Banking giant Lloyds has announced it is closing its two car supermarkets, which operate under the Car Select brand.

The motor retail sites in Oldbury and Coventry were part of the de-fleet strategy of Lex Autolease, the vehicle leasing arm of Lloyds. Although it sent the vast majority of its end-of-lease vehicles to market through BCA’s auctions, its Car Select sites offered more than 500 vehicles direct to the public at any one time.

Annual sales were thought to be around 10,000 units, less than a quarter of the 70,000 ex-fleet vehicles Lex remarkets annually.

Lloyds spokesman Ross Duncan said: “We have taken the decision to close our retail sites in Coventry and Oldbury, and to outsource the remaining elements of our vehicle remarketing operation within Lex Autolease to BCA.

"This follows extensive work to consider future options for our vehicle remarketing activities, and supports our strategic aim to focus on growing our vehicle leasing business.”