RYAN Spencer has been appointed head of CBVC Vehicle Management’s new salary sacrifice proposition.
Having joined from the the Evans Halshaw Leasing B2C channel, Ryan has been swiftly promoted at the Staffordshire leasing broker. He joined its Leasing Gorilla division last year, before becoming sales manager at CBVC Vehicle Management six months later and now appointed head of salary sacrifice.
He heads a team of three.
We’re looking for significant growth once it gets up to speed, but we’re expecting to sign our first major contract by the end of August. Salary sacrifice is certainly the fleet market’s hot ticket at the moment.
Ryan Spencer, head of salary sacrifice, CBVC Vehicle Management
The salary sacrifice programme will be included as part of CBVC Vehicle Management’s agreement with LV= ElectriX to provide the leasing platform for one of the UK’s largest insurers.
Ryan added:
While we won’t be looking to swap drivers out of company cars and into salary sacrifice cars, we will be looking to assist those companies with ‘grey fleet’ drivers and those businesses wishing to extend the provision of lease vehicles to staff who do not qualify for a company car.
Salary sacrifice is increasing in popularity, helped by the tax and National Insurance savings available to non-company car qualifying employees, who give up some of their gross pay for a fully funded and maintained vehicle. According to the BVRLA, it’s the fastest rising funding method.
CBVC Vehicle Management added that, while benefit in kind tax is still levied on an electric vehicle, electric car tax rates are locked at 2% until end of financial year 2024/25, offering a cost-effective method of providing an employee benefit that is less costly than an employee leasing the car personally.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
