• Improved customer payment choices via multi-year pan-European partnership
• Lotus Elise, Exige and Evora all included in new finance packages
• Phased introduction by market from July to September
• Agreement also covers wholesale funding for retailers, delivering confidence to the Lotus sales network
• Another key milestone in the transformation of the Lotus brand
(Hethel, UK – 16 July 2020) – Lotus customers are to benefit from an attractive range of finance products with a new multi-year strategic partnership signed with FCA Bank.
The agreement sees FCA Bank become the exclusive retail finance provider for the UK and nine other European markets. The initiative replaces five existing suppliers with a single solution, creating a one-stop shop across the region that will lead to improved process efficiency and cost reductions.
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For Lotus, it’s another significant milestone in the ongoing transformation of the brand. For Lotus customers, it means access to a whole suite of appealing new retail finance products. These include sale, lease and insurance policies on new and ‘approved used’ examples of all three models in the current Lotus sports car range – the Elise, Exige and Evora.
The partnership also sees FCA Bank become the exclusive wholesale finance provider for Lotus. For its pan-European network of retailers, this will give them additional confidence to support the funding of Lotus vehicles for their showrooms and demonstration fleets.
The contract initially covers 10 European markets, which are Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain, Switzerland and the UK. It will be phased in by market between July and September. Other countries will follow in due course.
FCA Bank is one of the largest specialised car finance companies operating in Europe. It’s a 50/50 joint venture between Fiat Chrysler Automobiles and Crédit Agricole, and already represents 18 other automotive brands including several outside the FCA portfolio.
Phil Popham, CEO, Lotus Cars, said: “I’m delighted that Lotus and FCA Bank will be working together. This partnership is a huge step forward for customer choice, and yet another example of how we’re transforming the Lotus business. For those who have always wanted to own a new Lotus, they’re now more attainable than ever.”
Giacomo Carelli, CEO and General Manager of FCA Bank, commented: “We are delighted to have been selected as the finance provider for Lotus across Europe. This is a further endorsement of our success in providing finance and mobility services arrangements to strategic OEM partners. Lotus is an iconic British brand and we are very proud to contribute to its continued transformation.”
Ends
| Subsidiary | |
| Industry | Consumer finance |
|---|---|
| Founded | 1959; 61 years ago as Lex and Autolease May 2009; 11 years ago as Lex Autolease |
| Headquarters | , |
Key people | Richard Jones (Managing Director) |
| Products | Vehicle leasing |
| 2,500 (2013) | |
| Parent | Lloyds Banking Group |
| Website | www.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 the United Kingdom's largest vehicle leasing business[1] with a fleet of about 385,000 vehicles.[2] One in every thirty new cars sold in the United Kingdom is through Lex Autolease.
Lex Vehicle Leasing was owned by HBOS between 2006 and 2009, part owned with Aviva in 2006 when it was part of their RAC plc company only the year before.[3] Following the acquisition of HBOS by Lloyds TSB Group, which owned Autolease since 2000, the new Lloyds Banking Group merged the two operations into the new Lex Autolease.[4] At the time of the merge, Lex was carrying a debt of GB£2.4 billion.[5]
The company can trace its origins back to 1959, when both Lex and Autolease were established. Lex was established in the 1920s, but in 1959, it acquired British Colonial Motors which allowed it to enter the contract hire business. Autolease was established in the same year by Britax, which also owned Bristol Street Motors.[6] The merger was expected to be in 2009 in September 2008.[7]
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Lex has been unsuccessful in the last few years, losing a number of large 'white label' contracts such as HSBC Vehicle Finance, Ford Business Partner, and Volvo.
Previous acquisitions[edit]
Prior to 2009, both Lex and Autolease are a result of several other company mergers and acquisitions. Lex grew with buying Controlled Cost Motoring in 1969, establishing Lombard Contract Hire in 1983, and Fleetdrive acquired in April 1988.
Banks Lotus Engineering Pte Ltd
See also[edit]
References[edit]
- ^'Lex Autolease appoints new MD Tim Porter'. Fleet News. 17 May 2013. Retrieved 9 April 2014.
- ^'Lex Autolease'. Lloyds Banking Group. Retrieved 9 April 2014.
- ^'Lex Service becomes RAC plc'. Aviva. 30 August 2002. Retrieved 9 April 2014.
- ^'Lex/Autolease merger confirmed'. Fleet News. 28 May 2009. Retrieved 9 April 2014.
- ^'Lloyds looks to offload Lex car leasing firm'. The Telegraph. 30 January 2009. Retrieved 9 April 2014.
- ^'History; The 1950s'. Lex Auotlease. Archived from the original on 9 April 2014. Retrieved 9 April 2014.
- ^'Lex, Autolease merger expected in 2009'. businesscar.co.uk. 18 September 2008. Retrieved 30 September 2017.
External links[edit]
Lotus Capital
Banks Lotus Engineering Llc