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Fleet Advantage Secures $107MM+ In Lease Originations in Quarter

October 07, 2020, 06:55 AM
Filed Under: Trucking

Fleet Advantage, an innovator in truck fleet business analytics, equipment financing and lifecycle cost management, announced it secured lease originations totaling $107.3 million for its quarter ending Sept. 30.

Companies with transportation fleets are realizing a significant opportunity for increased savings in their Total Cost of Ownership (TCO) by moving their vehicles toward a shorter lifecycle. In doing so, these organizations are saving millions through lower maintenance and repair (M&R) costs, lower fuel expenditures, reduced emissions, and lower costs associated with safety accidents. The COVID-19 pandemic also had a significant impact on the industry during the company’s fiscal year, and in response it began offering a Sale-Leaseback program designed to infuse cash and flexibility for transportation fleets.  

“Our clients are paying closer attention to the costs associated with their fleets and how those costs impact their bottom line each year,” said Al Barner, Senior Vice President, Strategic Fleet Solutions for Fleet Advantage. “Regardless if it’s a record-setting year or one where a global health pandemic roils the industry, close scrutiny of the bottom line to identify every opportunity for savings is critical in order to remain competitively positioned.”

Truck acquisition strategies will be an important decision for many companies, especially as the latest figures show that preliminary orders for North American Class-8 heavy-duty trucks in September were up 60 percent from the previous month, and up 145 percent compared to the previous year, according to ACT Research.

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