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There are a number of “hidden” costs to offering employees the personal use of a company vehicles. It negatively impacts the resale value of a vehicles. On average, personal use accounts for 15-18% of the overall miles accumulated during a vehicle’s service life. This blog will explore the various other hidden costs of providing personal use.
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Topics discussed included the closure of OEM assembly plants and physical auctions; declines in resale values early in 2020 followed by strong residuals through the balance of the year; pandemic-induced flattened operating costs through the year; and the boom in last-mile delivery and e-commerce.
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The largest fleet expense is vehicle depreciation, so managing it is critical to operating a well-run fleet. Remarketing is core to fleet management. In many ways, fleets are very much the “factories” that manufacture used vehicles.
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Topics mentioned in this video include growing fleet budget concerns amid the pandemic “cash crunch," overview of the ongoing strong resale market and “pain points," and remarketing “days-to-sale” metrics lengthens due to transport constraints.
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The Automotive Fleet & Leasing Association (AFLA Canada) held a webinar on Thursday, May 7, 2020 on the Canadian fleet market titled "The Impact of the Recent Economic Downturn on Vehicle Depreciation: What Fleets Need to Know.”
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Although we’re still in the midst of the pandemic, a glimpse of its impact on fleet management in a post-COVID-19 world is emerging.
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Costs. Maintenance. Engine life. Performance. Which powertrain has the advantage? Gasoline, or diesel? Which one is right for your fleet? Likely, it depends.
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Overall used vehicle values are at strong levels. Crossover values are holding steady but there is cause for concern in the near future. Sedan values are expected to improve or stabilize as more crossovers enter the market.
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The market is shifting and you don’t want to be caught off guard. Pay attention to gas prices and retail buying trends, as well as the resale market so you don’t get caught with the wrong vehicle at the wrong time.
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Your primary goal is to spec a truck to meet the intended job function, but how it is spec’ed has a direct bearing on future resale value. Therefore, it is similarly important to maintain a remarketing mindset when identifying specs.
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