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June 19, 2018

Lex Autolease hits 100,000 broker-originated deals

Lex Autolease, the fleet and leasing division of Lloyds Bank, has hit 100,000 broker-originated deals, as brokerage becomes an increasingly important pipeline for the company.

By Lorenzo Migliorato

Lex Autolease, the fleet and leasing division of Lloyds Bank, has hit 100,000 broker-originated deals, as brokerage becomes an increasingly important pipeline for the company.

According to Lex Autolease, the broker channel now accounted for 25% of total fleet, driven by increased demand from contract hire, both from individuals and small businesses. Commercial vehicles accounted for 30% of volumes.

Lex also attributed the increase in volumes to the online broker training tool it launched last year.

Steve Cocks, director of Lex Autolease’s broker division said: “2017 was another strong year for brokers but with a very distinct contrast between the first and second half of the year. The changes to vehicle excise duty clearly played a part in bringing forward orders early in 2017.

“Brokers are a key market for Lex Autolease, and our goal is continued sustainable growth in 2018, capitalising on the continued strength of the consumer leasing market. personal contract hire has once again surpassed contract hire as the most popular product we sell in the broker channel.”

“We are committed to supporting our partners as they adapt to increased regulation from the FCA and the evolving technological and legislative environment. Our focus is on providing the guidance and resources that brokers need to deliver the best outcomes for their customers.”

Signalling increasing focus on the broker channel, Cocks will now report directly to Lex Autolease managing director Tim Porter.

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