FORT LAUDERDALE, FL (October 28, 2020) – Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing, and life cycle cost management (LCCM) announced it has secured an additional volume of $7.5 million in new business through its pioneering Sale-Leaseback program. The additional volume follows an initial $17 million generated shortly after the program’s launch in May.
Fleet Advantage’s Sale-Leaseback program continues to receive extremely favorable market response based on its flexibility to dispose of surplus trucks and convert “dormant equity” locked up in truck ownership into cash with the opportunity to upgrade the fleet at a future date.
The program is ideal in today’s economic climate where organizations need more flexibility to right-size their fleet operations as well as identify an immediate influx of cash. Fleet Advantage will purchase a set number of existing truck equipment assets and lease them back to clients until they transition into newer, safer equipment at a predetermined, fixed monthly payment. The transaction also produces an ongoing reduction in their overall costs. Clients working with Fleet Advantage have all determined that leasing their trucks offers lower cost, greater flexibility, reduced risk and improved cash flow.
“Our Sale-Leaseback initiative helped to immediately improve the cash flow for several clients when we implemented the program following the onset of the COVID-19 pandemic earlier this year,” said Katerina Jones, Sr. Director of Marketing and Business Development of Fleet Advantage. “The program has continued to be a critical factor for many clients looking to remain competitive with their fleet operations during an economy that still shows great uncertainty.”
Benefits of the Sale-leaseback program include:
· Right-sizing of a fleet
· More efficient use of capital
· Reduction of risk to seller on the future disposition of trucks
· Beneficial accounting treatment that does not add to long-term debt or impact lending covenants
· Retains full access to existing credit facilities
· New truck upgrades at a pre-determined, fixed monthly lease payment
For more information on Fleet Advantage’s Sale-Leaseback program click here.
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.