Mobilize acquires share in Select Car Leasing

Renault Group's Mobilize Financial Services has acquired 36.6% of Select Car Leasing and launched a new vehicle leasing brand – Select Lease by Mobilize – in the UK fleet market.

Select Lease by Mobilize will be operated by Mobilize Lease&Co, a subsidiary of RCI Bank UK, with Select Car Leasing shareholders, Mark Tongue and James O'Malley, in turn acquiring a 15% stake in Mobilize Lease&Co.

Alice Altemaire, CEO of Mobilize Financial Services UK, said: “I am delighted by today’s announcement of our strategic partnership with Select Car Leasing, one of the UK’s leading independent leasing specialists for cars and vans.

“By launching Select Lease by Mobilize, we will broaden our leasing products and services offering, including full multi-brand car and van leasing solutions, for private and business customers alike.”

In a growing UK leasing market, Altemaire explained that developing its operational lease offer has been a “top priority” for the Mobilize Financial Services UK team, which has been demonstrated by its growth in recent years. 

Its car and van risk fleet size has grown from 12,372 units at the end of 2019, to 22,413 cars and vans in 2022, according to last year’s Fleet News FN50. 

The global Mobilize Lease&Co ambition is to reach a global fleet size of one million vehicles by 2030.

Mark Tongue, joint CEO and founder of Select Car Leasing, said: “We are excited at the opportunity this brings to accelerate our growth in 2023 and beyond and deliver best in class mobility solutions to consumers and businesses across the UK, with a particular focus on electric solutions. 

“We are also pleased to be joining with a multinational business to invest in and co-develop a new lease company, with all the Select brands right at its heart.

“It’s a truly unique move where a broker and leasing company can feed each other and thus provide true economies of scale and value to the consumer, helping people make the seamless transition to not only electric vehicles, but also charging and home energy.”

The acquisition by Mobilize Financial Services is subject to regulatory approval.

Mobilize Financial Services launched Lease&Co, a leasing subsidiary specialising in flexible, use-based contracts, last year, while Mobilize was established as part of the Renaulution plan, which saw the Renault Group separate into five divisions.