Archive for March, 2010

Webfleet joins the SmartSalary family!

SmartSalary’s parent company, Paxys Australia, this week completed the asset purchase of a fleet management business based in Beaconsfield Victoria called Webfleet.

Webfleet specialises in managing fleets of company cars, whilst SmartSalary specialises in managing novated leases and other salary sacrifice benefits. Both companies have strong focus on the government and health sectors, and also service some large corporate clients. So although we speak a common language, the two businesses offer distinctly different services.

As part of the sale process, we met with some of Webfleet’s clients – they were all remarkably satisfied! The main drivers of satisfaction are Webfleet’s customer-oriented staff and the user-friendly systems.

In fact, the clients are so satisfied that any changes will be kept to an absolute minimum.

Managing novated leases and company car fleets require many of the same skills, and as such we are confident that the Webfleet and SmartSalary teams will be able to work well together and learn from each other.

SmartSalary and Webfleet have several clients in common today.  If we are able to learn and grow together, our hope is that going forward we will be able to offer our complete vehicle solution to many more organisations across the country!

We are all very excited about the Webfleet acquisition and look forward to continuing to innovate and to better serve our clients!

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Is Your Superannuation Strategy Backwards?

Investing can get complicated but the objective is pretty simple: “buy low” and “sell high”.  So why is it that so many people seem to do just the opposite?

SmartSalary is not licensed to give investment advice.  We do, however, process hundreds of millions of dollars of voluntary superannuation contributions every year, so we are able to see some clear trends.

And what we noticed was that as the stock market turned down in 2008/2009, people began stopping their voluntary super contributions. In fact, the lower the market went, the more people stopped contributing.

On one hand, this makes a lot of sense. Why keep putting your money into a fund that is losing money?  On the other hand, however, you can see that people were happy to buy when the market was at its highs but a lot less happy to buy when the market was much lower.  Thus instead of “buying low” and “selling high”, people were in effect doing just the opposite!

So what do you reckon?  What are your thoughts on this issue?  Which of the below categories best describes your thinking?

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Deven Billimoria
Chief Executive Officer

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March 2010
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