Fair Value statement (V1 –14/02/2024)
Skyfleet Limited have produced this document to meet with regulation guidelines to review and measure our performance and to ensure the products and services that we offer remain competitive, suitable and relevant to our customers.
What do we offer?
Skyfleet Limited are a leasing broker, established in 1998, offering a range of products and services to businesses & private individuals.
We have access to multiple funders, as well as all makes and models of vehicles, this ensures all our customers have greater choice, and consistent & fair pricing across a range of funders & manufacturers.
Our services include:
An initial consultation to ascertain the customers needs and to aid them in in selecting the most suitable vehicle for their budget and requirements.
A thorough fact-finding process to ensure the products we offer are suitable.
Product fact sheets with all the information needed to make an informed decision.
Products that offer choice & options such as term, mileage requirements, as well as options to add maintenance solutions if required.
Assistance in choosing the right funder, by providing pre-contract information on the relevant funder.
Sourcing the vehicle through a network of trusted dealer partners, to ensure the best levels of service are achieved throughout the sales process.
Support through the sales process from a dedicated Account Manager and the administration team. All our staff are highly trained to ensure they have good levels of product & industry knowledge. Our team will assist with all enquiries and questions from the initial point of contact, through the underwriting & order process, to delivery and throughout the duration of the contract. Our sales process is communicated through our customer journey map at the earliest stage in the process.
How do we ensure our products remain suitable?
By only marketing through suitable and tried & tested mediums.
Reviewing how our website & all marketing campaigns perform.
Ensuring the target market is appropriate for the products & services through customer feedback & monitoring conversion levels of new enquiries for consistency.
As a regulated leasing broker, we are required to have clear processes in place to ensure that all the products & services that we offer, provide our customers with positive outcomes, with the focus on maintaining high standards of consumer protection at all times.
The business monitors sales levels monthly to ensure there is consistency with previous years and no evident decreases which might suggest the cost of the products & services is not comparable with the rest of the market.
The business monitors competition actively and price checks on a daily basis to ensure our pricing is competitive and in line with other brokers.
The business sends a survey to all new enquirers within 7 working days, seeking feedback on pricing, as well as service given. These results are analysed to determine any negative trends with pricing.
Our Account Manager team carry out a verbal survey soon as after delivery to ensure all parts of the sales process were positive and met with expectations. The results are monitored for both positive & negative outcomes and to look for any trends relevant to our service.
Conversion of new enquiries is measured monthly to ensure that levels are consistent and to an acceptable level. This is a useful gauge when determining if products & services are offering value for money.
Target Market
All products are targeted at customers with needs & objectives suitable to the products being offered. These include but are not limited to:
Not looking for a short term hire product.
An affordable financial product to fund a new vehicle.
A long term fixed monthly rental product, with fixed annual mileage.
Customers wanting the option to include routine maintenance & servicing, as well as tyres.
Customer can afford the monthly rental and associated running costs, including maintenance of the vehicle (if not included in the rentals).
UK residents, over 18 with a full UK driving licence (private individuals).
Businesses with a strong credit profile & accounts supportive of the vehicle value.
Good personal credit and minimum 3 years voters role trace (5 years for some funders) for personal searches.
Customers not wanting to handle disposal of vehicles at the end of the period of hire.
The products & services we offer are not designed for the following:
Customers that have volatile credit history or irregular monthly income that might not cover the monthly commitment.
Customers that anticipate a change in circumstances that might impact their ability to meet the monthly commitment.
Customers seeking a rental period shorter than 2 years.
Customers that wish to take the vehicle abroad for prolonged periods.
Customers wishing to front the finance for a third party (such as family member or friend).
How & where we intend to market our products & services?
Via our website: www.skyfleetcarleasing.co.uk
Third party quote comparison websites such as LeaseLoco.
Our own online marketing campaigns using Google Adwords.
Repeat & additional business from existing customers.
Referrals from existing customers.
Fees & charges.
When giving consideration to our pricing, we have to allow for the time & work involved in putting deals together as well as the fixed costs we have to run our business, such as, charges for having access to the funders quote systems, monthly subscriptions for our CRM, e-sign document generation & accounting software.
The cost to generate new enquiries, which averages at around £40 per new enquiry & administration costs.
Skyfleet offer an open and transparent pricing policy, all fees and charges are clearly documented on all relevant communications, all customers are informed that commission is payable and how it impacts their monthly rentals.
Skyfleet do not charge any additional fees in the event of the customer wishing to cancel their order.
A non-refundable arrangement fee of £299 + VAT is payable by business customers and £299 inclusive of VAT by personal customers, for our services. This fee represents the costs incurred for processing the agreements. The fee is payable by either debit/credit card or BACS and is only taken once the finance has been approved and at the point, we will be ordering your vehicle.
Skyfleet Limited are a commission & fee-based organization which means that we will receive a commission payment or other benefits from our finance providers in respect of a hire agreement undertaken. Skyfleet Limited may also receive additional remuneration, based upon how much business we introduce to each lender. The amount of commission paid to Skyfleet Limited will increase the amount you pay to hire your vehicle, details of which are available upon request for any agreement regulated by the Financial Conduct Authority.
Skyfleet Ltd are committed to ensuring all products and services offer value for money to all customers. This summary document has been created to fulfil our responsibilities under Consumer Duty Regulations. Our whole team follow a very stringent sales process to ensure each customer has a positive outcome, with their best interests at the forefront of every interaction.
