The chief executive of car leasing group Eclipx expects the new vehicle supply shortage to last for another year and prices of secondhand vehicles, which are 30 per cent higher than pre-pandemic levels, to stay elevated until late next year.

Julian Russell, who presided over a robust jump in net profit after tax to $76 million for the 12 months ended September 30, compared with $18.2 million a year ago, said the biggest issue curtailing the supply of new vehicles was a shortage of semiconductors which in turn had forced car makers to reduce production levels.