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Lex Autolease

Lex Autolease Limited
Company typeSubsidiary
IndustryConsumer Finance
Founded1959 (1959) as Lex and Autolease
2009 (2009) as Lex Autolease
Headquarters
London
,
United Kingdom
Key people
Richard Jones
(Managing Director)
ProductsVehicle Leasing
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 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]

History

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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]

See also

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References

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  1. ^ "Lex Autolease appoints new MD Tim Porter". fleetnews.co.uk. 17 May 2013. Retrieved 9 April 2014.
  2. ^ "Autolease Lex merger to be complete in two years". businesscar.co.uk. 16 July 2022. Retrieved 8 April 2009.
  3. ^ "Lex Autolease". Lloyds Banking Group. April 2014. Retrieved 9 April 2014.
  4. ^ "History; The 1950s". Lex Auotlease. 9 April 2014. Archived from the original on 9 April 2014. Retrieved 9 April 2014.
  5. ^ "Lex Service becomes RAC plc". Aviva. 30 August 2002. Retrieved 9 April 2014.
  6. ^ "Aviva subsidiary Lex Vehicle Leasing to manage HSBC fleet". aviva.com. 18 September 2005. Retrieved 27 December 2020.
  7. ^ "New owner gives Lex a rebrand". fleetnews.co.uk. 27 July 2006. Retrieved 14 October 2021.
  8. ^ "Lex/Autolease merger confirmed". Fleet News. 28 May 2009. Retrieved 9 April 2014.
  9. ^ "Lloyds TSB rebranding". fleetnews.co.uk. 7 December 2000. Retrieved 27 December 2020.
  10. ^ "Lloyds looks to offload Lex car leasing firm". The Telegraph. 30 January 2009. Retrieved 9 April 2014.
  11. ^ "HSBC withdraws from vehicle finance business". fleetnews.co.uk. 22 January 2010. Retrieved 27 December 2020.
  12. ^ "Lex swallows HSBC". fleetnews.co.uk. 27 September 2005. Retrieved 27 December 2020.
  13. ^ "In the spotlight: Lex Autolease". fleetnews.co.uk. 1 April 2011. Retrieved 27 December 2020.
  14. ^ "Lex Autolease Opens Ten-Acre Coventry Site". insidermedia.com. 17 June 2014. Retrieved 27 December 2020.
  15. ^ "Jobs boost as car leasing firm opens new facility in city". coventrytelegraph.net. 17 June 2014. 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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