Bristol-based leasing and fleet management company ALD Automotive has signed a major deal with the Royal Bank of Scotland’s Lombard asset finance division which will significantly add to its already expanding operations.
ALD, the UK’s fifth-largest vehicle contract hire business, anticipates funding more than 30,000 new vehicle contracts over the next five years under the agreement, adding to the 73,000-plus vehicles it already has in its fleet.
ALD Automotive has achieved 20% growth in its fleet over the past two years as it has developed its core business services division alongside a number of strategic partnerships known as white-label agreements, as well as its broker division and its established dealer services division
The five-year contract with RBS follows the banking group’s decision to wind-down its Lombard Vehicle Management (LVM) business.
The new scheme is expected to go live in June or July, giving ALD the opportunity to work with Lombard to provide a high-quality vehicle leasing business. The branding for the new operation is still to be announced.
ALD is the UK’s leading white-label provider.
ALD managing director Keith Allen said: “The new proposition will have access to all the vehicle leasing business generated through RBS banking and Lombard relationships, reinforcing the success of the multi-sales channel strategy we have adopted to grow our business and driving the business further forward to become a top three player within the UK leasing industry."
ALD Automotive, the operational leasing and fleet management division of French banking group Société Générale, is Europe’s second- largest vehicle leasing operation and manages more than 900,000 vehicles across 37 countries worldwide. It opened in the UK in 1958.
