Lex Autolease, the UK’s largest fleet management company and part of Lloyds Banking Group, achieved 7% growth in its fleet during 2014. 

In the 12 months to December 31, 2014 Lex Autolease increased the size of its fleet to more than 297,000 vehicles, a year-on-year rise of 7%, with total customer assets increasing by 10% year-on-year to £3.3 billion.

Lex Autolease attributed this increase to the significant investment made as part of a five-year plan unveiled in 2013.

By developing new products and service propositions the business has secured a host of new clients and added more than 10,000 cars and 11,000 commercial vehicles to its fleet during 2014. 

These new initiatives included a range of vans for the SME sector tradesmen, and a ‘Business Critical’ service for those fleets that are subject to specific  performance criteria or that carry time sensitive loads. 

Tim Porter (pictured), managing director of Lex Autolease, said: “Business confidence is strong at the moment and we have benefited from this renewed sense of optimism.  

“We recognise this is a challenging target and we still have a lot of work to do. To reach it will require additional investment and the launch of further innovative products to appeal to our wide and diverse range of customers.” 

The company is also targeting expansion in the small and medium sized business market and has invested in a multi-channel advertising campaign titled the ‘Leasing Revolution’ which highlights how small firms can benefit from leasing rather than buying vehicles.  

“As business confidence continues to grow and as our own research demonstrates updating company vehicles is a key investment priority for businesses, and we anticipate strong performance in 2015 in order to meet changing business demands,” concluded Porter. 

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