A Day In The life: Stuart Miles, Chief Revenue Officer

Welcome to Nexus’ new ‘Day in the Life’ series, where we speak to different members of the team and reflect on their career to date, where they see Nexus and the industry going, and a little bit about them outside their career. This feature, we focus on our newly appointed Chief Revenue Officer, Stuart Miles

So Stuart, how did you get started in the industry?

I began working in the industry during my A-levels, through a vocational job with Lex. My sister worked there and needed a bit of extra help with administrative tasks and got me involved. The had an excess of jobs coming in and needed a bit of support while I was on school holidays. I did a few bits here and there before that job, but that was definitely my first ‘real’ experience. Then, after I had finished my A-levels, I reconnected with some contacts at Lex and went back for my first official role in the industry.

What made you want to stay in the fleet industry?

In all honesty, it initially came from wanting a bit of pocket money! But over time it was the team environment and the camaraderie that made me want to stay in the industry. I really valued the supportive culture and the strong sense of teamwork that everyone had, we all looked out for one another. It’s also great to see that for a lot of people in the team back then, it created a successful start for many people’s careers into the industry. The initial experience I had was the foundation of my career and kept me in the industry – despite attempting to leave at one point! I’m definitely not a petrol head like many in the industry, I’m just really passionate about what I do, and what we are trying to do as a business and that is what really attracted me to it and kept me in it.

What attracted you to Nexus?

Initially, my curiosity in Nexus was peaked when I was working at another company and a former colleague of mine left to join the Nexus team. Over time, I followed along with Nexus’ growth and success, especially with the impressive customer base it had built and the significant potential it had for future expansion. The combination of a strong, proud history and the growth potential really excited me, especially as Nexus provided me with the opportunity to blend digital technology with the experience I’ve developed over the years. This combination of technology and fleet expertise was a major factor in my decision to join the team.

What does a typical day look like for you at the moment?

So, at the moment, as I’m not long into the role, so I don’t really have a fixed routine as it changes every day. But my time is primarily divided into two main areas: understanding the business on a deeper level and focusing on the strategic objectives in place for the business as a whole. In my day-to-day I’m spending a considerable amount of time across the various departments, including operations, finance, sales, and marketing, really getting to know them as well as Nexus’ customers. Recently I’ve spent a number of days visiting several different clients as well. The other part of my role involves working on the revenue strategy, sales leadership and improving operational efficiency by reviewing how the available data can be better used to make decisions much faster and more efficiently. From an operational side, I’m addressing things like revenue generation, sales leakages and enhancing product offerings. However, I expect my role to gradually shift from operational tasks to more strategic planning.

Have you learnt anything new since starting at Nexus?

Since starting at Nexus, I’ve learnt more about the intricacies of the rental market within the fleet mobility industry, which is something I hadn’t fully understood before. I was surprised by the technical capability for digital advancements within the industry, but it isn’t something that the fleet industry on a whole has really utilised and it hasn’t advanced as much as I would have expected. When you look at the acceleration of the tech and its capabilities, I can see why Nexus is continuing to lead the way in digital transformation within the rental and mobility space and pushing forward its investment in the market leading Iris technology.

What do you enjoy most about working for Nexus?

I really enjoy the sense of teamwork, and the shared goals amongst the employees. It is truly a collaborative mindset where everyone works together towards common objectives, which helps create an environment where people are motivated to find solutions and move forward. It really brings me back to what brought me into the industry, that team environment and supportive culture. It was also a great time to join the team, especially as Nexus has undergone a complete brand transformation, shifting our identity from a ‘middleman’ to a marketplace and enabler within the industry. The innovative, tech-driven transformation really aligns with my enthusiasm to push the company towards the growth and potential it can achieve. Great things can be created when everyone is in it together.

What kind of changes do you see happening within the industry, over the next 12 to 18 months?

There are quite a few changes I think will come to fruition within the next year and a half, but there are three main challenges I expect to see. First are the electric vehicle challenges, with residual value issues posing a significant challenge for leasing companies, especially as the mandates for EVs approach in 2030. Without sufficient support for the second-hand EV market, leasing companies may face the financial strain which in turn will have a seismic impact on the overall market. Second is the reduced demand for rentals. As more stock returns to the marketplace, the need for rental is decreasing as the vehicles aren’t as aged and therefore aren’t breaking down as much. The improved vehicle availability and shorter lead times means businesses may rely less on rentals. However, this really creates growth opportunities in new areas. Despite the decline in core rental demand, there is potential for growth in areas such as heavy goods vehicles and plant or machinery rentals. These spaces will create massive growth opportunities as we go forward. So overall, that’s where I see the big changes and opportunities coming.

What excites you most about Nexus’ future?

I’m really excited about Nexus’ potential to become a comprehensive marketplace for rentals across a number of categories – far beyond just cars, vans and HGV’s. I truly envision Nexus evolving from a rental broker to a platform that enables rentals of all types, including plant machinery and potentially other assets, with the technology to back it up. I can also see Nexus’ model extending internationally, creating a rental marketplace that could operate beyond the UK. This growth potential and the ability to innovate within the rental space are particularly exciting about Nexus’ future.

What is your biggest career achievement, or standout moment, to date?

I think my biggest career achievement to date is during my final year at CDK. Under my leadership, the company recorded record highs in sales, revenue growth, EBITDA, customer satisfaction and employee satisfaction. This success culminated in the company being sold at a value far exceeding its target, and to experience that as the managing director of the business was exceptional. But, a particularly memorable moment was when a major client, who had initially doubted the company, said he would treat me to dinner if I was able to turn around the business and really bring him onboard. In my final weeks I met up with this customer and he treated me to dinner in a rather nice establishment, and said he never thought it could be done. So, whilst the financial results and the numbers were amazing, that was one of their biggest customers and it was a real testament to the journey I had taken the overall business on. It really stands out as a significant milestone in my career.

Aside from Nexus and the fleet industry, what else interests you?

Outside of my work at Nexus and the overall fleet industry, I’m very passionate about rugby and charitable work. I’ve been deeply involved in rugby over the last few years, both playing and coaching, including coaching my son’s team. It was from coaching that I found out about a charity called Whizz-Kidz, which provides mobility equipment for children with disabilities. I was coaching at a school in London, and many of the children were in wheelchairs. One of the children had a fantastic wheelchair and he was absolutely flying around, and I realised that more children really needed the opportunity to access this equipment and become more independent. So since then, I’ve done a number of different activities like marathons, day long bike rides and more, but I really need a new challenge – so if anyone has an idea please let me know! But overall, I try and make as much money as I can for Whizz-Kidz to help them keep kids mobile and give back as much as I can.