Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing and lifecycle cost management announced today that Jim Griffin, COO and CTO, will explore the topic “How the Internet of Things Can Elevate the Value of Solutions-Based Financing” at the Equipment Leasing & Financing Association’s (ELFA) IT conference that kicking off yesterday at the Hyatt Regency Baltimore Inner Harbor in Baltimore, Maryland.
As the Internet of Things (IoT) technologies mature, global research firm, Gartner, Inc., forecasts 6.4 billion ‘technology connections’ worldwide by year end, 2016—up 30% from 2015, and 20.8 billion by 2020. In 2016, 5.5 million new sensors and devices will interconnect daily.
Gartner estimates that the IoT will support a total services spend of $235 billion in 2016, up 22% from 2015. "IoT services are the real driver of value in IoT, and increasing attention is being focused on new services by end-user organizations and vendors," said Jim Tully, vice president and distinguished analyst at Gartner.
As IoT technologies become more rooted in today’s heavy-duty vehicles, the resulting data and its analysis will play a larger role in controlling transportation costs. Since its inception, Fleet Advantage has leveraged IoT data to analyze and report on everything from driver and vehicle performance (with focus on safety, fuel consumption, maintenance and finance costs) to vehicle lifecycle timing. This data helps clients to continually improve efficiencies and productivity, as well as pinpointing driver safety and fuel issues for prompt resolution. Griffin will address how IoT and its resulting data enables model-year and OEM vehicle performance comparisons to reveal the economic advantages of acquiring newer vehicles and running them for shorter lifecycles. This information precisely identifies the vehicle’s tipping point—the optimal time to exchange the old truck for a new truck achieving greater MPG fuel economy and equipped with improved safety features.
Fleet Advantage helps private fleet and for-hire fleet operators manage their heavy duty trucks with the proprietary EXchangeIT® flexible lease solution combined with ATLAAS (Advanced Truck Lifecycle Administrative Analytics Software) available exclusively to clients. By leveraging this data, the company helps fleet clients transition from the typical 5-7 year lease to a 3-4 year lease by allowing the primary user to exchange the vehicle sooner. The model also benefits the secondary market by offering the later-model used vehicles to operators who typically purchased much older equipment several years sooner than they would have been available traditionally, giving them greener, safer vehicles as well.
About Fleet Advantage
Fleet Advantage serves America’s top truck fleets and guarantees the absolute lowest cost of ownership by providing truck leasing and matching proprietary data driven IT processes with fleet analytics using the latest eco-efficient clean diesel technology to achieve optimum vehicle productivity, while reducing fuel and maintenance costs. 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 2015 and 2013, Fleet Advantage was also 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.
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