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SME business drives fleet growth at Lex Autolease

1059_Tim Porter_Landscape
Tim Porter Lex Autolease MD

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27 February 2015

Tim Porter, new managing director at Lex Autolease
Tim Porter Lex Autolease MD: reporting significant fleet growth driven by SME market

LEX AUTOLEASE, the UK’s largest fleet management company and part of Lloyds Banking Group, has reported a 7 per cent growth in its fleet during 2014, driven primarily through new SME business, much of it through the leasing broker channel.

The Lex Autolease fleet now stands at over 297,000 vehicles, with total customer assets increased by 10 per cent year-on-year to £3.3bn.

Lex Autolease said that this increase was the result of the leasing company’s he significant investment made as part of a five- year plan unveiled in 2013.

Lex Autolease in numbers

  • Total fleet size increases to almost 300,000 vehicles, a year-on-year rise of 21,000
  • Total customer assets have increased by 10 per cent year-on-year to £3.3bn
  • Investment in SME sector and ‘business critical’ commercial vehicle services drive growth

By developing new products and service propositions the business has secured a host of new clients and added more than 10,000 cars and 11,000 commercial vehicles to its fleet during 2014.

These new initiatives included a range of vans for the SME sector tradesmen, and a ‘Business Critical’ service for those fleets that are subject to specific  performance criteria or that carry time sensitive loads.

Tim Porter, Lex Autolease, managing director, said:

“Our aspiration is to remain the fleet provider of choice in the UK and we are pleased with the progress achieved to date.  Business confidence is strong at the moment and we have benefited from this renewed sense of optimism.

“We recognise this is a challenging target and we still have a lot of work to do. To reach it will require additional investment and the launch of further innovative products to appeal to our wide and diverse range of customers.”

The company is also targeting expansion in the small and medium sized business market and has invested in a multi-channel advertising campaign titled the ‘Leasing Revolution’ which highlights how small firms can benefit from leasing rather than buying vehicles.

“As business confidence continues to grow and as our own research demonstrates updating company vehicles is a key investment priority for businesses, and we anticipate strong performance in 2015 in order to meet changing business demands,” concluded Porter.

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Ralph Morton

Ralph Morton

Ralph Morton is an award-winning journalist and the founder of Business Car Manager (now renamed Business Motoring). Ralph writes extensively about the car and van leasing industry as well as wider fleet and company car issues. A former editor of What Car?, Ralph is a vastly experienced writer and editor and has been writing about the automotive sector for over 35 years.

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