CLM has launched AlphaDrive, an online solution to provide company employees with a choice of new vehicles with all the benefits of a company car, but without the BIK liability.
CLM AlphaDrive provides company employees with the choice of a car over two, three or four years with a variety of mileage parameters, and operates an arm’s length credit sale agreement so that there is no benefit-in-kind tax liability for employees or employer.
Users can search by manufacturer or by monthly budget and the online system can instantly provide up to 100 individual quotations at any one time. CLM AlphaDrive says it has been able to achieve very competitive prices through its bargaining power with vehicle manufacturers and service providers.
There is no requirement for any initial deposit and users have a totally free choice to decide how much salary they wish to spend on purchasing their new car, as well as having the option of selling it back for a pre-determined value at the end of the agreement, subject to the car meeting required return standards, or paying a final instalment and keeping the car.
The AlphaDrive scheme has been established in conjunction with multi-marque leasing company Alphabet, which provides vehicle funding and manages the maintenance of all cars under the scheme.
CLM operations director John Kelly explained that the company had steered away from introducing another salary sacrifice car scheme in favour of an alternative solution.
“We have aimed CLM AlphaDrive at companies where a salary sacrifice product may not be appropriate or preferred. This is a very flexible, simple to operate online solution which provides company employees with the opportunity to own a new car at very competitive terms,” he said.
More follows on page two...