Fleet Advantage Exceeds $1B in Lease Originations in Fiscal 2023
AUG 8, 2023 - 6:52 am
Fleet Advantage reported continued growth for its fiscal year ending June 30, as it notched more than $1 billion in lease originations during the year.
Fleet Advantage also noted that it is continuing to expand into alternate fuel options, including electric and hydrogen, with various vehicle and trailer types now being used by its corporate transportation fleet clients. The company provides resources to help customers adopt alternate fuel technologies in addition to grants, including sourcing and addressing critical infrastructure needs. As one example, the company helped a Top-100 fleet adopt hydrogen fuel cell technology. Fleet Advantage assisted with the cumbersome grant process on behalf of the client, which can reduce the cost of the equipment from $900,000 to $450,000 per vehicle.
In addition to placing a large order of EVs, Fleet Advantage has a portfolio of more than 19,000 vehicles under asset management. The company has identified a considerably greater volume of EV equipment that will complement its customers’ supply chains, including EV Class-8 day cabs, yard tractors and trailers. Fleet Advantage is also now providing other types of equipment through its lease programs, such as cargo and transit vans.
Furthermore, the company has continued to elevate its TCO technology stack, recently unveiling its new analytic tool — EVAN — to help further identify and optimize TCO and the efficacy of utilizing electric vehicles. The company also provides data and analytics resources to help clients understand the costs associated with transitioning to alternate fuel.
Fleet Advantage further reported that 98% of the trucks in its portfolio are equipped with the latest safety features and technology. The company noted that there has been an uptick in safety technologies, such as collision avoidance, lane departure and blind spot monitoring, mainly driven by the standardization of these technologies by OEMs.
During fiscal 2023, Fleet Advantage continued to provide advanced data analytics and fleet modernization studies to help inject more flexibility into its clients’ operations while helping them pay closer attention to their trucks’ life cycles.
Flexibility-forward programs, such as the company’s EXchangeIT program, have helped fleets and organizations instill confidence in adopting newer equipment and alternate fuel options. Fleet Advantage has continued to leverage the EXtendIT option during recent truck and parts shortages to allow for these extensions of leases.
“The equipment finance and transportation industries saw continued challenges over the last 12 months, and we have remained committed to helping our partners leverage the resources necessary that allows them to grow and thrive in today’s market,” Brian Holland, president and CEO of Fleet Advantage, said. “We’re excited about the dedicated team we have in place and are proud of the legacy we’ve built thus far, and this positions us to help our customers meet the challenges of today and tomorrow.”
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