Zenith Vehicle Contracts

For further information, please call on freephone 0800 458 0113 or email us.

• 2011 Fleet News FN50 position: 14/50 - fleet size: 22,136*
• 2010 Fleet News FN50 position: 18/50 - fleet size: 19,990*
• 2009 Fleet News FN50 position: 17/50 - fleet size: 19,500*

* source Fleet News, part of Bauer Automotive

About Zenith

Zenith Intelligent Vehicle Solutions is one of the UK’s leading independent leasing, Fleet Management and Vehicle Outsourcing Businesses. The company was established in 1989 as a specialist provider of bespoke fleet solutions, offering its services to mid to large corporate businesses.

Over the past few years the company has expanded widely, acquiring new businesses and bolstering its economic assets. In 2008, Zenith bought Employee Car Ownership (ECO) specialist Provecta Car Plan, one of the very first leasing companies to offer employee car ownerships in the 1990’s. Shortly after this in 2010, Zenith completed their fourth re-financing deal with Morgan Stanley Private Equity, putting them in a better economic standing than ever before. Zenith have also had a business venture with Asda Supermarkets for over 9 years, offering fleet funding and management services to more than 700 of their contract hire vehicles. With their efficient, tailored services all supported by a reliable data rich online management platform, Zenith provides the most cost effective and tax effective solutions to mid to large corporate businesses within the UK.

Zenith offer several services tailored to fleet financing, with each one filling in a specific space in the market:

Contract Hire

Contract hire is your standard term-based policy. Zenith provides the customer with a vehicle or fleet for an agreed contract length and the customer returns the vehicles at the contract end. All costs are fixed and reflected on the budget requirements and earnings of the customer, with Zenith handling all administration and maintenance fees. This is useful for companies needing a reliable fleet without the commitment of actually owning one.

ECO

ECO or Employee Car Ownership is a method of acquiring cars from a single source that often operates within a particular financing framework. It is a method where the employees themselves find and use a vehicle similar in a similar manner to a company car, except the ECO scheme is usually administered and funded by the employer or a third party who are related to the employer. The benefit of this is that the car is technically classed by the HMRC as being privately owned, meaning there is no Benefit in Kind tax that needs to be paid. The vehicle is usually funded through a combination of business mileage reimbursement and taxable cash allowance, plus a small contribution from the employee. This offers a particularly cost-effective solution for businesses whose fleets cover high mileages.

Contract Purchase

Contract Purchase is very similar to Contract Hire, except the customer is given the option of vehicle ownership at the end of the contract. Like Contract Hire, the customer makes fixed monthly payments which are decided at the beginning of the contract. At the end of the contract the customer is given the option of paying a final ‘balloon’ sum, giving him ownership of the vehicle after the contract finishes. If you choose against buying the vehicle, Zenith will buy it back at the end of the term, protecting you from any residual value risks associated with vehicle ownership.

Sale & Leaseback

Sale and Leaseback allows Zenith to purchase your vehicles and lease them straight back to you at the current market value, without the usual residual value risk. Maintenance packages for your fleet can be provided as an optional extra, either on a fixed cost or pay-on-use basis. The main benefit of Sale & Leaseback is that you gain that much needed capital for use elsewhere in your business; highly useful if you are a relatively new company who needs a fleet without the commitment and associated risks of owning one.

Whole Life Cost

Whole Life Cost is the full term of your leasing or ownership where the overall vehicle costs are factored in. Whole Life Cost takes into account all the related factors during the vehicle holding period, giving you clear figures of things such as its depreciation, running costs and car tax payable.  Whole Life Cost modelling helps the customer to understand the true cost of running their fleet by giving Zenith the ability provide advice on the best funding solutions available to the company. When it comes to funding the fleet and choosing which vehicles to provide, Zenith look at varying factors behind the fleet costs to ensure the customer makes the right decisions for their business.

Zenith also provides an array of comprehensive Fleet Management solutions, including:

•    Maintenance Management
•    Service Booking
•    Tyre Replacement
•    Vehicle Administration
•    Acquisition & Disposals
•    Commercial Vehicles

Zenith Intelligent Vehicle Solutions can be contacted via their head office in Anglia House, Leeds. Alternatively, you can telephone them on the number 0844 848 8091, or email at info@zenith.co.uk.

Sources Used

https://www.zenith.co.uk
http://www.fleetnews.co.uk/costs/wholelife-costs/
http://www.lexautolease.co.uk/content/funding/saleleaseback.aspx
 

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