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Preventive maintenance (PM) expenses in CY-2020 were lower compared to 2019, primarily due to the pandemic-induced economic shutdown resulting in fewer miles driven as many fleet vehicles were idled.
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The trend of increased PM costs per service will continue as more and more vehicles requiring conventional oil are taken out of service and replaced with models that require synthetics.
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The used truck market is currently thriving with low-mileage used vehicles in high demand and short supply.
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The ultimate outcome of the pandemic and the strength of the economic recovery are driving many predictions on future pricing.
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The largest fleet operating expense is fuel, which traditionally represents approximately 60% of all operating costs. However, the decreased miles driven by fleets during the pandemic was the No. 1 factor contributing to keeping fuel costs flat in 2020.
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More stringent enforcement of OEM-recommended services to qualify for warranty coverage continues. Cash flow issues caused by the pandemic have caused some OEMs to be more tight-fisted with warranty recovery dollars.
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A perennial factor exerting upward pressure on replacement tire costs is the adoption of larger diameter tires and unique tire sizes. The increase in OEM automobile wheel diameters has driven up the price of fleet replacement tires, primarily because the larger the tire, the greater the manufacturing expense.
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The trend has been to extend PM intervals due to the use of longer-lasting synthetic motor oils, but during the COVID lockdown many fleet vehicles were idled, decreasing miles driven, causing PM compliance to diminish.
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The price of fuel is impacted by many variables making predictions difficult. However, there are certain variables that are in play today, which allows us to extrapolate and extend those trend lines into the next calendar-year and interpret possible outcomes.
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Reduced tire demand and a decrease in overall miles driven have caused tire manufacturing volume to decline in 2020, creating a downstream ripple effect softening commodity prices for natural rubber, but this may change in 2021.
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