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It has been announced today that Lombard Vehicle Management will shut its doors to its broker division leaving a massive gap in the market for a funder to dominate the personal contract hire and car leasing market. Lombard have axed jobs in the broker division and staff were made aware of their fate today 09/09/09. Lombard have been unstable for some time and have had brokers and dealers on edge over the past 6 months with delayed payments for vehicles and commission.
Lombard control a huge section of the personal market and a sizeable section of the business leasing market. This comes after Lex and SG fleet also removed their personal funding options choosing to concentrate on business only.
This will come as quite a blow to some of the larger super brokers who rely on lombard for serious numbers and bulk purchasing deals, however car dealers may not be disappointed to hear this news.