Fleet Advantage, a provider of truck fleet business analytics, equipment financing and life cycle cost management, reported results for its fiscal year ending June 30.
The transportation industry continues to face remarkable challenges, still punctuated by supply chain disruptions, lack of available truck inventory, rising inflation, delivery delays, the high cost of fuel and escalating costs of labor and maintenance. Fleet executives also face daily pressures to explore alternate fuel technologies.
Despite these challenges, Fleet Advantage helped its clients by delivering more than 4,000 new and used trucks this past fiscal year and expanded its customer base by 25% over the last 12 months. New clients include companies in the grocery, food service, manufacturing, chemical and paper industries.
Over the last 12 months, industries that rely on trucking and transportation fleets, such as construction, energy, metals and manufacturing, as well as last-mile fleets that deliver to grocers and restaurants, have continued to reassess their procurement strategies based on functional obsolescence as opposed to economic obsolescence. According to Fleet Advantage, with its programs, companies that shorten their asset management life cycles through a lease model have been able to plan their replacements better and thus avoid the pain associated with the current procurement backlog.
Fleet Advantage’s transportation and private corporate fleets continue to leverage the company’s strategies through programs like sale-leasebacks and multi-year buying agreements. Fleet Advantage has helped these fleets with strategic lease finance partnerships to help make procurement decisions based on comprehensive planning and availability through multiple manufacturing vendors as opposed to traditional one-off manufacturing partners.
Fleet Advantage has also continued its focus on helping fleets reduce their carbon emissions over the last 12 months. Through a white paper the company published earlier this year and by catching the attention of industry leaders and members of Congress, it advocates that the best approach to realistically bridge today’s clean-diesel technology into tomorrow’s alternate fuel options is by leading with the appropriate ESG roadmap to determine truck procurement strategies with optimal life cycle management. According to Fleet Advantage, this approach maximizes environmental considerations and organically progresses toward alternate fuel technology. In doing so, fleets can achieve critical ESG goals and continuously operate the most appropriate equipment for their operations without the pressure of straying from their strategic plan.
In addition, at a time when employee retention and morale have been stressed across many industries due to a variety of challenges still posed by the COVID-19 pandemic and labor uncertainty, Fleet Advantage reported strong retention levels for its staff headcount. The company also continued its focus on community service and charitable causes through its Kids Around The Corner Foundation, with associates mobilizing to help worthy causes in the communities that serve the company and their clients. The company also contributed financial aid to the humanitarian crisis in Ukraine in collaboration with client partners.
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