Fleet News

Major rebrand for leasing duo

FLEETS are being reassured that customer service levels will not suffer when the UK’s biggest leasing company goes through a major rebranding this year.

The move, involving Lex and Bank of Scotland Vehicle Finance, will see the BoSVF brand disappear from the contract hire market as the combined sales teams become a single unit.

Currently, Lex manages the BoSVF fleet on behalf of its owner HBOS, which took sole control of Lex in a £226m deal last May.

Until now Lex and BoSVF have traded separately but that will all change as the two brands integrate, with one management team and a common IT structure.

Managing director Jon Walden said: ‘We’re still reflecting on the branding decision. I think it’s fair to say the Lex name won’t be dropped because it has such brand recognition but I think the new brand will combine the strength of both names to best effect.

‘We’re aiming to draw on the automotive heritage of Lex, supported by Bank of Scotland’s reputation for stability.’

Mr Walden said the final decision on branding would be taken by the end of this year and it is planned the new company would be fully integrated within the next 12 months.

Mr Walden added: ‘It’s imperative that service levels for customers of both companies must be protected during the integration process.’

The new Lex/BoSVF would address all sections of the market.

Although the small business market would still be reached through the existing broker network, mid-size to major companies would be looked after by a single sales team and the personal car leasing product given a common identity.

At the moment Lex operates Lex FreeChoice, while BoSVF has Freeway.

Lex currently has a fleet of 250,000 vehicles but in the short to medium term Mr Walden expects that number might fall, despite having recently signed a 6,000-vehicle deal with Rentokil Initial.

He said: ‘Our current focus of activity is quality, not quantity.’

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