Fleet News

Lex to keep vehicle leasing tag

LEX Vehicle Leasing is to retain its well-known brand, despite parent company Lex Service being renamed RAC.

Consultation with customers of the leasing firm persuaded bosses that the LVL brand should remain because of its respect among fleets.

Lex Service bought RAC Holdings in 1999 and announced its name change last week, to make better use of the power of the RAC brand.

Lex Service chief executive Andy Harrison said: 'Changing our name to RAC is the natural next step as we build on the inherent strength of the RAC brand. Lex will remain an important trading brand in the corporate vehicle market.'

The name change is set to be approved at the firm's annual general meeting on April 25, before the firm officially rebrands in September.

The RAC brand has already been used to rebrand AutoWindscreens into RAC AutoWindscreens, as part of a growing focus on the recognition of the brand. But Jon Walden, managing director of Lex Vehicle Leasing, jointly owned by Lex Service and Halifax, said: 'There are no plans to change our name. We talked to customers and various companies and that suggested our name is seen as an industry leader by a long way.'

Lex Service last week reported preliminary results for 2001 which showed pre-tax profits up 19% to £65.1 million, with RAC Motoring Services contribution up 50% to £39 million, including £9.8 million from RAC Auto- Windscreens.

Lex Vehicle Leasing made pre-tax profits of £34.2 million, after writing off all residual value losses for the next three years last year. Lex Service and Halifax share the profits equally.

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