Fleet Evolution enters into salsac partnership with ICR Leasing for EVs

EV salary sacrifice and fleet management specialist, Fleet Evolution, has entered into a strategic partnership to provide electric cars to customers of family-owned ICR Leasing through its highly acclaimed salary sacrifice car scheme framework.

Milton Keynes-based ICR Leasing, which has a risk fleet of around 600 cars and vans, was formed from the sale of the Wayside dealer group in 2011 and as such is fully self-funded.

It sees salary sacrifice as a new growth opportunity, partially because of the very attractive low rates of Benefit-in-Kind tax that electric cars currently attract, for its customers in the UK and globally, including new start-ups and companies that require specialised tailored contracts.

Chancellor Jeremy Hunt confirmed at the recent Autumn Statement that BIK tax rates for electric cars will go up from the current 2% to 3% in 2025/26, to 4% in 2067/27 and to 5% in the year 2027/28, providing reassurance for new electric car buyers.

“It is this low tax regime which has made electric cars so attractive to employees, especially if provided through a salary sacrifice car scheme,” said Thomas Ryan, Senior Business Manager at ICR Leasing.

“However, we currently had nothing in our product portfolio to offer to our customers to allow them and their employees to take advantage of this advantageous tax regime. We have known of the effectiveness of Fleet Evolution’s salsac car schemes for some time as they are clearly designed to offer a very attractive proposition for both employers and employees alike.

“This is our first foray into the salary sacrifice market and Fleet Evolution is the perfect partner for us as they have a very similar ethos to ourselves, are very flexible in their approach and very customer focused – all attributes we fully identify with,” he said.

Will Chapman, joint Senior Business Manager at ICR, added: “As well as UK-based customers, this partnership will allow us to offer salary sacrifice vehicles for use here to customers that are based outside the UK with little or no financial footprint in the UK.

“We will also be able to provide flexible funding to Fleet Evolution to allow it to reach a wider range of potential customers,” he said.

The key features of the Fleet Evolution salary sacrifice scheme include all servicing and repair costs, road fund licence, fully comprehensive insurance, corporate discounts and no deposit.

Under the scheme, if an employee leaves, is made redundant or can’t make the repayments, the employer only has to give one month’s notice before Fleet Evolution will take the car back with no questions asked. And Fleet Evolution account handlers manage all administration – everything from fines to employee recharges – so freeing up the time of ICR Leasing staff.

Andrew Leech, founder and managing director of Tamworth-based Fleet Evolution, said:” We are delighted to be working with ICR Leasing to make salary sacrifice more widely available to its customer base.

“Electric cars provided through a salary sacrifice scheme are a very attractive proposition – and not just for tax reasons. For businesses and staff that want to keep mobility costs under control at a time of rapidly spiralling costs, EVs can deliver financial cost savings in the region of 35-40% over conventional ICE models.

“And, from a well-being point of view, such an electric car salsac scheme can also help tackle the anxiety and emotional stress caused by the prospect of living costs spiralling out of control during the current turbulent economic conditions.”