Lower Maintenance, Fuel, Emissions & Safety Costs Driving Fleets Toward Shorter Asset Lifecycles
FORT LAUDERDALE, FL (October 6, 2020) – Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing, and lifecycle cost management announced today it secured Lease Originations totaling $107.3 million for its quarter ending September 30, 2020.
Companies with transportation fleets are realizing a significant opportunity for increased savings in their Total Cost of Ownership (TCO) by moving their vehicles toward a shorter lifecycle. In doing so, these organizations are saving millions through lower maintenance and repair (M&R) costs, lower fuel expenditures, reduced emissions, and lower costs associated with safety accidents. The COVID-19 pandemic also had a significant impact on the industry during the company’s fiscal year, and in response it began offering a Sale-Leaseback program designed to infuse cash and flexibility for transportation fleets.
“Our clients are paying closer attention to the costs associated with their fleets and how those costs impact their bottom line each year,” said Al Barner, Senior Vice President, Strategic Fleet Solutions for Fleet Advantage. “Regardless if it’s a record-setting year or one where a global health pandemic roils the industry, close scrutiny of the bottom line to identify every opportunity for savings is critical in order to remain competitively positioned.”
Truck acquisition strategies will be an important decision for many companies, especially as the latest figures show that preliminary orders for North American Class-8 heavy-duty trucks in September were up 60% from the previous month, and up 145% compared to the previous year according to ACT Research.
Fleet Advantage services 28 of the top 100 fleets in North America. With the help of Fleet Advantage’s turn-key asset management including its EXchangeIT® flexible leasing solution and its award-winning ATLAAS Unified (Advanced Truck Lifecycle Administrative Analytics Software), the company helps its clients lower their Total Cost of Ownership (TCO) through technology and data analytics.
About Fleet Advantage
Fleet Advantage has over $1 Billion of assets under management and serves America’s top truck fleets and guarantees the absolute lowest cost of operation by providing truck and trailer financing with matching proprietary data driven IT processes and fleet analytics, using the latest equipment technology to achieve optimum vehicle productivity and maximum safety. Fleet Advantage is ranked as one of the fastest-growing privately held companies in the state of Florida and the fastest growing independent truck lessor in the U.S. In 2018, Fleet Advantage was ranked the 9th Top Private Independent from Monitor Daily; and in 2015 and 2013, the company was named to Inc. magazines’ 500|5000 list of fastest growing companies in the nation. In 2011, CEO John Flynn received the Ernst & Young Entrepreneur of the Year® 2011 Florida – Emerging Category award.