Lex Autolease

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, with a fleet of about 385,000 vehicles.[1] One in every thirty new cars sold in the United Kingdom is through Lex Autolease.[2]

Lex Autolease Limited
TypeSubsidiary
IndustryConsumer finance
Founded1959 (1959) as Lex and Autolease
May 2009 (May 2009) as Lex Autolease
Headquarters
London
,
United Kingdom
Key people
Richard Jones
(Managing Director)
ProductsVehicle leasing
Number of employees
2,500 (2013)
ParentLloyds Banking Group
Websitewww.lexautolease.co.uk

Lex Vehicle Leasing was owned by HBOS between 2006 and 2009, part owned with Aviva from November 2005 when it was part of their RAC plc company, only the year before.[3][4] Following the acquisition of HBOS by Lloyds TSB Group, which owned Autolease since December 2000, the new Lloyds Banking Group merged the two operations into the new Lex Autolease.[5][6]

At the time of the merge, Lex was carrying a debt of GB£2.4 billion.[7]

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.[8] The merger was expected to be in 2009 in September 2008.[9]

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.[10][11][12] Lex opened an new multi million pound car supermarket and vehicle processing centre in Coventry in June 2014, which created thirty jobs.[13][14] The centre, however, was scheduled to close in April 2016, less than two years after initially opening.[15]

It closed on 20 May 2016, along with the site in Oldbury.[16]

Previous acquisitions

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

References
  1. "Lex Autolease appoints new MD Tim Porter". Fleet News. 17 May 2013. Retrieved 9 April 2014.
  2. "Lex Autolease". Lloyds Banking Group. April 2014. Retrieved 9 April 2014.
  3. "Lex Service becomes RAC plc". Aviva. 30 August 2002. Retrieved 9 April 2014.
  4. "Aviva subsidiary Lex Vehicle Leasing to manage HSBC fleet". aviva.com. 18 September 2005. Retrieved 27 December 2020.
  5. "Lex/Autolease merger confirmed". Fleet News. 28 May 2009. Retrieved 9 April 2014.
  6. "Lloyds TSB rebranding". fleetnews.co.uk. 7 December 2000. Retrieved 27 December 2020.
  7. "Lloyds looks to offload Lex car leasing firm". The Telegraph. 30 January 2009. Retrieved 9 April 2014.
  8. "History; The 1950s". Lex Auotlease. 9 April 2014. Archived from the original on 9 April 2014. Retrieved 9 April 2014.
  9. "Lex, Autolease merger expected in 2009". businesscar.co.uk. 18 September 2008. Retrieved 30 September 2017.
  10. "HSBC withdraws from vehicle finance business". fleetnews.co.uk. 22 January 2010. Retrieved 27 December 2020.
  11. "Lex swallows HSBC". fleetnews.co.uk. 27 September 2005. Retrieved 27 December 2020.
  12. "In the spotlight: Lex Autolease". fleetnews.co.uk. 1 April 2011. Retrieved 27 December 2020.
  13. "LEX AUTOLEASE OPENS TEN-ACRE COVENTRY SITE". insidermedia.com. 17 June 2014. Retrieved 27 December 2020.
  14. "Jobs boost as car leasing firm opens new facility in city". coventrytelegraph.net. 17 June 2014. Retrieved 27 December 2020.
  15. "LEX AUTOLEASE TO CLOSE TWO SITES". insidermedia.com. 4 April 2016. Retrieved 27 December 2020.
  16. "100 jobs at risk as Lloyds pulls the plug on car sales business". thebusinessdesk.com. 4 April 2016. Retrieved 27 December 2020.


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