Key Analytic Innovation Launches; Continued Client Business Intelligence; Stellar Employee Accolades & Community Service Help Drive Major Milestones In 2023
FORT LAUDERDALE (February 6, 2024) – Fleet Advantage, a leading innovator in specialty financing, fleet data analytics, fleet management services, and life cycle cost management, announced today a number of key corporate milestones achieved during the last twelve months that continued to demonstrate the company’s staunch dedication and commitment to client service excellence in an ongoing period of economic uncertainty, along with a continued focus on emphasizing professional development for its employees and new associates. These milestones were also highlighted by the company surpassing $1Billion in syndicated lease volume over the last twelve months.
Persistently Challenging Economic Climate
The transportation fleet industry continued to experience a handful of ongoing challenges throughout 2023, including reduced freight and lower rates, high fuel prices, driver recruitment, rising insurance premiums, and lingering supply chain woes. Additionally, while new truck availability has loosened, the cost of equipment continues to rise, and companies continue to grapple with the right strategy for alternate fuel adoption. Ongoing economic challenges have led to a greater focus in operational efficiency, resulting in growth among private corporate fleets.
“Many of today’s challenges within the industry are not new, but they continue to highlight the importance of having a methodical, disciplined strategic life cycle management plan based on proven data analytics to optimize their operations and manage their Total Cost of Ownership (TCO),” said Brian Holland, President and CEO of Fleet Advantage.“By leveraging proven data models and outcomes, fleets continue to improve on their strategic decision making, unlock greater efficiencies, improve asset utilization, and reduce overall costs. Each of these are paramount in today’s turbulent economic climate, especially with the largest truck prebuy looming in 2025 and 2026. Our clients have become industry leaders because of their commitment to leveraging a holistic asset management plan that focuses on life cycle sustainability with a multi-year approach.”
Intelligent Decisions For Alt Fuel Adoption and Emissions
Fleet Advantage also made significant strides in helping fleets make intelligent decisions in their decision to adopt alternate fuel technologies. While there continue to be many headlines about the move to battery electric vehicle technologies for example, organizations are also recognizing the difficult business climate in the required investment of this new technology. This was highlighted by Andrew Boyle, the new chairman of American Trucking Associations, who recently testified to Congress that converting the nation’s diesel trucks to electric “would require a $1 trillion investment, which ultimately would flow to consumers.”
During the past twelve months, Fleet Advantage introduced new, award-winning analytic navigator toolsdesigned to help fleets make intelligent decisions in identifying the appropriate equipment type to help continue to reduce emissions, which in many cases remains focused on adopting newer, clean-diesel technology. Additionally, the company’s focus on shorter life cycles is helping fleet clients reduce their environmental impact, bringing the Fleet Advantage total CO2 reduction of emissionsto over 1.3 million metric tons since inception.
Furthermore, Fleet Advantage achieved tremendous accomplishments across various other elements of its company and operations in 2023. The company secured and delivered over 5,500 units during a time when equipment was not readily available. The company also proved its flexible leasing model and successfully unbundling nearly 700 units. This is important because unbundling helps fleets leverage Fleet Advantage to identify areas where individual expenses such as maintenance, parts, and fuel can be incurred at competitive rates as opposed to all under a single full-service rate.
Its Fleet Services division, which offers value-added services to help fleets reduce their Total Cost of Ownership, made over 100 on-site visits where they mitigated issues such as registration, in-service, and maintenance; tire management and audits, and preparation for off-lease scheduling; pre-post trip education, accident damage exposure/risk; and data analytics consultations using the company’s award-winning ATLAAS portal.
Strong Focus On Employees & Commitment To Community
Fleet Advantage continues to recognize that its greatest asset remains its people. Over the last twelve months it has continued to invest in the growth of its employees, and it proudly celebrates the 20 awards achieved by members of its staff during that time. Furthermore, the company places a significant emphasis on resources for its staff, and it completed an exhaustive remodeling of its corporate headquarters this past year, as well as a refreshed brand identity. The company is also proud to acknowledge it has increased staff headcount by 15%.
With its continued emphasis on serving the communities where employees and client partners live and work, Fleet Advantage’s Kids Around The Corner Foundationestablished partnerships with 19 new organizations over the last year, with volunteer activity and charitable donations working to make a difference for all-important organizations and causes.
About Fleet Advantage
Fleet Advantage is the largest independent lessor for heavy-duty Class-8 trucks and has over $2.6 Billion assets and over 20,000 units under its Life Cycle Cost Management program. This comprises a client portfolio of more than 50 of America’s top corporate fleets, including five (5) of the top 10 private fleets in the country. Fleet Advantage guarantees the absolute lowest cost of operation by providing fleet asset management, financing solutions, and fleet analytics, using the latest equipment technology to achieve optimum vehicle productivity and maximum safety. Our model of TCO, clean diesel, and safety-enhanced trucks with shorter life cycles complement our customers’ ESG goals. The accomplishments of Fleet Advantage and our leadership team continue to be recognized for tremendous growth and industry leadership with numerous awards, including Top Private Independent and Most Innovative Firm by the Monitor Daily, Top Software & Tech Awards, Top Women Associates in Finance, and Green Supply Chain Awards to name a few. The company has also been named to Inc. magazine’s 500|5000 list of fastest growing companies in the nation.