Lloyds TSB Autolease, the third largest leasing company in the UK, has confirmed that it will integrate with its former rival and former number one, Lex.
The new company, Lex Autolease, follows Lloyds’s purchase of HBOS bank. Lloyds TSB Autolease is the Lloyds car leasing division; Lex is the HBOS car leasing division.
The combined company will have over 370,000 vehicles on its books.
Nigel Stead, managing director of Lex Autolease, commented:
“We can confirm that Lloyds TSB Autolease and Lex will come together under the new name Lex Autolease, which reinforces the strong heritage of both companies.
The new brand identity is currently under development.
“We have been through major integrations before, and in all cases, maintaining our award winning levels of service for our customers has been our number one priority.
“This integration will be no different and our customers can rest assured that as we bring the companies together, our experience, commitment to delivering innovative solutions and exemplary customer service will meet their needs in this challenging environment.
“Our customers are a prime motivation behind the decision to integrate and our aim is to ensure they will ultimately benefit from working in partnership with
the industry’s leading fleet company.”
If you have a contract hire agreement with either Lloyds or Lex, there is no word yet on whether the contract will require rewriting to take into account the change of ownership.
Leading leasing companies integrate businesses
