Motability Operations has dedicated its work to meeting the needs of people with disabilities for 40 years. Our priority is always our customers; wishing to avoid any concern raised by recent media reports, we issued the following clarification today:
Motability Operations Group plc (MOG) is a commercial company set up solely to deliver the Motability scheme on the ground, under contract to the Motability charity. MOG has grown over forty years to become one of the largest and most successful car leasing businesses in Europe. It is owned by a group of UK banks, who have supported the scheme since its inception. It does not have charitable status and does not receive government funding. Last year, MOG had revenues of £4.2bn and pre-tax profits of £258m, which were invested back into the business. The company’s reserves of £2.4bn are not held in cash but are entirely invested in its fleet of around 630,000 cars. This provides a capital base that protects the business against risk, notably in relation to price volatility in the used car market. Management is paid for performance, according to targets set by the Board and agreed with shareholders.