Lombard Vehicle Management (LVM) has wound down its contract hire and leasing business earlier than expected with the sale of 9,000 cars and LCVs to Hitachi Capital Vehicle Solutions for an undisclosed sum.
ALD and Lombard have confirmed they will launch Lombard Vehicle Solutions (LVS), a vehicle contract hire and fleet management service that will offer a wide range of leasing options, from a single vehicle to large corporate fleets in July.
Royal Bank of Scotland (RBS) has pulled the plug on talks to sell Lombard Vehicle Management to General Electric (GE) after failing to agree on the price and structure of a deal, according to Sky News.
Two of the country’s biggest contract hire companies are believed to be very close to being sold. ING has confirmed it is talks to sell its Car Lease division in a deal reported to be worth £3.5 billion, while the Royal Bank of Scotland (RBS) is keen to offload Lombard Vehicle Management.