Fleets and drivers stuck in long-term leases can now switch to electric vehicles early with the help of a new scheme.

Karl Howkins, managing director of Sogo

Launched by flexible leasing company Sogo, the equity release programme provides a fully managed service where Sogo will handle negotiations and paperwork with the existing finance provider.

It’s the latest development from Sogo, which was founded in January 2021 by former Citroën UK managing director Karl Howkins, offering private individuals, micro-businesses, SMEs and corporates with ultra-flexible vehicle leases from one month to four years.

Since then, the company said it has seen businesses seeking greater flexibility in lease terms as part of the move to electric vehicles.

Karl Howkins explained: “The shift to electric and hybrid vehicles is happening quicker than anyone expected. Companies are seeking to make the change now and don’t want to be stuck in long-term arrangements. Our equity release programme will enable companies and drivers to access the vehicle they want when they need it.”

Sogo added that since its launch it’s seen the number of EVs on fleet grow to 40% through 2021, with an average lease term of six months.

Other innovations introduced by Sogo since January include an all-inclusive monthly leasing service that removes upfront payments and includes servicing, breakdown cover and insurance. And in May, it launched a monthly salary sacrifice scheme, developed to provide unrivalled levels of flexibility.

Sogo has also teamed up with BP to operate a carbon-neutral fleet across petrol, diesel and EVs, and joined energy giant BP’s Target Neutral programme to help fleet customers measure, reduce and offset their carbon emissions.