Leasing giant Ayvens has agreed a multi-billion pound deal to buy up to 500,000 vehicles for its long-term leasing fleet across Europe over the next three years.

First significant delivery volumes are expected to begin in the first half of 2024 and continue throughout the year.

Ayvens was created in May 2023 when ALD Automotive acquired LeasePlan; it is still to be rebranded from ALD Automotive LeasePlan in the UK.

Tim Albertsen, CEO of Ayvens, said: “We are very pleased to have reached this frame agreement with Stellantis in our quest to deliver quality, multi-brand vehicles to our clients which will progressively help them in their transition to more sustainable emissions through a best-in-class product range and service quality.

“This commercial partnership will allow us to work closely together with Stellantis to ensure more competitive pricing for our clients and perfectly illustrates our capacity to leverage our new scale and buying power to achieve better value and synergies for all of our stakeholders.”

The deal involves a choice of vehicles from Stellantis brands including Alfa Romeo, Citroën, DS Automobiles, Fiat, Jeep, Lancia, Opel, Peugeot, and Vauxhall.

Brand availability can be extended in the future to cover the entire Stellantis brand portfolio, said Ayvens.

Specific order quantities, compositions and delivery dates beyond the volumes already planned for 2024 can be flexibly agreed between the two companies, taking into consideration fleet requirements and demand.

Carlos Tavares, CEO of Stellantis, said: “I am thrilled to announce a new ground-breaking agreement with Ayvens, which will aid the progressive transition of Ayven’s client base to choosing more sustainable mobility options.”

He added: “This collaboration empowers both current and future Stellantis brand customers to experience our latest innovations first-hand, from advanced propulsion to seamless connectivity and unparalleled comfort.

“Their clients will have the ultimate test drive as we pave the way to a decarbonised future.”

The deal with Ayvens follows Stellantis agreeing a deal with rental company Sixt to buy up to 250,000 vehicles.