Vehicle Reimbursement Programs Can Offer More Options Than You Might Think

AMHERST, N.Y., May 15, 2020 /PRNewswire/ -- At first blush, FAVR programs can appear to be simple. "F" is for fixed costs for business use of employee-owned vehicles, for example insurance and licensing. "V" is for variable expenses such as the relative cost of living in a given geographical region and fluctuating gas prices, which have been remarkable in the past few months.

But you can't judge a book by its cover, as they say, and you can't evaluate a FAVR program by those two dimensions alone. From our point of view, you might add an "O" at the end of the acronym - O for options.

Just a Few Options You'll Have with FAVR and CarData

    --  Employees have Vehicle Choice - Company cars are mostly a perk of the
        past.  In today's current workforce employees want choice, one of the
        ways CarData offers that is through our FAVR program.  A FAVR program
        gives drivers both the ability to choose a vehicle that they need to
        have for work and want to drive when they're not working. And employees
        keep the equity in their vehicles.

    --  Companies choose the Vehicle Profiles - By selecting vehicle profiles
        that govern the program and reimbursements, the company has choice. 
        Select the Vehicle that best fits the needs of the business. This
        Vehicle Profile is what the reimbursements are based on. This means the
        functional needs of the vehicle are chosen by the company. The employee
        can drive their preferred vehicle but the company does not pay for that
        choice, but rather what the vehicle the business needs. This is a cool
        way to control costs.

    --  Mileage Bands - the beauty of mileage bands is that companies pay for
        what they use. A driver with low mileage will have less depreciation on
        their car, so less is reimbursed in the Fixed part of the monthly
        reimbursement.CarData has mileage bands of 5,000 to 50,000+ and adjusts
        them as needed according to actual miles driven each year.
    --  Tracking Options - Paper based mileage logging and reporting is a dated
        and inconsistent Using Mi-Route, the CarData mobile mileage tracking
        app, is an automated, accurate, and seamless option. We've seen
        customers save significantly because of improved data, and the
        convenience allows drivers to do their job, while the app takes care of
        mileage. You can get the details in our post "Strap a Smart Fitness
        Device onto Your Vehicle Reimbursement Program: Mi-Route."

    --  Program Management - A big advantage of outsourcing your VRP is shedding
        the program management and administration burden. You can delegate as
        much of the duties as you want to us, from on-boarding new drivers,
        answering questions on the program and technology platform, calculating
        and validating monthly payments to paying drivers via electronic funds
        transfer. It's up to you

What Does Your FAVR Program Look Like?

Great question, one that we can answer by discussing your business operations and how components of FAVRs can be tailored to help you save resources and fairly reimburse employees.

It starts with getting in touch with us. We'll be happy to outline a plan covering all the points above as well as eligibility, insurance and licensing details, and potential cost savings.

Request a demo today!

About CarData Consultants

CarData provides precision vehicle reimbursement programs for the mobile workforce. CarData services save money, reduce risk, and remove administration. CarData programs are compliant with the IRS and the CRA procedures.

MEDIA Contact: Megan Dean
Marketing Communications | CarData Consultants Inc.
Direct: 303-434-3307 | FAX: 929-235-7525
239863@email4pr.com

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SOURCE CarData Consulatants