Fleet Advantage, an innovator in specialty financing, fleet data analytics, fleet management services and life cycle cost management, announced several key corporate achievements over the past 12 months that helped pave a clearer path to greater financial flexibility and business operations agility for the company’s portfolio of corporate fleet clients. Fleet Advantage also announced it closed calendar year 2024 with several new clients, now managing over 30,000 units in its portfolio. Furthermore, the company has now leased one out of every 42 tractors in the last 10 years in the U.S.
Navigating Additional Economic Uncertainty
Fleet Advantage continues to offer strategic support to its clients, illustrating the company's dedication to adapting to changing market conditions while prioritizing customer satisfaction and a focus on financial flexibility. In 2024, organizations with transportation fleets faced a continued challenging economic and industry climate, where freight demand remained subdued due to slower consumer spending and inventory adjustments. These businesses also contended with rising operational costs, including fluctuating fuel prices, and rising maintenance expenses and insurance rates from accidents. In the last twelve months, 98% of all trucks added to the Fleet Advantage portfolio included the most advanced safety features. Furthermore, the ongoing driver shortage continued to be a significant challenge, with over three million unfilled truck driver positions globally.
"In 2024, we have once again demonstrated our unwavering commitment to innovation and excellence in the transportation industry,” said Brian Holland, President and CEO of Fleet Advantage. “Our pioneering spirit has driven us to enhance our award-winning programs, providing our clients with the flexibility and agility they need to navigate ongoing economic uncertainties. I'm incredibly proud of our highly accredited and ambitious team, whose dedication to client service has been the cornerstone of our success. As we reflect on the key milestones achieved this year, we remain focused on our mission to empower our clients with cutting-edge asset management and specialty finance solutions, ensuring they can run their businesses efficiently and effectively in an ever-changing landscape.”
Mandates and Prebuy/Allocation Challenges
Headlining today’s operational and financial challenges, many organizations are trying to determine the right path forward navigating the EPA 2027 NOX rule and CARB’s zero-emission truck mandates, and how that will affect their allocation plans. Fleet Advantage recognizes this as a critical time in the industry. The company took a leadership position by providing data-driven five-year truck procurement plans for their clients ahead of the mandates, which are expected to create the largest truck pre-buy ever. In a company survey in 2024, 64% of fleet executives said they still do not have a plan for the CARB prebuy. Understanding the full life cycle of assets, implementing robust management practices, and leveraging flexible financing options are essential, allowing executives to anticipate and plan for the transition to zero-emission vehicles, mitigating risks and optimizing investments.
Additions To Award-Winning Programs in 2024
Fleet Advantage also made significant expansions to its award-winning operations, fleet services, and data technology offerings. The company announced the Fleet Advantage Maintenance Solution powered by FleetNet America/Cox Automotive, a new collaboration providing the ability to facilitate reliable fleet maintenance service offerings to organizations that seek all the benefits of a flexible, unbundled lease structure with access to a world-class maintenance provider with a proven nationwide network.
What’s more, because flexibility and competitive finance options are the most effective ways to reduce truck and finance costs, the company announced a new Unbundled Full-Service Lease Comparative Index which provides calculations to help private fleets determine whether unbundling suits their operation. A recent comparison calculation offered a glimpse into the significant cost savings possible. To date, Fleet Advantage has unbundled roughly 5,500 units.
Toward the end of 2024, the company announced its most innovative data solution to date, a new “EV Path” program designed specifically to support companies’ transition to electric vehicle (EV) and alternative fuel trucks. This pioneering initiative facilitates the shift toward alternative fuel vehicles in a practical way, aiding fleets in meeting their sustainability goals while reducing emissions.
Celebrating a Decade of Giving
With its continued emphasis on serving the communities where employees and client partners live and work, Fleet Advantage’s Kids Around The Corner Foundation (KATC) marked a significant milestone in 2024 by celebrating its 10-year anniversary. Over the past decade, KATC has forged meaningful connections with local nonprofits that benefit children and families, reflecting the company’s unwavering commitment to social responsibility.
In 2024 alone, the foundation achieved record-breaking donations totaling $365,425 to 48 organizations, including 13 new partnerships. These contributions, often directed toward smaller organizations without extensive networks, reflect a growing commitment to addressing the needs of children and families. Since its inception in 2014, KATC has proudly donated $1 million to children’s charities on behalf of Fleet Advantage’s employees and customers, further underscoring its dedication to making a lasting difference in the communities it serves.