CBVC Vehicle Management has launched a new dedicated salary sacrifice division, ramping up its existing work in the solution.

Ryan Spencer heads up CBVC’s new dedicated salary sacrifice team and is expecting rapid growth over the next two years

It’s appointed Ryan Spencer to head up its new bespoke team and is expecting rapid growth during the next two years.

Spencer, who joined CBVC last year, explained: “We’re looking for significant expansion once it gets up to speed and we’re expecting to sign our first major contract imminently. Salary sacrifice is certainly the fleet market’s hot ticket at the moment. It’s an exciting time for the business and I’m thrilled to head up the new division.”

Salary sacrifice is currently the fastest-growing funding method, according to the British Vehicle Rental and Leasing Association (BVRLA) and CBVC says it’s seen demand for the product increasing as businesses recognise the financial savings available to employees.

The funding mechanism is a valuable staff recruitment and retention tool as it offers a cost-effective way of providing a substantial employee benefit. It’s particularly attractive for electric vehicles, with Benefit-in-Kind tax rates fixed at 2% until the end of the financial year 2024/2025.

Spencer commented: “Salary sacrifice has real benefits for both the business and the driver. In terms of our approach, we won’t be looking to swap drivers out of company cars and into salary sacrifice cars. We’ll be looking to support companies with ‘grey fleet’ drivers and businesses wishing to extend the provision of lease vehicles to staff who do not qualify for a company car.”

Spencer will head up a salary sacrifice division of three and will draw on his prior experience. As well as holding roles at CBVC’s Leasing Gorilla brand and as sales manager, he also previously headed up the B2C leasing division at Pendragon Vehicle Management.