Fleet News

Leasing firms reveal huge expansion plans

NEW bosses at three of the UK's biggest contract hire and leasing companies have revealed dramatic expansion plans. The most radical plan is by First National Vehicle Holdings, which is aiming to double its fleet size in the next three to five years to catapult it into the top three.

The company, whose fleet brands are First National Vehicle Contracts, Fleet Management Services and Whitechapel Corporate Services, expects to join the UK's 'big two' - Lex Vehicle Leasing and GE Capital Fleet Services - running a fleet of around 100,000 units. Meanwhile, new GE Capital Fleet Services managing director Steve Taylor says he wants to see his company leapfrog Lex Vehicle Leasing to become the UK's number one contract hire and leasing company. And VELO chief executive Nigel Stephens expects to expand from 11,000 units to 16,000 units in the next three-five years.

The announcements come amid increasing speculation in the fleet market that 2000 will see a spate of takeovers with at least five contract hire and leasing companies 'actively being sold'.

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