FORT LAUDERDALE, FL (February 10, 2021) – Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing, and life cycle cost management (LCCM) announced today significant results provided for their clients and milestones achieved during 2020, a year that saw the need for great agility, responsiveness and inventiveness for truck transportation fleets.
COVID-19 placed a significant burden on trucking and transportation, which rose to the occasion in a great time of need. Private and For-hire transportation fleets were tasked with pivoting from long-standing business strategies to scale their operations to transport critical needs from health and medical supplies to grocery and related essentials. The company salutes the transport sector and especially its logistics management and its drivers for its strength and reliability in such an unanticipated and turbulent crisis. These companies demonstrated their commitment, agility, and perseverance. Many fleets adapted by using truck rentals and leasing. Fleet Advantage customers were well equipped because they operate the newest and most technologically advanced trucks in the country with an average fleet age of 2.2 years. By utilizing shorter equipment life cycles, they experience less equipment downtime and greater overall reliability and efficiency.
Shorter life cycles allow organizations to provide drivers with newer, safer, more emissions-friendly trucks. Additionally, businesses are saving millions through lower maintenance and repair (M&R) costs, lower fuel expenditures. By including the newest safety technology, accident frequency and personal injuries are reduced, thus lowering costs even more.
Fleet Advantage Innovative Programs Were Quick To Help in 2020
Shortly after the COVID-19 lockdowns in April, Fleet Advantage introduced its Sale-Leaseback program, which provided flexibility to right-size any fleet operations as well as receive an immediate influx of cash. Fleet Advantage purchased fleet’s existing trucks, reduced their fleet size and leased trucks back to clients. Fleet Advantage then included the sole option to transition into newer, safer equipment at any future date and at a fixed monthly payment. Fleet Advantage secured approximately $45 million in new business through this program.
“As transport fleets navigated through 2020, they continued to seek advice on how to optimize their fleet to reduce their Total Cost of Ownership,” said John Flynn, CEO of Fleet Advantage. “Our business strategy for our customers is to remain focused on today but always with an eye to forward-thinking and competitive positioning within the industry.”
Fleet Advantage saw its Lease Origination volume increase by 37% over 2019 to $455MM and over 3,900 semi-tractors.
Fleet Advantage is also a proponent to give back to those in need. The company’s Kids Around The Corner foundation made donations to programs including Women in Distress, Kids in Distress, Jacksonville School for Autism, First Responders Children’s Foundation and the Salvation Army Angel Tree Program.
About Fleet Advantage
Fleet Advantage has over $1 Billion of assets under its Life Cycle Cost Management (LCCM) program and serves America’s top corporate fleets. Fleet Advantage guarantees the absolute lowest cost of operation by providing truck and trailer financing with matching proprietary data driven IT processes and fleet analytics, using the latest equipment technology to achieve optimum vehicle productivity and maximum safety. Fleet Advantage is ranked as one of the fastest-growing privately held companies in the state of Florida and the fastest growing independent truck lessor in the U.S. In 2018, Fleet Advantage was ranked the 9th Top Private Independent from Monitor Daily; and in 2015 and 2013, the company was named to Inc. magazines’ 500|5000 list of fastest growing companies in the nation. In 2011, CEO John Flynn received the Ernst & Young Entrepreneur of the Year® 2011 Florida – Emerging Category award.