Fleet Advantage secured an additional volume of $7.5 million in new business through its recently launched sale-leaseback program. The additional volume follows an initial $17 million generated shortly after the program’s launch in May.

Fleet Advantage’s sale-leaseback program provides the ability to dispose of surplus trucks and convert “dormant equity” locked up in truck ownership into cash with the opportunity to upgrade fleets at a future date. Fleet Advantage will purchase a set number of existing truck equipment assets and lease them back to clients at a predetermined, fixed monthly rate until clients transition into newer, safer equipment. The transactions also may produce an ongoing reduction in overall costs.

“Our sale-leaseback initiative helped to immediately improve the cash flow for several clients when we implemented the program following the onset of the COVID-19 pandemic earlier this year,” Katerina Jones, senior director of marketing and business development of Fleet Advantage, said. “The program has continued to be a critical factor for many clients looking to remain competitive with their fleet operations during an economy that still shows great uncertainty.”