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Does the constant demand to do more with less within your fleet keep you up at night? If so, you’re not alone. Industry data tells us that 88% of fleet managers worry about increasing costs, highlighting the need for successful strategies to reduce your total cost of ownership (TCO).
As a fleet manager, you’re familiar with how complex fleet management costs can be. That’s why we recommend starting with the core items. Our real-world experience shows that 80% of fleet expenses are due to depreciation, fuel, and maintenance costs. Targeting these areas right away will help you see meaningful cost savings sooner.
Explore strategies in three key areas to stay ahead of the curve when it comes to your fleet lifecycle management.
Net depreciation There’s no getting around the fact that net depreciation plays a big role in the TCO for fleets. With the right strategies, you can reduce this impact and save money. Here’s why net depreciation matters and how you can manage it better.
Fuel efficiency Rising and unpredictable fuel prices pose a serious challenge to fleet managers who need to reduce their fleet’s TCO. Fuel costs have been steadily increasing, with prices often fluctuating due to global supply chain issues, geopolitical tensions, and market demand. These changes can make it difficult for businesses to manage budgets and maintain profitability.
Proactive maintenance Unplanned breakdowns and maintenance issues can be a nightmare for any fleet, leading to expensive repairs and unexpected downtime. It can disrupt operations at the worst possible time.
Deepen your understanding of fleet cost management and unlock more insights by downloading our in-depth TCO booklet today. Discover the latest analyses of cost categories, effective strategies to influence vital fleet costs, and updates on current cost trends. By adopting these cost strategies, you'll transform your fleet's TCO, profoundly impacting your company's bottom line for the short term and long run.