Pandemic & Uneven Economy Driving More Companies to Seek Flexible Financing
FORT LAUDERDALE, FL (November 13, 2020)
– Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing, and life cycle cost management (LCCM) announced it secured a total of $223 million in truck lease syndications during its 2020 fiscal year ending on June 30, with an additional $89 million in syndications volume during its fiscal Q1 ending September 30.
Truck lease syndication through Fleet Advantage is important because the company has exclusive program agreements with the top U.S. lenders enabling access to critical funds. Fleet Advantage leverages the company’s bank partnerships with their market expertise to secure access to abundant capital and lower financing costs for their clients.
During 2020, companies required innovative financing programs to maintain cash flow while remaining competitively positioned for the future. In response, Fleet Advantage introduced its pioneering Sale-Leaseback
program that helps to dispose of surplus trucks and convert “dormant equity” locked up in truck ownership into cash with the opportunity to upgrade the fleet at a future date.
“Innovative and flexible financing will remain important as companies balance the need for truck replacement with the uneven economic climate,” said Marc Gingold, Vice President of Syndication at Fleet Advantage. “A large segment of our customer base is dedicated to grocery supply chain logistics which required us to react to increasing fleet capacity in the short term. We have enabled these customers to expand quickly in spite of pricing, credit line and underwriting challenges. We are encouraged with our success and creating a foundation for future growth for customers and our funding partners.”
Fleet Advantage offers both capital and operating leases, each of which reduce CAP EX and have no economic residual risk. The company also offers the most competitive lease rates on the market and provisions that enable lease flexibility unmatched by any competitor.
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.