Volvo has moved its UK contract hire business from Lex Autolease to Santander Consumer Finance (SCF).

Under a white label agreement, SCF will be providing Volvo-branded contracts in both the retail and fleet segments.

Stewart Grant, commercial director at SCF, said: “We are delighted to have secured this tender – it’s one that will see our contract hire business stream continue to grow as we move into 2018. The winning of this tender vindicates our move into the fleet sector.

“Given Santander Consumer Finance is a relatively new entrant in the contract hire market, we are grateful to Volvo for giving us this opportunity. Our outstanding track record in delivering results for Volvo in the retail arena clearly had a big part to play in the decision and we will repay the faith shown by helping to drive their Contract Hire business forward.”

Selwyn Cooper, head of financial services, Volvo Car UK, added: “Contract hire is a crucial part of our business at Volvo, as we work towards our aim of 60,000 new car sales per year by 2020. We are very pleased to be working with Santander to deliver this service.”

SCF entered the Contract Hire market in mid-2016, and  signed a white label agreement with Mazda later that year.