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Do you know how to keep an eye on creeping expenses? Here are eight tips to help reduce a variety of fleet-related costs.
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A great fleet manager constantly conceptualizes new initiatives, is creative in problem-solving, motivates staff and suppliers to excel, and is willing to experiment by implementing new technology-based fleet solutions.
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Running a well-managed fleet is a complex task that requires supervision by someone with deep subject-matter expertise. As a result, a fleet manager’s capabilities and expertise can be easily overlooked by executive management not versed in the intricacies of fleet management.
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Total cost of ownership for vocational truck fleets is trending upward, primarily due to higher fuel prices, increased maintenance costs due to higher labor rates and parts prices, and commodity-driven increases in tire prices.
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A fleet cost reduction program goes straight to the corporate bottom line. If a company operates at a 10% annual net profit margin, reducing annual fleet expenses by $100,000 is the equivalent of generating $1 million in sales. Although fleet managers manage hundreds of thousands to tens of millions of dollars in corporate assets, only half are incentivized to achieve targeted performance goals. I advocate incentivization should be a universal best practice extended to all fleet managers.
Read More →There exist hidden opportunities with full-service leasing that are typically overlooked. The attention to financial details can distract from more significant benefits to fleets and their customers
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One of the easiest ways a fleet manager can reduce truck acquisition costs is not over-spec’ing for fleet needs. But, there are a few out-of-the-box ways of thinking to further reduce costs.
Read More →Senior management exerts intense pressure on fleet managers to control and/or reduce vehicle acquisition and operating expenses. To accomplish this, a fleet managers can pursue three different cost-control strategies — cost savings, cost deferral, or cost avoidance. In order to implement a successful cost-control strategy you need to institutionalize the mechanisms to curb money-wasting behaviors.
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Fleet cost-reduction programs typically focus on the asset; however, there’s a limit to how much a fleet manager can modify truck specs without impacting the fleet mission. True cost savings are to be found in areas beyond the asset.
Read More →Fleet managers often must deal with a number of so-called “vehicle experts” within the company, sometimes including those who hold senior management positions. Here’s how to deal with the unrealistic ideas they propose.
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