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Share Name | Share Symbol | Market | Type |
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Upbound Group Inc | TG:RAC | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.40 | 1.32% | 30.80 | 30.60 | 31.00 | 0.00 | 22:50:18 |
RNS Number:6782T RAC PLC 24 December 2003 Date: 24 December 2003 For immediate release RAC plc announces major contract with Ford Financial RAC plc is pleased to announce that its contract hire business, Lex Vehicle Leasing, a joint venture with HBOS, has been awarded a 7-year contract with anticipated revenues of #1bn to provide outsourced contract hire services to Business Partner, the contract hire arm of Ford Financial. Under the new contract, Lex will provide contract hire infrastructure services to the Ford family of brands (Ford, Jaguar, Land Rover, Mazda, Volvo and Aston Martin). All Sales and Marketing activities will continue to be owned by Ford Financial and marketed as Business Partner. Customers will continue to be maintained within this branded environment with Lex providing dedicated resource to support the delivery of the brand experience. Lex will fund and manage the existing fleet of approximately 20,000 vehicles. Jon Walden, a Director of RAC plc and Lex Vehicle Leasing's Managing Director, said:- "This is the largest ever contract won by Lex Vehicle Leasing, which builds on our industry-leading systems and customer service. Working together with Ford Financial we expect to grow the business substantially and we also believe this will prove an attractive model for other partner organisations. "The contract award comes at the end of a very successful year for Lex Vehicle Leasing in which we have become the first contract hire company to achieve a fleet of 100,000 vehicles purely through organic growth." Andy Harrison, Chief Executive of RAC plc, added: "I am delighted that this contract with Ford Financial enables us to continue building our relationship with Ford, which already includes breakdown assistance, technical services and vehicle inspections. This contract is another example of our strength in managing large, complex vehicle fleets in high service environments. It comes immediately after winning preferred bidder status for the 15-year, #500m Ministry of Defence 'C' vehicle contract and the award of the 10-year, #230m British Airways Ground Fleet Services contract won earlier this year" Mark Christelow, Director-European Fleet and Leasing of Ford Credit, said:- "Ford Financial remains committed to providing quality Business Partner products to its customers, dealers and manufacturers. We are confident that the new partnership with Lex will deliver a much improved service and product offering for our customers and dealers." Ends For further information, please contact: Jon Walden, Managing Director, Lex Vehicle Leasing 0870 112 5731 Niall Addison, Group Finance & Investor Relations, RAC plc 07764 624 701 Anita Scott / Kate Holgate, Brunswick 0207 404 5959 Notes to editors RAC plc provides a broad range of motoring services to individual and business customers through the following inter-related business groupings: * RAC Roadside Services provides a range of breakdown assistance and onward travel services to individual and company motorists. * RAC Consumer Services sells a comprehensive range of motoring solutions to individual customers, including financial, legal and travel services, automotive glass and driver training. * RAC Business Solutions sells breakdown assistance, claims management, customer services and vehicle inspections to business customers including vehicle manufacturers and insurers. * Lex Vehicle Leasing is the UK's leading car and van contract hire company, providing solutions for fleets of all sizes together with personal leasing and employee car ownership schemes. * Lex Mechanical Handling sells, leases and maintains fork lift trucks * Manufacturer Support Services provide outsourced marketing and inventory management services, commercial vehicle fleet management and contract hire, and a range of motoring services to the defence sector. Ford Financial Europe Ford Financial Europe is a wholly owned subsidiary of Ford Motor Company. It is the European arm of Ford Credit, www.fordcredit.com, which provides vehicle financing in 36 countries to more than 11 million customers and more than 12,500 automotive dealers. More information about Ford Financial Europe can be found on the World Wide Web at This information is provided by RNS The company news service from the London Stock Exchange END CNTPUGQAPUPWGWC
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