Fleet Advantage announced significant results provided for its clients and milestones achieved during 2020, a year that saw the need for great agility, responsiveness and inventiveness for truck transportation fleets.
COVID-19 placed a significant burden on trucking and transportation, which rose to the occasion in a great time of need. Private and for-hire transportation fleets were tasked with pivoting from long-standing business strategies to scale their operations to transport critical needs from health and medical supplies to grocery and related essentials. The company salutes the transport sector and especially its logistics management and its drivers for its strength and reliability in such an unanticipated and turbulent crisis. These companies demonstrated their commitment, agility, and perseverance. Many fleets adapted by using truck rentals and leasing. Fleet Advantage customers were well equipped because they operate the newest and most technologically advanced trucks in the country with an average fleet age of 2.2 years. By utilizing shorter equipment life cycles, they experience less equipment downtime and greater overall reliability and efficiency.
Shorter life cycles allow organizations to provide drivers with newer, safer, more emissions-friendly trucks. Additionally, businesses are saving millions through lower maintenance and repair (M&R) costs, lower fuel expenditures. By including the newest safety technology, accident frequency and personal injuries are reduced, thus lowering costs even more.
Fleet Advantage Innovative Programs Quick to Help in 2020
Shortly after the COVID-19 lockdowns in April, Fleet Advantage introduced its Sale-Leaseback program, which provided flexibility to right-size any fleet operations as well as receive an immediate influx of cash. Fleet Advantage purchased fleet’s existing trucks, reduced their fleet size and leased trucks back to clients. Fleet Advantage then included the sole option to transition into newer, safer equipment at any future date and at a fixed monthly payment. Fleet Advantage secured approximately $45 million in new business through this program.
“As transport fleets navigated through 2020, they continued to seek advice on how to optimize their fleet to reduce their Total Cost of Ownership,” said John Flynn, CEO of Fleet Advantage. “Our business strategy for our customers is to remain focused on today but always with an eye to forward-thinking and competitive positioning within the industry.”
Fleet Advantage saw its Lease Origination volume increase by 37 percent over 2019 to $455 million and over 3,900 semi-tractors.
Fleet Advantage is also a proponent to give back to those in need. The company’s Kids Around The Corner foundation made donations to programs including Women in Distress, Kids in Distress, Jacksonville School for Autism, First Responders Children’s Foundation and the Salvation Army Angel Tree Program.