SEARCH MENU Home / / SECO SECO SECO is a way of offering a company car scheme but with savings to both employer and employee. What is SECO? An alternative way to fund your fleet In a Structured Employee Car Ownership scheme, the employee is the owner of the vehicle from day one, so BiK is not payable on the car benefit itself. With traditional company car schemes if the vehicle is made available to the employee for private use, in addition to business use, then BiK will be payable. However, increasing Benefit in Kind has seen employees opting out of employer schemes and choosing a cash allowance alternative. What is included? Contract Hire SECO Full Maintenance (inc. tyres) Motor Insurance Breakdown RFL BIK Payable Comparing SECO and contract hire by feature What are the benefits of SECO? The main objective of a SECO scheme is to deliver cost savings to the employer whilst retaining control of the fleet policy. Potentially significant savings for both employers and employees over some traditional company cars Retain control of the fleet policy including vehicle choice and employee grades BIK is no longer payable therefore employees can save All cars are brand new, come fully maintained and include benefits typically associated with a company car A balanced and well structured scheme helps to attract and retain employees Want to find out more? Get in touch here or call 0330 333 5678 How does SECO work? A scheme is structured to look and feel like a traditional company car scheme. The key difference is that the employee is signing a Credit Sale Agreement (CSA) which transfers title in to their name. The employer retains control of the fleet policy so can decide what vehicles are made available to employees based on their profile and grade. The costs are covered using a combination of: Approved Mileage Allowance Payments (AMAPs) Employee contribution towards the car Employer top-up (if required) Is SECO right for my business? At Ogilvie we work with our clients to determine what scheme will work best for them and their employees. Typically a SECO scheme will work best where: An employee is driving more than 4,000 business miles a year An employee is a higher rate tax payer A car policy includes diesel or petrol models Our modelling software allows us to work out the most appropriate form of funding for your fleet, based on individual vehicles and driver needs. Contract Hire SECO > 5,000 business miles per annum < 5,000 business miles per annum 40% tax payer 20% tax payer Diesel/Petrol Policy BEV/PHEV policy Comparing contract hire and SECO for different drivers Want to find out more about SECO? CONTACT US or call 0330 333 5678 Related Links Contact us Get in touch by phone or request a callback when convenient Fleet funding Independent fleet funding advice from the industry experts Home Go back to our home page for a fresh start. EV database Choose your next car with our new electric vehicle finder. 0330 333 5678 Contact Us Privacy Policy Corporate Social Responsibility Modern Slavery Statement © 2021 Ogilvie Fleet. Part of the Ogilvie Group of Companies. Ogilvie Fleet is a registered company in Scotland with company number SC067027 Ogilvie House, 200 Glasgow Road, Stirling FK7 8ES | VAT registration number 400 892 864