LEX AUTOLEASE: The jewel in the crown

Date: 17 December 2013

"That is one of the reasons why this job was particularly interesting to me, because I'd just come from managing the SME banking franchise," says Porter. "I think the opportunity there is actually expanding the market for leasing. So this isn't necessarily about us winning business from a competitor; the opportunity, I think, is about us understanding customers' business needs better than we do - and I think we can - and helping them understand what the pros, and cons, but mostly pros, of leasing might be for their business."

He continues: "I think leasing is quite misunderstood by a lot of smaller business customers. Not because they don't understand leasing per se, but perhaps because we and the industry have not done a good enough job of describing what leasing could mean for their business.

"[Consider] how having more money available to it because it doesn't consume cash in business vehicles might help a business like that. And this does play out at an SME level - if you're buying two or three vehicles and you've got a relatively modest business with a modest turnover that can consume cash, that could be very, very helpful in terms of restocking the business. And this plays right up across - ironically at the moment - leasing business vehicles and fleets being potentially a very helpful solution to the British economy as it comes out of recession. It's not the only one, and it's not going to make or break a business plan, but it is a contributing factor."

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