Fleet News

NatWest leads the way with new cash for car system

NATWEST has introduced a cash for car system for its company drivers in a bid to offer employees more choice and encourage the use of smaller cars. Called 'Select', the scheme offers qualifying staff three choices: stay with the existing company car; pocket the cash; or take the cash and source a car through NatWest's own fleet department.

The scheme is aimed at the bank's 6,500 status car drivers, rather than the 2,000 employees who need a car to carry out their business, and NatWest expects around 1,000 status drivers to take-up the cash option over the next 12 months.

Employees who take the cash alternative have the opportunity to source a car through NatWest's fleet department, NatWest Group Vehicle Services, which allows them to tap into the bank's considerable purchasing power.

NatWest's move was revealed at a press conference which saw the launch of a new booklet 'Companies and Cars - the Way Forward' and although billed as a 'green' initiative, it could also be viewed as a means to help staff avoid paying benefit-in-kind taxation.

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