Fleet Advantage, a provider of specialty financing, fleet data analytics, fleet management services and life cycle cost management, reported multiple corporate milestones from the last 12 months, including surpassing $1 billion in syndicated lease volume.
The transportation fleet industry continued to experience ongoing challenges throughout 2023, including reduced freight volume and lower rates, high fuel prices, driver recruitment difficulties, 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),” Brian Holland, president and CEO of Fleet Advantage, said. “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.”
While there continue to be many headlines about the move to battery electric vehicle technologies, organizations are also recognizing the difficult business climate and 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 12 months, Fleet Advantage introduced new analytic navigator tools designed to help fleets make intelligent decisions in identifying the appropriate equipment type to help continue to reduce emissions, which in many cases means 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 emissions to more than 1.3 million metric tons since inception.
Furthermore, Fleet Advantage secured and delivered more than 5,500 units and unbundled nearly 700 units. In addition, its fleet services division made more than 100 on-site visits to mitigate issues such as registration, in-service and maintenance; tire management and audits; preparation for off-lease scheduling; pre-post trip education, accident damage exposure/risk; and data analytics consultations using the company’s ATLAAS portal.
Over the last 12 months, the company celebrated the 20 awards achieved by members of its staff. Furthermore, the company completed a remodeling of its corporate headquarters this past year, as well as a refreshed brand identity. The company is also increased staff headcount by 15%, while its Kids Around the Corner Foundation established partnerships with 19 new organizations over the last year.
