GE Capital Fleet Services announced it identified $481 million in potential cost savings for customers in 2013, with customers realizing $209 million in actual savings as a result. By analyzing customer fleet data, GE Capital Fleet Services highlights areas for savings and has identified $1.2 billion potential savings opportunities for customers since 2011.

In 2013, 43% of all identified cost savings were realized by customers, an increase of six points from 2012 indicating that fleet managers are more actively engaging in cost-cutting practices. This identified opportunity translates to $401 per vehicle across the 1.4 million vehicles under GE’s fleet management in 2013.

“We’re seeing several trending opportunities for cost savings, particularly when it comes to companies leasing vehicles and right-sizing their fleets for maximum fuel efficiency,” said Steve Jastrow, strategic consulting services manager at GE Capital Fleet Services. “With regard to vehicle cycling, fleet managers are increasingly conscious of taking advantage of the robust resale market and accelerated and optimal replacement strategies have been a big area of savings for fleets.”

In addition to replacing and leasing strategies, utilizing new products to improve operational efficiencies remains a major focus of fleets’ cost savings strategy. Buoyed by a new suite of analytical tools released by GE Capital Fleet Services in November 2013, fleets have specifically focused on benchmarking performance in real time, optimizing fleet performance, and rightsizing vehicles via cargo rationalization.