers towards short-term solutions like rentals, as they await a clearer picture of what lies ahead in the industry.

A Cabvision spokesperson said: “The lack of new sales is helping fleets rent inventory that has been against the wall for months.

“For the first time this year, we will be fully rented, with only a handful of cabs still to rent.

“Not sure what the kipper will bring but for now definite signs of improvement.”

They added: “I am not saying the market is healthy, far from it, new sales for example.

“I am highlighting that with more drivers seeking to work the busy period, and the lack of confidence in the overall marketplace, that the rental market is finally tightening.”