Richard Jones appointed managing director of motor and leasing at Lloyds Banking Group

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Lloyds Banking Group has announced that its motoring businesses, Black Horse and Lex Autolease, will be run under a single combined leadership structure, led by Richard Jones.

Jones, the current managing director of Black Horse, will take over the new expanded role in November, replacing Lex Autolease managing director Tim Porter, who plans to retire in the coming weeks.

Jones has worked for Lloyds Banking Group for more than 20 years and brings a wealth of experience to the role.

He has held senior positions within the insurance division, specialising in annuities, protection propositions and bancassurance before moving to Black Horse in 2015.

Since becoming managing director of Black Horse, Jones has driven the growth of the motor finance provider through investing significantly in dealer training, dealer support and digitalisation.

Last year, this investment saw Black Horse help more than 350,000 people finance cars, motorbikes, scooters, caravans and motorhomes at 4,500 dealers.

Jones said: “This is a fantastic opportunity to lead Lex Autolease and Black Horse forward through an exciting period of change in our markets.

“The success of both businesses is founded on the expertise and the efforts of our colleagues, delivering for our customers through successful partnerships, relationships and stakeholder engagement.

“The automotive industry is going through a period of transformation, and we have an important role to play in helping fleets and individual drivers to get the right vehicle, for the right job with the financial support that best meets their needs.”

Jones, who is also chairman of the Finance and Leasing Association, takes over at Lex Autolease following a period of substantial growth for the UK’s largest leasing company, which now operates more than 380,000 vehicles.