Low Cost Vans Founder Rod Lloyd Receives Prestigious Lifetime Achievement Award
Rod Lloyd, the founder of one of the United Kingdom's most successful vehicle leasing businesses, Low Cost Vans, has been honored with a lifetime achievement award. This recognition celebrates his immense contributions to the vehicle rental and leasing sector over many years.
Freddie Aldous Award from the British Vehicle Rental & Leasing Association
Mr. Lloyd, a resident of Neath, has been presented with the Freddie Aldous Lifetime Achievement award by the British Vehicle Rental & Leasing Association. This award is named in honor of the BVRLA's honorary life president, who passed away in 2017. Annually, the BVRLA uses this award to acknowledge individuals who have demonstrated selfless and sustained leadership within the industry.
Career Highlights and Leadership Roles
Rod Lloyd established the Swansea-based Low Cost Vans, also known as the LCV Group, back in 1999. He successfully grew the business into a multi-million-pound turnover venture before selling it last year to the Global Vehicle Group. Additionally, Mr. Lloyd served as the chair of the BVRLA leasing broker board for two years, a role he held until December of last year.
Steering Through Regulatory Challenges
During his tenure as chair, Rod Lloyd played a pivotal role in guiding the leasing broker sector through significant regulatory issues. These challenges arose from the mis-selling of motor finance, which placed the industry under intense scrutiny from regulatory and legal bodies. His efforts in this area were a key factor in his receipt of the lifetime achievement award.
Toby Poston, the chief executive of the BVRLA, praised Mr. Lloyd's dedication: "We recently saw the sector firmly in the firing line as motor finance came under the regulatory and legal spotlight. That situation rolls on, but Rod Lloyd did more than any other to ensure that broker members had the support and advice they needed to get through some very dark times."
Poston added, "He committed exceptional time, energy and passion to not only make the case for brokers, but to also field their calls and concerns. He made a deliberate choice to support others in the industry when he could have very easily chosen to focus on his own personal responsibilities."
Impact on Leasing Brokers and Regulatory Work
Mr. Lloyd's collaborative work with regulatory bodies and HMRC was instrumental in moving leasing brokers out of scope from certain regulations. These brokers are companies that arrange funding for business contract hire and personal contract hire agreements on cars and vans.
Reflecting on the challenging period, Rod Lloyd stated: "It was a scary time, to be honest. Although leasing brokers had followed all the guidance provided by the Financial Conduct Authority, everyone’s business was potentially under threat."
He continued, "As chair of the BVRLA leasing broker committee I felt it was incumbent on me to demonstrate to the various bodies that the Court of Appeal ruling on motor finance was being incorrectly applied to leasing brokers, a result eventually upheld by the Supreme Court."
Gratitude and Future Endeavors
On receiving the award, Mr. Lloyd expressed his appreciation: "I’m hugely grateful to the BVRLA for becoming a recipient of the Freddie Aldous Award. It’s unexpected, but a real honour which I’m very proud of."
Following the sale of the LCV Group, Rod Lloyd continues to manage his property business, Crownhawk Properties. This venture includes assets such as the recently refurbished Riverside House in Swansea. Looking ahead, he plans to offer consultancy services to the leasing sector, leveraging his extensive experience and expertise.
