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Alliance & Leicester fleet division to go direct

Date: 23 November 2007

James Comrie

Fleet funding specialist Alliance & Leicester Commercial Bank is aiming to expand into the direct-to-fleet market in 2008 with an increase in fleet funding packages such as sale and leaseback agreements.

James Comrie, head of wholesale finance at Alliance & Leicester Commercial Bank, said he was targeting 200-plus fleets that own their cars outright. Comrie said he believed fleets could more efficiently use the money locked in a fleet of vehicles through a sale and leaseback agreement.

Comrie said: "We believe we can offer savings for fleets through these agreements. We're experts in this area; we have a specialist knowledge for residual value setting."

Comrie, who has more than £1 billion worth of vehicles on his books, has doubled the size of his team to 20 in the past year.

As well as targeting fleets directly, the wholesale finance division of Alliance & Leicester Commercial Bank is also involved in funding contract hire firms, including Zenith, Ogilvie and Arnold Clark, and funding daily rental fleets such as National Car Rental and Hertz.