Lex Autolease
{{Use dmy dates|date=April 2018}}
{{Infobox company
| name = Lex Autolease Limited
| logo = Lex Autolease logo.png
| logo_size = 213px
| type = Subsidiary
| genre =
| foundation = {{Start date |1959}} as Lex and Autolease
{{Start date|2009}} as Lex Autolease
| founder =
| location_city = London
| location_country = United Kingdom
| location =
| locations =
| area_served =
| key_people = Richard Jones
(Managing Director)
| industry = Consumer Finance
| products = Vehicle Leasing
| services =
| revenue =
| operating_income =
| net_income =
| assets =
| equity =
| owner =
| parent = Lloyds Banking Group
| divisions =
| subsid =
| homepage = {{URL|https://www.lexautolease.co.uk/}}
| footnotes =
| intl =
}}
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.{{cite web|title=Lex Autolease appoints new MD Tim Porter|url=http://www.fleetnews.co.uk/news/2013/5/17/lex-autolease-appoints-new-md-tim-porter/47068/|work=fleetnews.co.uk|access-date=9 April 2014|date=17 May 2013}}{{cite web|title=Autolease Lex merger to be complete in two years|url=https://www.businesscar.co.uk/news/2009/autolease-lex-merger-to-be-complete-in-two-years|work=businesscar.co.uk|access-date=8 April 2009|date=16 July 2022}} One in every thirty new cars sold in the UK is through Lex Autolease.{{cite web|title=Lex Autolease|url=http://www.lloydsbankinggroup.com/our-brands/lex-autolease/|work=Lloyds Banking Group|date=April 2014|access-date=9 April 2014}}
History
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.{{cite web|title=History; The 1950s|url=http://www.lexautolease.co.uk/content/whyus/history.aspx|work=Lex Auotlease|access-date=9 April 2014|archive-url=https://archive.today/20140409212157/http://www.lexautolease.co.uk/content/whyus/history.aspx|archive-date=9 April 2014|date=9 April 2014|url-status=dead}}
Through mergers, a company called Lex Vehicle Leasing emerged. By 2005, it was owned by Aviva as part of their RAC plc company.{{cite web|title=Lex Service becomes RAC plc|url=http://www.aviva.co.uk/media-centre/story/2207/lex-service-becomes-rac-plc/|work=Aviva|access-date=9 April 2014|date=30 August 2002}}{{cite web|title=Aviva subsidiary Lex Vehicle Leasing to manage HSBC fleet|url=https://www.aviva.com/newsroom/news-releases/2005/09/aviva-subsidiary-lex-vehicle-leasing-to-manage-hsbc-fleet-2187/|work=aviva.com|date=18 September 2005|access-date=27 December 2020}} From 2006 to 2009, it was owned by HBOS.{{cite web|title=New owner gives Lex a rebrand|url=https://www.fleetnews.co.uk/amp/news/2006/7/27/new-owner-gives-lex-a-rebrand/22497/|work=fleetnews.co.uk|date=27 July 2006|access-date=14 October 2021}}
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.{{cite web|title=Lex/Autolease merger confirmed|url=http://www.fleetnews.co.uk/news/2009/5/28/lex-autolease-merger-confirmed/30700/|work=Fleet News|access-date=9 April 2014|date=28 May 2009}}{{cite web|title=Lloyds TSB rebranding|url=https://www.fleetnews.co.uk/amp/news/2000/12/7/lloyds-tsb-rebranding/8341/|work=fleetnews.co.uk|date=7 December 2000|access-date=27 December 2020}} At the time of the merger Lex was carrying a debt of {{GBP}}2.4 billion.{{cite web|title=Lloyds looks to offload Lex car leasing firm|url=https://www.telegraph.co.uk/finance/newsbysector/transport/4392337/Lloyds-looks-to-offload-car-firm.html|work=The Telegraph|access-date=9 April 2014|date=30 January 2009}}
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.{{cite web|url=https://www.fleetnews.co.uk/news/2010/1/22/hsbc-withdraws-from-vehicle-finance-business/32421/|title=HSBC withdraws from vehicle finance business|publisher=fleetnews.co.uk|date=22 January 2010|access-date=27 December 2020}}{{cite web|url=https://www.fleetnews.co.uk/news/2005/9/27/lex-swallows-hsbc/20371/|title=Lex swallows HSBC|publisher=fleetnews.co.uk|date=27 September 2005|access-date=27 December 2020}}{{cite web|url=https://www.fleetnews.co.uk/fleet-management/in-the-spotlight-lex-autolease/39273/|title=In the spotlight: Lex Autolease|publisher=fleetnews.co.uk|date=1 April 2011|access-date=27 December 2020}} In 2014, Lex opened a new multi-million pound car supermarket and vehicle processing centre in Coventry, which created 30 jobs.{{cite web|url=https://www.insidermedia.com/news/midlands/116141-lex-autolease-opens-ten-acre-coventry-site|title=Lex Autolease Opens Ten-Acre Coventry Site|publisher=insidermedia.com|date=17 June 2014|access-date=27 December 2020}}{{cite web|url=http://coventrytelegraph.net/news/business/jobs-boost-car-leasing-firm-7278657|title=Jobs boost as car leasing firm opens new facility in city|publisher=coventrytelegraph.net|date=17 June 2014|access-date=27 December 2020}} However, within two years the centre had closed.{{cite web|url=https://www.thebusinessdesk.com/westmidlands/news/733139-breaking-news-100-jobs-at-risk-as-lloyds-pulls-the-plug-on-car-sales-business|title=100 jobs at risk as Lloyds pulls the plug on car sales business|publisher=thebusinessdesk.com|date=4 April 2016|access-date=27 December 2020}}
See also
References
{{reflist}}
External links
- {{Official website|https://www.lexautolease.co.uk/}}
{{Lloyds Banking Group}}
{{Automotive industry in the United Kingdom}}
Category:Financial services companies established in 2009
Category:Car rental companies of the United Kingdom
Category:Vehicle leasing companies
{{UK-company-stub}}