Lex Autolease

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Lex Autolease Limited
Subsidiary
IndustryConsumer finance
Founded1959; 60 years ago (1959) as Lex and Autolease
May 2009; 9 years ago (May 2009) as Lex Autolease
Headquarters,
Key people
Richard Jones
(Managing Director)
ProductsVehicle leasing
Number of employees
2,500 (2013)
ParentLloyds Banking Group
Websitewww.lexautolease.co.uk

Lex Autolease was created in May 2009, from the merger of HBOS owned Lex Vehicle Leasing with Lloyds TSB Autolease, and is the United Kingdom's largest vehicle leasing business[1] with a fleet of about 385,000 vehicles.[2] One in every thirty new cars sold in the United Kingdom is through Lex Autolease.

Lex Vehicle Leasing was owned by HBOS between 2006 and 2009, part owned with Aviva in 2006 when it was part of their RAC plc company only the year before.[3] Following the acquisition of HBOS by Lloyds TSB Group, which owned Autolease since 2000, the new Lloyds Banking Group merged the two operations into the new Lex Autolease.[4] At the time of the merge, Lex was carrying a debt of GB£2.4 billion.[5]

The company can trace its origins back to 1959, when both Lex and Autolease were established. Lex was established in the 1920s, but in 1959, it acquired British Colonial Motors which allowed it to enter the contract hire business. Autolease was established in the same year by Britax, which also owned Bristol Street Motors.[6] The merger was expected to be in 2009 in September 2008.[7]

Lex has been unsuccessful in the last few years, losing a number of large "white label" contracts such as HSBC Vehicle Finance, Ford Business Partner, and Volvo.

Previous acquisitions[edit]

Prior to 2009, both Lex and Autolease are a result of several other company mergers and acquisitions. Lex grew with buying Controlled Cost Motoring in 1969, establishing Lombard Contract Hire in 1983, and Fleetdrive acquired in April 1988.

See also[edit]

References[edit]

  1. ^ "Lex Autolease appoints new MD Tim Porter". Fleet News. 17 May 2013. Retrieved 9 April 2014.
  2. ^ "Lex Autolease". Lloyds Banking Group. Retrieved 9 April 2014.
  3. ^ "Lex Service becomes RAC plc". Aviva. 30 August 2002. Retrieved 9 April 2014.
  4. ^ "Lex/Autolease merger confirmed". Fleet News. 28 May 2009. Retrieved 9 April 2014.
  5. ^ "Lloyds looks to offload Lex car leasing firm". The Telegraph. 30 January 2009. Retrieved 9 April 2014.
  6. ^ "History; The 1950s". Lex Auotlease. Retrieved 9 April 2014.
  7. ^ "Lex, Autolease merger expected in 2009". businesscar.co.uk. 18 September 2008. Retrieved 30 September 2017.

External links[edit]