The Benefits of Your Employee Car Solutions – Included as Standard
Why You Should Choose Car Benefit Solutions.Tags: Automotive ECOS
There are a number of ways for automotive dealers to provide employees with a company vehicle, whether it be required as part of the job role or it’s a perk of employment. Over 230 dealers use Car Benefit Solutions (CBS) to provide their employees with car benefits, using an Employee Car Ownership Scheme (ECOS).
They choose to partner with us for many different reasons, such as the savings we can deliver to their business and the unparalleled service we provide to generate them.
CBS aims to exceed expectations when implementing an employee car scheme. We demonstrate commitment to our clients with an extensive array of services included as standard – for single site franchises and national PLCs alike.
Consultancy & Compliance Management
With the ever changing legislation on company cars, dealers require confidence that all compliance requirements are met. Compliance management and technical knowledge is vital, and after almost 20 years in the industry, our clients trust us to deliver fully compliant solutions. In a survey of key dealer groups, 63%* said assistance with HMRC compliance was a priority while 89%* said CBS’s expertise in mitigating compliance risk was strategically important.
We understand that no two dealer groups are the same, and listen to your objectives to build a solution tailored to your business. What’s more, to ensure you always have the most robust and effective solution, we perform regular reviews to monitor fleet management, and even seek Queen’s Counsel opinion when legislation changes impact our sector.
Your specific requirements are matched with a bespoke solution that is flexible to adapt to changes in your priorities or the market. We advise on the parameters for scheme design including eligibility, compliance, cost efficiency, pricing and protection from the rising cost of company car tax.
There is no need for dealers to tie up their own funding or credit lines to facilitate an employee car scheme, as we are an independent lender. Freeing up this capital means there are extra funds to allocate to other business purchases. With our funding, the vehicles put onto employee car schemes, which generate used car stock for dealers, are also off-balance sheet.
Dealers receive a distinct advantage by using us for their employee car provision, because with full FCA permissions we write credit sale agreements on unsecured lending.
Bespoke Operating Platform
Administering a fleet can be problematic and resource-intensive, but our bespoke system was designed exclusively for dealers to manage their car fleets with ease. Moreover, it is continually improved based on dealer feedback by our in-house development team.
A CBS survey found that 58%* of dealers highly valued the ease of use of CBS systems, scheme management and reduction in administration, which is why one of the top 10 dealer groups in the UK switched their employee car benefits to CBS, as we could offer a complete solution.
Specialist Support & Expertise
Implementing and maintaining an employee car scheme can be time and admin heavy, so in order to make everything light touch for dealers, our schemes are managed and administered by a network of more than 160+ employees, who take our dealers on a journey offering specialist expertise in scheme delivery and administration through to on-going compliance management.
Our drivers have given us a Net Promotor Score of 92.9**, recognition of how seriously we take our approach to customer centricity, delivered by our dedicated Customer Experience Team.
Feedback from our dealer survey said: “There is a professional and helpful team at CBS, delivering a high quality service.”
Another dealer commented: “CBS offers very good service with high levels of commitment even down to evening and weekend working when required.”
We believe this feedback indicates we are different and that we are willing to go above and beyond to put our dealers, manufacturers and customers first.
Bespoke Marketing Materials
To make dealers’ workload as light as possible, and to ensure all their employees are aware of the car scheme, we provide bespoke marketing materials as standard. When we launch a new scheme, we do so with a full complement of marketing communications including posters, employee handbooks and email campaigns.
Our dealers receive continuous marketing support, which is tailored specifically to their dealership or group, and can include dealer group logos and the option to choose which vehicles are promoted in the employee communications.
In order to drive cost efficiency and promote best practice for our dealers we are constantly reviewing market intelligence, performance and residual values on live fleet. Dealers who have had their fleets analysed by the CBS Optimiser to review their company car driving population have benefited from over £10m in savings since its launch in July 2020.
We compile all this information into easy to digest reports and review packs that are individually tailored to highlight our commitment to ensure all CBS clients get optimum value.
Dealerships have access to the reporting portal, which offers support for fleet management. Our stand-in-value (SIV) reports determine if vehicles (currently at any given dealership) are on track to turn a profit, against trade and retail values. So, we can help ensure no profit opportunities are lost.
If you’d like more information on our Employee Car Ownership Schemes, contact us today.
*Statistics gathered from 19 independent dealers and dealer groups in July 2020.
**Results gathered from 15,694 drivers across CBS products, collected on a rolling 12 month basis up to November 2021.