GE Fleet Services Identifies $83 Million in Cost Savings for Customers in Second Quarter
EDEN PRAIRIE, MN - GE Capital Fleet Services announced it identified nearly $83 million in cost savings for customers in the second quarter of 2009. GE's work with customers to maximize return on their fleet investments has resulted in identified cost savings of approximately $183 million for the first half of 2009.
"With in-depth data, analysis and scenario planning, we help customers make informed decisions about how best to optimize fleet operations and increase productivity - ultimately leading to cost savings," Mark Smith, strategic consulting services leader at GE Capital Fleet Services. "As part of this process, we review their fleet policies, processes and financials and then benchmark key fleet metrics against other similar fleets to identify improvement opportunities resulting in millions of dollars in savings."
In descending order, the areas of highest cost savings identified in the second quarter include:
- Vehicle-replacement analysis: Determining optimal time to keep vehicles in fleet given applicable costs.
- Vehicle model-year planning: Optimizing OEM and vehicle selection process in combination with total cost of ownership analysis.
- Lease versus ownership: Calculating total cost of ownership in combination with other factors can make leasing a smarter and more cost effective option.
- Lease options versus reimbursement programs: Moving from mileage reimbursement plans to company car programs.
"In today's economic environment, many companies are evaluating their core business processes and looking to GE to provide the infrastructure and expertise to optimize all, or large portions of, their fleet operations," said Clarence Nunn, president and CEO of GE Capital Fleet Services. "As companies seek ways to reduce costs, customers value our ability to develop individually tailored solutions to help them meet their business objectives."
About GE Capital, Fleet Services
GE Capital, Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Europe, Japan, Australia and New Zealand. Visit the Web site at www.gefleet.com. GE Capital offers consumers and businesses around the globe an array of financial products and services. GE is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit www.ge.com.