Enigma Increases Protection and Choice for Telematics Users with New Finance Plans

Online, October 22, 2009 (Newswire.com) - To solve problems caused by financial difficulties in telematics suppliers in the UK, Enigma Vehicle Systems PLC has used the company's financial strength to launch the new Skyline Flex-e Finance Programme, providing fleet managers with greater protection and flexibility when purchasing tracking and security products. The Skyline Flex-e programme is totally unique in the telematics industry, being funded entirely from Enigma's own resources, offering the buyer a complete choice of finance options, from short term rental similar to Pay-As-You-Go to lease or extended credit purchase, with the unique advantage of being able to change service type or Flex-e programme if circumstances alter.

Ian Keam-George, Chief Executive of Enigma Vehicle Systems, said: "We have been surprised by the number of competitors in the telematics industry who are in financial difficulty or have ceased trading, leaving their customers paying for product that is of little use to them. To provide a solution, Enigma is using its financial strength to safeguard users and stimulate business with the new Flex-e programme, which we believe is a compelling proposition. Enigma Vehicle Systems PLC has been in business since 1992, a clear demonstration to any prospective Skyline customer that we are going to be around for the long term."

Skyline is an industry leading vehicle tracking, data management and security system providing real-time data, together with instant visibility for vehicles, construction plant and other remote assets. In addition to fully integrated Google road, satellite and hybrid maps, the many features offered by Skyline allow it to be customised to provide the security and telemetry data required by both the customer and user.

There are a number of products available within the Flex-e plan. The first is Flex-e Rent, a no commitment, rental plan based around an initial payment, which includes the hardware, software, a three month service fee and installation together with a 12 month warranty. As well as the limited capital requirement and tax efficiency of the scheme, there is complete flexibility with no long term tie-in and the agreement can be cancelled at any time.

Flex-e Rent applies only to specific products in the Skyline range and the equipment remains the property of Enigma for three years. Prices start, for the simplest Skyline 999 system at just £95.00 installed with three months' service fees at £14.95 per month. The scheme can be upgraded to the Flex-e Lease or Purchase options described below.

The Flex-e Lease plan covers all products within the Skyline range and offers long term cost savings over Flex-e Rental. The plan is available on terms from 3 to 5 years with warranty provided for the complete term. This lease offers the advantage that it is funded by Enigma itself; the products remain the property of Enigma until the lease is complete with flexibility to change product type, specification and service options throughout the term. The plan has a low initial payment of £95.00 plus 3 months service payable prior to installation and is subject to satisfactory credit clearance and payment by Direct Debit.

The third element of the Flex-e scheme is Flex-e Purchase which allows the customer to take advantage of Enigma's extended, 0% interest scheme to purchase equipment with no penalties for longer payment terms. Again Flex-e Purchase allows users to keep up with new technology with upgrade options to change product type, specification and service options. As well as lower whole life costs, the Flex-e Purchase scheme allows customers to reduce the impact on cash flow by spreading payments over 3 months for their hardware and service fees. Subsequently, service fees are payable by quarterly direct debit.