Fair Value Statement
What is our Fair Value Statement?
Our Fair Value Statement is a regulatory document that we produce in order to appraise our performance, charges, advice and overall service to our clients.
What we offer here at DriveElectric
Since 1994 we have been providing vehicle leasing services to personal and business customers throughout the UK. We partner with a number of the major finance providers in this sector in order to provide clients with a suitable and competitive lease for their vehicle.
Our services include:
- Vehicle consultation: Expert guidance to help customers select a suitable vehicle that meets their specific needs
- Finance product clarity: Clear communication of the finance product used to fund their lease, ensuring it aligns with the customer’s requirements.
- Customised leasing options: Helping customers to select the appropriate contract term, annual mileage and maintenance package to suit their needs.
- Funder selection & application support: Identifying which funding partner is most appropriate to fulfil the customer’s specific needs and offering guidance through the finance application process.
- Vehicle sourcing & discounts: Leveraging our extensive supplier network and 30 years of purchasing expertise to secure vehicles at highly competitive prices.
- Comprehensive customer support: Ongoing customer service throughout the lease, ensuring smooth contract management from start to finish including assistance with contract amendments, vehicle collection, contract extension, early termination process and renewal options.
How do we assess value?
At DriveElectric, providing excellent value to our customers is at the very core of our proposition.
Trading since 1994, we have established comprehensive processes for reviewing our business performance, pricing strategies, and services for personal and business leasing customers.
How do we deliver fair value?
Our commitment to delivering value in practice is straightforward: we offer competitive pricing backed by personalised, first-class service. Our dedicated team work closely with customers to ensure their vehicle requirements are met, from selecting the most suitable vehicle to arranging credit and delivery.
All our sales and support staff undergo thorough induction training before interacting with customers, and their competency is signed off by their line manager.
Additionally, all staff must complete mandatory training modules approved by our industry body, the BVRLA, throughout the year.
To ensure consistent, high-quality service, our management team regularly meet for monthly compliance meetings to ensure we are delivering on this promise and providing an excellent customer experience. We log and report the outcomes to our Board.
How we measure our performance
- Bespoke price & value management information
- Robust complaints process
- Customer feedback
- Trustpilot review scores
Through our Dynamics Customer Relationship Management system, we are able to measure many parts of the customer journey. This includes Credit Decline, (both by our funders, and by our own internal procedures), Cancellations, take up rates (where we measure our competitiveness in the marketplace), amongst other data. We have a robust complaints procedure, where any expression of dissatisfaction is logged, reviewed and thorough root cause analysis is carried out.
Fees & charges
Commission & remuneration
We receive a fixed and/or variable commission for introducing you to a funder. Our commission is added to the base rental rate quoted by each leasing company in our panel of funders. It is included in the total price of the monthly rentals you pay, which is published on our website. We set our commission at a level that is market competitive to make an offer attractive to our customers. Our commission levels are capped and monitored by our Compliance team and the Board.
The commission or fees we earn does not influence our decision on who we introduce you to. The commission we receive is included in the price you pay.
You can ask for information about the commission we receive for introducing you to the funder, including the amount, by emailing us at any time at customerservice@drive-electric.co.uk
Administration fee
We charge a fee of £234 including VAT for our services. These services include:
- Helping you to find a suitable vehicle that meets your needs and requirements.
- Helping you to understand the contract hire product used to finance your vehicle so that it meets your needs and requirements.
- Helping you to select the appropriate contract term, annual mileage and maintenance package to suit your needs.
- Searching the market to find you a competitive price
- Sourcing and securing your vehicle from our network of suppliers and dealerships.
- Offering our Customer Services support throughout the life of your lease.
- Proactively assisting you with contract amendments, vehicle collection, contract extension or renewal.
- The administration fee is charged to cover the administration of the sales and support service and the ongoing provision of the best available lease rates through our website. It is not for introducing you to a funder or for any part of the service which is covered by the commission. This fee is one of the most competitive administration fees in the market.
We are confident that by following these principles, we can help you find the perfect car lease deal and ensure a smooth leasing experience.
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