Fleet News

Financiers go back to company cars

CITY banks and finance institutions which led the move to ditch company cars in favour of cash are returning to company cars.

Confirmation of the trend has come in a survey from Monmouth-based Alan Jones & Associates which suggests that while more companies are offering cash to the company car the number of staff taking cash is declining. The 1997 Company Car Survey Report reveals that of the 157 companies surveyed 54% now offered a cash option - up from 16% in 1993 - but just 11% of staff opted for cash - down from 15% in 1996.

COMPANY car policies in the UK have changed dramatically in the 1990s with benefit-in-kind tax changes and environmental agendas encouraging companies to build greater flexibility and choice into hitherto rigid structures.

That is the conclusion from the 1997 Company Car Survey Report of fleets operated by 157 companies with an average fleet size of 269 cars carried out by Monmouth-based Alan Jones & Associates.

10 facts from the survey

The Company Car Survey Report 1997 costs £155 and is available on 01600 716916.

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