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Automotive transmission specialist Xtrac opts for EV salary sacrifice scheme from Fleet Alliance
Xtrac, the world’s leading supplier of high-performance transmissions for top level motorsport and high-performance automotive applications, has extended its range of employee benefits with an EV salary sacrifice scheme from Fleet Alliance.
The Thatcham head-quartered business provides specialised motorsport and high-performance automotive transmission systems for internal combustion engine, hybrid, and electric vehicles, with in-house, high value manufacturing as well as extensive design, testing and engineering capability.
It is the sole transmission supplier to NASCAR and IndyCar in the US, British and Australian Touring Cars as well as supplying transmissions for sportscar racing globally, including over 80% of the competitors at the famous Le Mans 24-hour race held in France each year, many Formula One and Formula E teams, world rallying and off-road racing from around the globe.
With its strong advanced technology, Xtrac’ s High-Performance Automotive business unit provides the automotive industry with transmissions for hypercars and, as the automotive industry transitions from internal combustion engine (ICE) vehicles through hybrid to electric (EV), Xtrac is a leading player in this once-in-a -generation technology change.
In addition to its facilities at Thatcham, it also has sites in Indianapolis, Indiana, USA and Mooresville, North Carolina, USA through which it provides technical and after-sales support to key customers in North and South America.
Xtrac is one of dozens of businesses in recent months to take advantage of the generous BIK tax rates and zero carbon emissions available through the Fleet Alliance salary sacrifice scheme.
Following extensive research in the salary sacrifice arena, the company has now introduced the Fleet Alliance scheme for all permanent part- and full-time staff which make up the large proportion of the over 440 staff based in the UK.
HR Director Kirsty Knight commented: “The straightforwardness and total package on offer was attractive and workable for our business. Our employees have reacted very positively and welcome the opportunity to purchase a new electric vehicle at a reasonable cost along with the simplicity of the process to access one.”
In terms of communicating the benefits of the scheme to its employees, Xtrac uses various channels including a monthly newsletter, business communications screens, quarterly face-to-face business updates and business news articles.
“We see it as an excellent addition to our already extremely competitive and industry leading employee value proposition and it also supports our ESG credentials which are at the core of our business.
“We have been very pleased with the progress and uptake so far and, to accommodate more employees onto the scheme, have installed an additional 20 electric car charging points for staff to be able to charge their cars at work.
“We are well known for our industry-leading and award-winning apprentice scheme with our in-house academy but, with this encouragement of staff to move to low carbon vehicles, we know we are leading our industry in the ESG space,” added Kirsty Knight.
Fleet Alliance CEO Andy Bruce said Xtrac was a good example of the UK businesses of all sizes that were signing up to the benefits of the Fleet Alliance salary sacrifice scheme.
“Our scheme is a great way to offer a company car at no extra cost to the business, as well as encouraging staff to make the timely transition to electric cars helping reduce the carbon footprint, as well as serving as an aid to rewarding and retaining staff through more attractive benefits.
“To keep costs as low as possible, we can deliver monthly savings of hundreds of pounds for employees due to our excellent procurement processes and the fact that we competitively tender each new vehicle via a panel of up to eleven funders. This ensures our clients, and their employees benefit from the lowest rental rate available in the market,” he said.
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