In this article we are going to delve into the topic of Lex Autolease, a fundamental aspect that has gained great relevance in recent years. Lex Autolease is a topic that significantly impacts different areas, from the personal sphere to the professional sphere. Along these lines, we will analyze the different dimensions that Lex Autolease covers, as well as its influence on current society. Likewise, we will delve into specific aspects related to Lex Autolease, with the aim of providing a comprehensive and updated perspective on this topic. In addition, we will explore different perspectives and approaches on Lex Autolease, in order to offer a global and enriching vision. Without a doubt, Lex Autolease is a topic of great importance that deserves to be addressed carefully and in depth, which is why we will delve into its different aspects throughout this article.
Company type | Subsidiary |
---|---|
Industry | Consumer Finance |
Founded | 1959 2009 as Lex Autolease | as Lex and Autolease
Headquarters | , |
Key people | Richard Jones (Managing Director) |
Products | Vehicle Leasing |
Parent | Lloyds Banking Group |
Website | www |
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. One in every thirty new cars sold in the UK is through Lex Autolease.
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.
Through mergers, a company called Lex Vehicle Leasing emerged. By 2005, it was owned by Aviva as part of their RAC plc company. From 2006 to 2009, it was owned by HBOS.
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. At the time of the merger Lex was carrying a debt of £2.4 billion.
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. In 2014, Lex opened a new multi-million pound car supermarket and vehicle processing centre in Coventry, which created 30 jobs. However, within two years the centre had closed.