Fleet Advantage, an innovator in truck fleet business analytics, equipment financing and fleet life cycle cost management (LCCM), announced it has been celebrating National Asset Management Awareness Month in March by offering fleet modernization studies for organizations with transportation fleets. These Fleet Studies help to determine an optimum fleet life cycle and utilization, an operational cost savings strategy and a procurement strategy based on the company’s Total Cost of Ownership.

These fleet analysis and modernization studies also help organizations determine their TIPPINGPOINT - the optimum time to replace an aging truck with newer, clean trucks that include advanced safety technologies.

Fleet modernization studies have proven to be effective in helping to save organizations millions to their bottom line. This insight has been particularly helpful during the Coronavirus era where many fleets were seeking innovative programs that modernized their equipment and provided agility with shorter life cycles. As a result, Fleet Advantage has helped many of its clients reduce equipment life cycle from 75 months to roughly 55 months.

More fleets are growing increasingly interested in upgrading and modernizing their fleets, and policies surrounding modernization are one of the top industry issues according to the American Transportation Research Institute’s (ATRI) most recent study.

Truck Modernization will Increase

This focus on modernization through upgrading into newer truck technology is expected to increase in prioritization throughout 2021. According to the preliminary Class 8 truck orders report for February, fleet customers have ordered 259,000 Class 8 trucks in the past six months, greater than the combined total of the previous 18 months. According to ACT Research, preliminary net orders in February tallied 43,800 units, up 4 percent from January, and a 212 percent improvement from the same month a year ago.

“Truck fleet asset management has increasingly been in focus for organizations as they begin to better understand the correlation and impact their truck operation strategy has on their financial bottom line,” said Al Barner, Senior Vice President, Business Development for Fleet Advantage.