Toyota has acquired UK leasing and fleet management company Inchcape Fleet Solutions for £100m, giving the manufacturer an all-makes leasing offering for the first time.
Inchcape ranks just outside the UK’s top 10 leasing companies with a book of more than 20,000 cars and light commercial vehicles across the corporate, public, not-for-profit and SME sectors.
The Portsmouth-based company was previously part of car retailing chain Inchcape PLC, and will now become part of the Toyota Fleet Mobility Europe stable, a branch of Toyota formed in 2018 to develop a European base for future mobility services by providing full service leasing products. It already has subsidiaries in France, Italy and Spain, and the acquisition of IFS is likely to lead to a rebranding once the deal has received the necessary regulatory approval to be completed.
“The acquisition of IFS is an important milestone for TFM in the European market,” said Tom Fux, Toyota Fleet Mobility Europe chief executive. “As Toyota transitions from being a car manufacturer to a mobility company, it will help us meet the increasing shift in customer preferences away from traditional vehicle ownership to new mobility opportunities.”
Inchcape Fleet Solutions has previously provided leasing and fleet management services to Toyota,
IFS and Toyota Financial Services have enjoyed a strong working relationship for more than a decade,” said Inchcape UK CEO James Brearly. “At the same time, Inchcape has continued to be one of the leading Toyota and Lexus retailers across the country. This agreement aligns with our strategy of focusing on our core business as an automotive retailer in the UK market.”
Inchcape’s disposal of IFS follows on from recent moves to exit “less productive” dealerships in the UK, and other disposals in Australia and China.
“I would like to thank our IFS team for all their hard work and dedication and wish them success under Toyota, Inchcape’s oldest OEM partner,” said Inchcape PLC group CEO Stefan Bomhard.