Lex Autolease was created in May 2009 from the merger of HBOS-owned Lex Vehicle Leasing with Lloyds TSB Autolease, and is the currently the largest vehicle leasing business in the UK, with a fleet of about 385,000 vehicles.[1][2] One in every thirty new cars sold in the UK is through Lex Autolease.[3]
The company can trace its origins back to 1959, when both Lex and Autolease were established. Lex was established in the 1920s and in 1959 it acquired British Colonial Motors, which allowed it to enter the contract hire business. In 1969, it acquired Controlled Cost Motoring, established Lombard Contract Hire in 1983 and acquired Fleetdrive in 1988. Autolease was established in 1959 by Britax, which also owned Bristol Street Motors.[4]
Through mergers, a company called Lex Vehicle Leasing emerged. By 2005, it was owned by Aviva as part of their RAC plc company.[5][6] From 2006 to 2009, it was owned by HBOS.[7]
Following the acquisition of HBOS by Lloyds TSB Group, which had owned Autolease since 2000, the new Lloyds Banking Group merged the two operations into the new Lex Autolease.[8][9] At the time of the merger Lex was carrying a debt of £2.4 billion.[10]
In the first decade of the 21st century, Lex lost a number of large contracts such as HSBC Vehicle Finance, Ford Business Partner and Volvo.[11][12][13] In 2014, Lex opened a new multi-million pound car supermarket and vehicle processing centre in Coventry, which created 30 jobs.[14][15] However, within two years the centre had closed.[16]
autolease, created, 2009, from, merger, hbos, owned, vehicle, leasing, with, lloyds, autolease, currently, largest, vehicle, leasing, business, with, fleet, about, vehicles, every, thirty, cars, sold, through, limitedtypesubsidiaryindustryconsumer, financefoun. Lex Autolease was created in May 2009 from the merger of HBOS owned Lex Vehicle Leasing with Lloyds TSB Autolease and is the currently the largest vehicle leasing business in the UK with a fleet of about 385 000 vehicles 1 2 One in every thirty new cars sold in the UK is through Lex Autolease 3 Lex Autolease LimitedTypeSubsidiaryIndustryConsumer FinanceFounded1959 1959 as Lex and Autolease2009 2009 as Lex AutoleaseHeadquartersLondon United KingdomKey peopleRichard Jones Managing Director ProductsVehicle LeasingParentLloyds Banking GroupWebsitewww wbr lexautolease wbr co wbr uk Contents 1 History 2 See also 3 References 4 External linksHistory EditThe company can trace its origins back to 1959 when both Lex and Autolease were established Lex was established in the 1920s and in 1959 it acquired British Colonial Motors which allowed it to enter the contract hire business In 1969 it acquired Controlled Cost Motoring established Lombard Contract Hire in 1983 and acquired Fleetdrive in 1988 Autolease was established in 1959 by Britax which also owned Bristol Street Motors 4 Through mergers a company called Lex Vehicle Leasing emerged By 2005 it was owned by Aviva as part of their RAC plc company 5 6 From 2006 to 2009 it was owned by HBOS 7 Following the acquisition of HBOS by Lloyds TSB Group which had owned Autolease since 2000 the new Lloyds Banking Group merged the two operations into the new Lex Autolease 8 9 At the time of the merger Lex was carrying a debt of 2 4 billion 10 In the first decade of the 21st century Lex lost a number of large contracts such as HSBC Vehicle Finance Ford Business Partner and Volvo 11 12 13 In 2014 Lex opened a new multi million pound car supermarket and vehicle processing centre in Coventry which created 30 jobs 14 15 However within two years the centre had closed 16 See also EditBlack HorseReferences Edit Lex Autolease appoints new MD Tim Porter fleetnews co uk 17 May 2013 Retrieved 9 April 2014 Autolease Lex merger to be complete in two years businesscar co uk 16 July 2022 Retrieved 8 April 2009 Lex Autolease Lloyds Banking Group April 2014 Retrieved 9 April 2014 History The 1950s Lex Auotlease 9 April 2014 Archived from the original on 9 April 2014 Retrieved 9 April 2014 Lex Service becomes RAC plc Aviva 30 August 2002 Retrieved 9 April 2014 Aviva subsidiary Lex Vehicle Leasing to manage HSBC fleet aviva com 18 September 2005 Retrieved 27 December 2020 New owner gives Lex a rebrand fleetnews co uk 27 July 2006 Retrieved 14 October 2021 Lex Autolease merger confirmed Fleet News 28 May 2009 Retrieved 9 April 2014 Lloyds TSB rebranding fleetnews co uk 7 December 2000 Retrieved 27 December 2020 Lloyds looks to offload Lex car leasing firm The Telegraph 30 January 2009 Retrieved 9 April 2014 HSBC withdraws from vehicle finance business fleetnews co uk 22 January 2010 Retrieved 27 December 2020 Lex swallows HSBC fleetnews co uk 27 September 2005 Retrieved 27 December 2020 In the spotlight Lex Autolease fleetnews co uk 1 April 2011 Retrieved 27 December 2020 Lex Autolease Opens Ten Acre Coventry Site insidermedia com 17 June 2014 Retrieved 27 December 2020 Jobs boost as car leasing firm opens new facility in city coventrytelegraph net 17 June 2014 Retrieved 27 December 2020 100 jobs at risk as Lloyds pulls the plug on car sales business thebusinessdesk com 4 April 2016 Retrieved 27 December 2020 External links EditOfficial website This article about a company of the UK is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Lex Autolease amp oldid 1161705587, wikipedia, wiki, book, books, library,
