LEX Autolease has hit a milestone 100,000 vehicles leased through its broker division.
Broker is the fastest-growing fleet in Lex Autolease and accounts for 25% of the total fleet.
Lex Autolease said growth had been driven by increased demand for contract hire solutions from individuals and small businesses.
Steve Cocks, Director of Lex Autolease’s Broker Division said:
“100,000 is an important milestone after an unprecedented period of growth. 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.”
Alongside the growth in PCH, Lex Autolease attributes its recent success in the broker division to its strong broker relationships. 2017 saw the launch of the company’s bespoke e-learning portal for brokers, with course content designed to cover important regulatory issues and provide an overview of key products, services and functions – such as its fast web quotation system.
Steve Cocks continued: “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.”
Commercial vehicles maintain a strong position of 30% of the Lex Autolease broker fleet. The broker business continues to partner with specialist commercial vehicle brokers to offer increased capability and specialist expertise, and contract hire contract is on the rise.
Steve Cocks concluded: “Our growth is testament to the excellent service delivered by our partners and their understanding of customers’ needs. It also reflects increased awareness of the benefits of contract hire and leasing, as businesses and individuals seek manageable and predictable funding options, as well as expert and insightful consultancy to ensure they get the right vehicle, for the right job.”
Last year Lex Autolease was responsible for 1 in 24 new car and light commercial vehicle registrations, based on its total vehicle registrations and the total UK vehicle registrations published by the Society of Motor Manufacturers and Traders in 2017.
With a recent organisational change, Steve Cocks now reports directly into Tim Porter, Managing Director, Lex Autolease, reflecting the profile of the Broker Division and increasing growth in the regulated personal leasing market.