Major Banking Group Acquires Electric Vehicle Leasing Company

Lloyds Banking Group has announced the acquisition of Tusker, a market-leading UK-based vehicle management and leasing company that provides Electric Vehicles (EV) and Ultra-Low Emission Vehicles (ULEV) via salary sacrifice schemes.

Tusker are experts in salary sacrifice cars having launched the UK’s first car benefit scheme in 2008. Their salary sacrifice customers are from the length and breadth of the UK and range from SMEs to large public and private sector customers.

Tusker’s commitment to salary sacrifice and low-emission vehicles has seen them grow their customer base tenfold in the last 10 years. Over 1300 companies are now supported by Tusker’s fleet of over 23,000 vehicles of which 60% are EVs, with future orders set to increase it to 77%.

Based in Watford with staff across the country, Tusker now has over 250 employees focusing on customer excellence and following a clear vision to help the UK drive a better car. They were early members of the EV100, a group of companies committed to a zero-emission future and have committed that their fleet will be fully electric by 2030.

Commenting on the deal, Nick Williams, Managing Director Transport, Lloyds Banking Group, said: “As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers.

“Alongside our Lex Autolease business, this acquisition allows Lloyds Banking Group to offer our products and services across a wider section of businesses and enterprises, enabling them to provide competitive benefits packages while helping them transition to net zero.”

The acquisition of Tusker will also support the Group’s ambition to help the UK achieve its net zero emission targets by 2050 or sooner.

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