Mobilize Financial Services, Renault Group’s financial services arm, has taken a stake in Select Car Leasing and launched a new UK car and van leasing brand.
Dubbed Select Lease by Mobilize, the new entity will be operated by Mobilize Lease&Co UK and will offer a full range of multi-brand car and van offers and services for both private and business customers.
RCI Bank UK, a subsidiary of RCI Banque SA – which operates under the commercial brand Mobilize Financial Services, is taking a 36.6% share of Select Car Leasing, subject to regulatory approval. In turn, Select Car Leasing shareholders Mark Tongue and James O’Malley are acquiring a 15% stake in Mobilize Lease&Co UK.
The new business will draw on the brand recognition and expertise of one of the UK’s leading contract hire brokers along with the financial strength and ambition of Mobilize Financial Services UK. It will cater for both small and large fleets and will include charging solutions for businesses going electric.
The partnership aligns with Mobilize Lease&Co’s global strategy to accelerate the rollout of operating lease offers, catering for evolving customer mobility needs.
It also supports Mobilize Financial Services’ stated ambition to grow to a fleet size of one million vehicles by 2030 and to double its international presence. Last month saw the business acquire MeinAuto and Mobility Concept, a leading player in the German car leasing market, as part of the same operating lease strategy.
Enrico Rossini, CEO of Mobilize Lease&Co, said: “When we created Mobilize Lease&Co, our ambition was to accelerate the operating lease offer to meet all new mobility needs. This partnership with Select Car Leasing, a key player on this market, will enable our customers to benefit from a leasing offer that matches the best with their vehicle usage for any type of vehicles.”
Mark Tongue, joint CEO and founder of Select Car Leasing, added: “As the UK’s largest and most trusted car and van leasing broker, we are delighted to formally announce this strategic partnership with Mobilize Financial Services UK.
“We are excited at the opportunity this brings to accelerate our growth in 2023 and beyond and deliver best-in-class mobility solutions to consumers and businesses across the UK, with a particular focus on electric solutions. This comes at a perfect time as the global electrification revolution gathers pace.
“We are also pleased to be joining with a multinational business to invest in and co-develop a new lease company, with all the Select brands right at its heart.
“It’s a truly unique move where a broker and leasing company can feed each other and thus provide true economies of scale and value to the consumer, helping people make the seamless transition to not only electric vehicles, but also charging and home energy.”
