FORT LAUDERDALE, Fla. (July 12, 2021) – Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing, and Life Cycle Cost Management (LCCM) announced today significant achievements and milestones for its fiscal year ending June 30, reflecting the company’s prompt response over the last twelve months to help its clients navigate the difficulties of 2020 and economic rebound at the beginning of 2021.
Driven by pent-up consumer demand, healthier personal savings accounts, ongoing Federal stimulus measures, and a rise in vaccinated Americans, many businesses have accelerated their reopening plans throughout 2021. According to the Organization for Economic Cooperation and Development (OECD)¹, the U.S. economy is expected to grow 6.9% this year, a staunch increase from the 3.5% contraction in 2020. This has resulted in many organizations looking to upgrade their heavy-duty truck fleets to handle the demand from shipping partners and customers.
Increased Lease Originations and Shorter Life Cycles
Fleet Advantage’s custom, flexible financing programs have benefitted organizations looking to scale and adapt to the market. The company has a large compilation of big data that offers multiple solutions to help fleets manage Life Cycle Cost Management (LCCM). It is accompanied by strong partnerships with Original Equipment Manufacturers and finance partners to secure the best solution for each company. As a result, Fleet Advantage’s Lease Origination volume totaled $660 million, with a portfolio of over $1.5 billion in assets under management.
Since its founding 12 years ago, Fleet Advantage’s diligent focus on helping transportation fleets shorten their trucks’ life cycle has helped build the youngest average Class-8 fleet in the industry, at 2.5 years and 267,000 miles compared to the industry average 6.3 years and 610,000 miles² with average driving MPG over 7.0. Their focus on fleet modernization has enabled its clients to significantly increase overall productivity, reduce truck operating downtime, save millions of gallons of diesel fuel, decrease emissions, and lower their cost-per-mile in maintenance and repair (M&R) expenses. It also increases advancements in safety technology and driver recruitment and retention.
Newer Trucks Equal Safer Trucks
Fleet Advantage’s Safety First Program focuses on safety proactively by shortening equipment life cycles to onboard new safety technology more rapidly. Safety technologies include collision avoidance, lane departure and blind spot assist to keep drivers and other motorists safer, while also reducing exposure to expensive litigation. According to a June 2020 report by the American Transportation Research Institute (ATRI), the average size of verdicts increased 967% from $2,305,736 in 2010 to $22,288,000 in 2018³.
- The Fleet Advantage Class-8 Fleet Customer Safety Advancements for FY 2020 include:
- 95% Collision Avoidance
- 98% Lane Departure
- 81% Blindspot Assist
Driving Sustainability Goals Within The Industry
Shortened life cycles are also having a direct and distinct impact on corporate sustainability measures. Fleet Advantage’s efforts have been focused on driving sustainability throughout its organization and that of its client partners by working with customers to lessen their overall environmental impact and execute on their sustainability goals. As a result, the company has significantly reduced fleet CO2 through the implementation of constantly improving clean-diesel new truck technologies. These measures are critical since, according to Pieter Tans, senior scientist at the National Oceanic and Atmospheric Administration (NOAA), businesses are adding roughly 40 billion metric tons of CO2 pollution per year4.
- Fleet Advantage recently helped two Top 100 Fleets eliminate over 55,000 metric tons of CO2 and conserve over 5 million of gallons of fuel. At $3.00 per gallon of diesel, that equates to improved MPG and over $16 million in reduced fuel expenditures!
“There is a significant bounce-back of activity in many businesses, which is increasing demand for both new and used trucks to handle the shipment of goods across the country,” said John Flynn, CEO of Fleet Advantage. “Our new purchases combined with off-lease used sales exceeded 6,000 Class-8 tractors. Our model of clean-diesel and safety-enhanced trucks with shorter life cycles and flexible finance options compliments what many of our customers are seeking in the market including ESG (Economic and Social Governance). The last twelve months were challenging, but our team remained committed to excellence and customer service and we’re proud of the fact we operated responsibly and maintained full employment while helping our customers navigate such a difficult period.”
Fleet Advantage also continued its focus on making an impact by supporting the needs of the communities where its employees and clients live and work. Through its charitable program Kids Around the Corner, Fleet Advantage continued its financial support with numerous charities over the last twelve months.
About Fleet Advantage
Fleet Advantage has over $1.5 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 fleet financing solutions 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. Fleet Advantage is also named a Top Private Independent firm by the Monitor Daily. 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.