According to Vincentric, fleet cost per mile for most vehicle categories decreased slightly in the third quarter, while the Pickup and SUV categories remained the same.
Increases in financing costs and interest rates drove vehicle ownership expenses higher in the second quarter of 2023, with costs accelerating over the first quarter.
One of the biggest variables today influencing future commodity pricing trends is the ongoing war between Russia and Ukraine, both of whom are key exporters of raw materials, such as metals, critical to the supply chain.
On top of the pandemic, supply chain shortage, and the distant danger of long-term inflation, the war in Ukraine has helped drive fuel prices skyward. Will it last? And what can be done about it?
Watch Mike Antich discern fleet trends by following the money in asset acquisition, fuel, tires, and vehicle maintenance in this episode of State of the Fleet Industry.
Driver costs, equipment costs, insurance costs, travel and food costs may have longer-term legs of reducing the purchasing power of your budget, says HDT's Contributing Economic Analyst Jeff Kauffman.
Thanks to IoT devices, AI, machine learning, telematics, and data analytics software, fleet managers continue to increase vehicle uptime, helping to improve the total cost of ownership.
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