GE Capital Fleet Services identified $420 million in potential cost savings for customers in 2014, and customers realized $210 million in actual savings as a result, the fleet management company has announced.

By working with fleet customers and analyzing data via its Strategic Consulting Services group, GE Capital Fleet Services is able to highlight areas for savings and has identified $1.6 billion potential savings opportunities for customers since 2011.

In 2014, 50 percent of all identified cost savings were realized by customers, an increase of seven percentage points from 2013. The largest areas of cost savings identified by GE Capital Fleet Services during 2014 were:

• Replacement Analysis: Determining the optimal time to cycle vehicles 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, as well as 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 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.

"Some of the biggest areas where fleet managers are seeking productivity enhancements also can provide the opportunity for significant cost savings. This includes preventative maintenance, upfitting, and vehicle replacement strategies," said Steve Jastrow, strategic consulting services manager at GE Capital Fleet Services. "As fleets continue to tap these avenues to maximize efficiency, there is an opportunity to simultaneously minimize spend as well."