Toyota Fleet Mobility acquires UK-based Inchcape Fleet Solutions
- Acquisition of Inchcape Fleet Solutions (IFS) positions Toyota Fleet Mobility (TFM) at the heart of the UK’s full service leasing market
- Potential to leverage the strength of Toyota and Lexus products and retail presence, together with IFS’ experience, customer base and multi-brand propositions
- Toyota Fleet Mobility (TFM), a joint venture of Toyota Financial Services Corporation and Toyota Motor Europe, was established in 2018 to develop full service leasing products for customers in Europe
- With the agreement to acquire IFS, TFM continues its progress towards becoming a mobility services provider
London, October 10, 2019 - Toyota Fleet Mobility (TFM) announced today that it has reached an agreement with Inchcape plc, to acquire Inchcape Fleet Solutions (IFS), subject to regulatory approval. IFS is a UK-based subsidiary of Inchcape plc, a global multi-brand automotive distributor and retailer. With this acquisition, TFM continues its expansion across Europe, entering the UK’s full service leasing market and benefiting from IFS’ established operations and customer base.
Upon legal completion of the agreement, TFM will take 100% ownership of IFS. As one of the UK’s largest and best-known independent fleet management and leasing specialists, IFS offers a complete portfolio of fleet management and funding solutions for passenger and commercial vehicles across corporate, public, not-for-profit and SME sectors. IFS is headquartered in Portsmouth, UK.
The acquisition of IFS is an important milestone for TFM in the European market. 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.
IFS and Toyota Financial Services have enjoyed a strong working relationship for more than a decade. 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.
TFM is a joint venture between Toyota Financial Services Corporation, headquartered in Nagoya, Japan, and Toyota Motor Europe, based in Brussels, Belgium. The company was established in 2018 with the aim of developing a European base for future mobility services by providing full service leasing products. TFM has subsidiaries in France, Italy and Spain.
Company name: Toyota Fleet Mobility GmbH | |
Location | European Head Office in Cologne, Germany |
CEO | Tom Fux |
Established | 2018 |
Shareholders | Toyota Financial Services Corporation (TFSC), Japan (51%), Toyota Motor Europe (TME) (49%) (TFSC and TME are wholly owned by Toyota Motor Corporation) |
Type of activity | Full service leasing and mobility services |