As the global economy continues to grapple with inflation, fleet companies are feeling the impact on their bottom line. Many fleet managers are asking how to reduce fleet costs in today’s environment. Inflation affects fleet companies in a variety of ways, from increasing fuel and maintenance costs to raising insurance premiums. It is crucial for fleet companies to implement effective cost management strategies to maintain profitability and remain competitive in today's market.
Fleet Budgets Strain to Cope with Increasing Fleet Costs
Fleet costs are up across the board due to inflationary pressures. Acquisition costs have increased with minimal offset from fleet incentives. Interest rates are higher, impacting the lease vs. buy decision and companies requiring outside funding to replace vehicles.