Lex AutoLease, the fleet arm of Lloyds Bank, is to outsource a major part of its remarketing operation to BCA Marketplace at the start of next year, according to Fleet News.
The publication, citing a source, wrote that the companies were looking to complete the deal before the end of January and that the deal was believed to be worth 80,000 vehicles.
In addition, it was reported that the reason behind the outsourcing is Lex Autolease’s aim to focus on core activities.
According to Fleet News’ source, the deal is not exclusive and Lex Autolease will continue working with rival auction houses in a reduced capacity.
This media report was published a few days after Lloyds Banking Group announced a tranche of 945 job losses as part of a restructuring plan to cut a total of 9,000 jobs.
Lex Autolease declined to comment, while BCA has not responded to Motor Finance’s request for comment at the time of publication.