Back to main menu
Search
Search
Overlay

Always ahead

Founded in 1905, the AA today offers a diverse portfolio of products and services: apart from B2C and B2B roadside assistance, the automobile club also operates the AA Driving School and AA Smart Care, a booking service for AA certified garages. Its insurance division offers motor and home policies as well as a range of financial services, including AA Cars, a vendor of used cars with free history checks and breakdown cover.

Aiming to become net zero by 2035, the AA is currently preparing for a pioneering launch of electric recovery vehicles, and, in doing so, becoming the first UK-based roadside assistance firm to add electric vehicles to its fleet. Due to the complex vehicle requirements, the AA will take a “test and scale” approach to fleet decarbonisation with structured tests of alternative fuel vehicles in real-life settings. A fully electric Volvo FE Slidebed, an Iveco eDaily Powerload, and an Iveco eDaily crew van equipped with a heavy-duty Compact Recovery Trailer will become the first EV recovery trucks to be trialled.


NatWest agrees bespoke leasing facility

Looking for a suitable financing facility to fund the new electric recovery vehicles, the AA approached NatWest for advice. Following discussions about the AA’s immediate and mid-term funding requirements to add zero emissions vehicles to its fleet, NatWest agreed a bespoke lease facility.

 

Funding for new concept vehicles an important step towards the AA’s net zero goal for 2035

Edmund King OBE, President of The AA, said: “Introducing these exciting new concept vehicles to our fleet is an important step towards our goal of becoming a net zero company by 2035. As a market-leading organisation, we are committed to showing the way as the country transitions to a zero emissions future, and we’re excited to have a like-minded partner in NatWest. We thank their team for their excellent guidance in structuring this bespoke leasing facility and their continued support.”

Collette Murphy, Specialist Asset Finance, NatWest, commented: “We’re delighted to have been able to support The AA with their preparation for the road towards the decarbonisation of their breakdown fleet.

Our leasing facility for The AA is another example of delivering our commitment to actively help building a greener economy by providing £100 billion of Climate and Sustainable Funding and Financing to our customers by the end of 2025.”  

Security may be required. Product fees may apply. Subject to status, business use only.

Source: Biggest direct breakdown service provider
More consumer/personal members choose the AA than any other major UK breakdown service. Source: AA Intermediate Co Limited Interim Report 2023 (3.3m paid personal members) and RAC Bidco Limited Interim Report HY 2023 (2.7m consumer members). Verify at theAA.com/Best 

Related articles

This article has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. NatWest Markets does not undertake to update you of such changes.  It is indicative only and is not binding. Other than as indicated, this article has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in this article, nor does NatWest Markets accept any obligation to any recipient to update or correct any information contained herein. Views expressed herein are not intended to be and should not be viewed as advice or as a personal recommendation. The views expressed herein may not be objective or independent of the interests of the authors or other NatWest Markets trading desks, who may be active participants in the markets, investments or strategies referred to in this article. NatWest Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does NatWest Markets owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on NatWest Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this article and any issues that are of concern to you.

This article does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investment, nor does it constitute an offer to provide any products or services that are capable of acceptance to form a contract. NatWest Markets and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

NatWest Markets Plc. Incorporated and registered in Scotland No. 90312 with limited liability. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. NatWest Markets N.V. is incorporated with limited liability in The Netherlands, authorised and supervised by De Nederlandsche Bank, the European Central Bank and the Autoriteit Financiële Markten. It has its seat at Amsterdam, The Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Claude Debussylaan 94, Amsterdam, The Netherlands. NatWest Markets Plc is, in certain jurisdictions, an authorised agent of NatWest Markets N.V. and NatWest Markets N.V. is, in certain jurisdictions, an authorised agent of NatWest Markets Plc. NatWest Markets Securities Japan Limited [Kanto Financial Bureau (Kin-sho) No. 202] is authorised and regulated by the Japan Financial Services Agency. Securities business in the United States is conducted through NatWest Markets Securities Inc., a FINRA registered broker-dealer (http://www.finra.org), a SIPC member (www.sipc.org) and a wholly owned indirect subsidiary of NatWest Markets Plc.

Copyright © NatWest Markets Plc. All rights reserved.

scroll to top