AA Limited, trading as The AA (formerly The Automobile Association), is a British motoring association. Founded in 1905, it provides vehicle insurance, driving lessons, breakdown cover, loans, motoring advice, road maps and other services. The association demutualised in 1999, to become a private limited company, and from 2014 a public limited company (PLC). In 2002 the AA Motoring Trust was created to continue its public interest and road safety activities. In 2021, a consortium led by Tower Brook Capital Partners and Warburg Pincus completed the acquisition of AA Limited (formerly known as AA PLC). The Automobile Association was founded in 1905, to help motorists avoid police speed traps, in response to the Motor Car Act 1903 which introduced new penalties for breaking the speed limit, for reckless driving with fines, endorsements and the possibility of jail for speeding and other driving offences. The act also required drivers to hold a driving licence (which was obtained without a test on payment of five shillings at a post office) and to display a registration plate on their vehicle. By 1906, the AA had erected thousands of roadside danger and warning signs, and managed road signage until responsibility was passed to local authorities in the early 1930s. By 1926, the organisation had installed 6,500 direction signs, and 15,000 village signs, most of which were removed during the Second World War. In 1908, the organisation published its first AA Members' Special Handbook containing a list of nationwide agents and repairers. In 1910, in a legal test case (Betts vs. Stevens) involving an AA patrolman and a potentially speeding motorist, the Chief Justice, Lord Alverston, ruled that where a patrolman signals to a speeding driver to slow down and thereby avoid a speed trap, then they would have committed the offence of 'obstructing an officer in the course of his duty' under the Prevention of Crimes Amendment Act 1885.