The leasing lessor, Vehicle and Equipment Leasing Limited (VAELL), has been named as the most preferred lessor in the automotive excellence award. VAELL trounced all the leasing companies to be recognized as the preferred leasing firm in the region. The winners were competitively chosen through a thorough process which partly involved a public vote and a panel of judges. The regional firm which has its headquarters in Naivasha and with presence in 18 countries in Africa has won similar awards in Tanzania, Uganda and South Africa. VAELL has scooped 16 awards in the last 5 years. It first featured in Top 100 KPMG awards in 2012. In 2014, VAELL Kenya was the first runner-up in the Top 100 survey, an initiative of KPMG and Nation Media Group that seeks to identify Kenya’s fastest growing medium-sized companies in order to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories.
In 2015 VAELL Kenya joined Club 101, the club of the big boys. VAELL leases and manages cars and machinery to highly credit-worthy companies that shun heavy loans in buying movable assets and others that want to keep their credit lines open to allow access of funds for other projects. The leasing giant has good audited accounts something that made it rated Triple B by Credit Rating Agency. These among other factors also contributed to the leasing giant being named in 2018 by East African Business council Tanzania as the best East African Company in service sector. The lessor has also been named in the South Africa’s Titan Building Nation awards in the outstanding achievement category.
Speaking during the award ceremony Jared Oundo VAELL’s Head of Communication, said the lessor won the award as the preferred automobile leasing firm because of its various innovations.
“We were recognized as the preferred lessor because we understand fluctuating business environment and we have come up with various products to suit different clients. With this lease share the consumer get to match their vehicle requirement with not only your long term needs but also their short term needs and pay absolutely rest/terminate the lease,” Bertha Mvati, VAELL Kenya’s Managing Director said.
The regional leasing firm is the first company in Africa to launch the Zero lease rest/termination program that allows institutions to free their lessees from financial commitment should their personal circumstances change unexpectedly. The existing lease locks clients throughout the residual period without an exit plan. This applies to the lessors’ clients in all the 18 countries including Kenya, Uganda, Tanzania, Rwanda, Southern Africa and Asian Market.
“VAELL is the first company in the region to come up with an equipment bank, Quipbank Trust Limited, and also the first owner of tractor rental app in East Africa, TingA, East Africa’s largest tractor share platform. These among other innovations we have come up have contributed to us being named the winner of the most preferred leasing firm,” she added.
Asked about their plan in the next 5 years, she said that they are keen in helping governments and institutions save money through leasing.
The National Treasury PS told PAC in a previous interview that the government was getting value for money in the lease agreements. Leasing offers the government with a cost-effective alternative of vehicle acquisition thus saving on expenditure. During this economic cycle, when the government is working around the clock to minimize on spending, leasing will curb the high spending enabling the government to save more for development.
According to NTSA reports, over the last decade, the automotive industry in Kenya has been on an exponential rise. In this regard, the Automotive Industry Excellence Awards are meant to recognize and celebrate the key players in various categories of the sector who have over the years achieved outstanding results and made positive contributions in the industry growth.