Fleet Advantage secured lease originations totaling $107.3 million for its quarter ending Sept. 30, 2020.

According to Fleet Advantage, companies with transportation fleets are realizing an opportunity for increased savings in their total cost of ownership (TCO) by moving their vehicles toward a shorter lifecycle. In doing so, Fleet Advantage said these organizations are saving millions through lower maintenance and repair (M&R) costs, lower fuel expenditures, reduced emissions and lower costs associated with safety accidents. In addition, in response to the COVID-19 pandemic, Fleet Advantage began offering a sale-leaseback program designed to infuse cash and flexibility for transportation fleets.

“Our clients are paying closer attention to the costs associated with their fleets and how those costs impact their bottom line each year,” Al Barner, senior vice president of strategic fleet solutions for Fleet Advantage, said. “Regardless if it’s a record-setting year or one where a global health pandemic roils the industry, close scrutiny of the bottom line to identify every opportunity for savings is critical in order to remain competitively positioned.”

Truck acquisition strategies will be an important decision for many companies, especially as the latest figures show that preliminary orders for North American Class 8 heavy duty trucks in September were up 60% from the previous month, and up 145% compared to the previous year, according to ACT Research.

Fleet Advantage services 28 of the top 100 fleets in North America. The company has more than $1 billion of assets under management and provides truck and trailer financing with matching proprietary data driven IT processes and fleet analytics.