Last year fleet companies were able to save $210 million based on strategies that GE Capital had identified, according to a report on environmentalleader.com.
The areas that brought in the largest savings were:
Replacement Analysis: Determining the optimal time to cycle vehicles and/or utilizing a short-cycle replacement strategy to decrease vehicle depreciation and capitalize on higher value at auction.
Program Enhancements: Properly managing time and expenses including maintenance, fuel, accident and safety costs, telematics, licensing and registration fees, and toll and violation expenses.
Vehicle Selection: Evaluating fleet vehicle usage requirements to maintain a fleet that maximizes fuel cost savings and minimizes maintenance costs while deploying vehicles that optimally meet driver needs.
Lease Versus Purchase: Determining whether leasing or owning vehicles is the most cost efficient way to manage a specific company’s fleet.
Lease Versus Reimbursement: Identifying cost-cutting opportunities through conversion of companies’ driver reimbursement programs into company vehicle programs.
In addition, GE Capital recently conducted a study of 409 middle-market businesses with fleet operations that uncovered trends in how fleets plan to increase productivity in 2015. Top areas of focus included:
Refining a preventative maintenance strategy to maximize uptime.
Specifying the right vehicle for the job/properly upfitting existing vehicles.
Defining a comprehensive vehicle replacement/cycling plan.
Optimizing routes and maximizing time spent at revenue generating locations.