Exceeds Sales of 400 Units Totaling Over $10 Million in Fiscal Q1 Ending in September
FORT LAUDERDALE, FL (October 19, 2020) – Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing, and life cycle cost management (LCCM) announced today it has been active in the sales of off-lease used trucks this year, with total units sold exceeding 400 units in its fiscal first quarter ending September 30, 2020, with sales in excess of $10 million.
There has been more buying and selling activity of new and used heavy-duty trucks since the COVID-19 pandemic. According to the latest report from ACT Research, “unforeseen robustness of the perfect storm of positives into late spring and summer, following the initial shock of COVID-19 shutdowns and other mitigation efforts, has resulted in sharp upgrades in commercial vehicle expectations since May.1”
Amplifying this further, more companies are looking to replace aging trucks earlier in their life cycle to realize greater cost savings newer equipment offers in reduced fuel, improved maintenance and safety expenses, as well as lower emissions output2.
To help its clients with the sale of used off-lease trucks, earlier this year Fleet Advantage hired Francis Maloney as Remarketing Sales Manager. Fleet Advantage serves America’s premier private transportation fleets and therefore has a consistent inventory of quality used equipment, which are late models with low mileages. This means that even the secondary buyer is acquiring a truck that’s in better condition than the average used heavy-duty unit and they also benefit from lower fuel, maintenance and safety expenses, in addition to improved emissions output.
In September alone Fleet Advantage sold 229 off-lease used trucks for over $6.2 million in revenue. According to Maloney, “we continue to work with our clients as we have a large backlog of committed transactions in October with robust demand in the coming months. As more demand for the shipment of goods requires additional truck transportation, we expect the market for off-lease used trucks to remain strong for the foreseeable future.”
About Fleet Advantage
Fleet Advantage has over $1 Billion of assets under its Life Cycle Cost Management (LCCM) program and serves America’s top corporate fleets. Fleet Advantage 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.
###
1: https://www.thetrucker.com/trucking-news/equipment-tech/perfect-storm-of-positives-impacting-commercial-vehicle-market-act-says
2: https://www.fleetadvantage.com/press-releases/fleet-advantage-announces-it-secured-over-107-million-in-lease-originations-during-its-quarter-ending-september-30