Fleet Advantage Exceeds $330MM in Originations, Manages $1.1B in Assets
JAN 28, 2020 - 5:40 am
Fleet Advantage achieved key business milestones in 2019 that reflect the company’s position in helping transportation fleets become safer and more efficient, while reducing its Total Cost of Ownership.
In 2019, Fleet Advantage exceeded $330 million in lease originations, largely due to its lifecycle cost management programs and its EXchangeIT flexible finance program. The company’s ongoing commitment to shorter asset lifecycles helps clients continuously upgrade to new truck technology every three to four years.
Managing a fleet’s lifecycle yields a much lower TCO by eliminating rapidly escalating costs on maintenance repairs, equipment downtime and fuel consumption. This is a shift from the legacy tradition of holding truck assets for extended periods of seven to 10 years and provides several added benefits by improving driver retention, on-time customer deliveries and more frequently upgraded new safety technologies. Including 2019, Fleet Advantage now has over $1 billion in total truck/transportation assets under management.
Also in 2019, Fleet Advantage was recognized with several awards for its ATLAAS Unified (Advanced Truck Lifecycle Administrative Analytics Software) technology platform and a Lifetime Achievement Award in Technology for CTO and COO Jim Griffin.
Executing shorter truck lifecycles is accomplished through Fleet Advantage’s ATLAAS Unified Technology Platform and EXchangeIT flexible financing program, which encourages customers to replace equipment when it reaches its economic tippingpoint rather than holding it or extending it beyond lease expiration. Fleet Advantage removes customer risk by taking responsibility for the disposition of the used, off-lease assets and creates recurring revenue from long-term customers that benefit from lower costs and increased efficiency.
Fleets also capture value by reducing accidents and injuries via new safety technologies that cannot be retrofitted into older trucks. Recent studies show a correlation between advanced safety features, improved FMCSA (Federal Motor Carrier Safety Administration) scores and overall cost reductions. One leading transportation fleet company implemented electronic stability control, forward collision mitigation and lane departure warnings on all vehicles in 2018 and saw a 40% drop in preventable rollovers, and a 22% decrease in the frequency of rear-end collisions. According to the law firm Isaacs and Isaacs, semi-truck accidents cost $20 billion per year in accident settlements.
“We’re proud of the technology, tools and resources we have developed, which has enabled us to create positive disruption in the transportation fleet industry,” said John Flynn, CEO of Fleet Advantage. “More importantly, we are blessed with a dedicated staff of professionals who continue to demonstrate their commitment to excellence and superior client service which has truly vaulted Fleet Advantage into its leadership position within the industry and the markets we serve.”
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