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Fleet Advantage Posts Record Performance, Tops $1B in Lease Originations for Fiscal Year

August 08, 2023, 07:15 AM
Filed Under: Industry News

Fleet Advantage announced significant achievements for its fiscal year ending June 30, with notable emphasis on continued growth resulting in over $1 billion in lease originations driven by continued innovation and despite a persistent difficult economic climate.

Leading the Transition to Alternate Fuels

Fleet Advantage has been a prominent expert in clean diesel technology, and the company continues to expand into alternate fuel options including electric and hydrogen, with various vehicle and trailer types now being used by its corporate transportation fleet clients. The company provides the necessary resources to help customers adopt alternate fuel technologies in addition to grants, including sourcing and critical infrastructure needs. As one example, the company helped a Top-100 fleet adopt hydrogen fuel cell technology. Fleet Advantage assisted with the cumbersome grant process on behalf of the client, which can reduce the cost of the equipment from $900,000 to $450,000 per vehicle.

In addition to placing a large order of EVs, Fleet Advantage has a portfolio of over 19,000 vehicles under asset management. The company has identified a considerably greater volume of EV equipment that will complement its customers’ supply chains including EV Class-8 day cabs, yard tractors and trailers. Fleet Advantage is also now providing other types of equipment through its lease programs, such as cargo and transit vans.

The company also has continued to elevate its TCO technology stack, recently unveiling its revolutionary new analytic tool – EVAN - to help further identify and optimize TCO and the efficacy of utilizing electric vehicles. The company provides the necessary data and analytics resources to help clients understand the costs associated with transitioning to alternate fuel, and to make the process easier.

Fleet Advantage has established itself as a premium partner in its clients’ unique needs regardless of the type of operation, serving as a valued extension of a fleet’s internal team. Through this, the company has helped many of its corporate transportation fleet clients navigate through ongoing equipment challenges and lack of inventory. Just as importantly, Fleet Advantage has a staunch commitment to safety, with 98 percent of the trucks in its portfolio equipped with the latest safety features and technology. The company has seen an uptick in safety technologies such as collision avoidance, lane departure, and blind spot monitoring mainly driven by the OEM’s standardizing these technologies.  

Helping Fleets Achieve More Financial Flexibility & Business Agility

Fleet Advantage continues to boast the use of innovative, advanced data analytics and Fleet Modernization studies to help inject more flexibility into its clients’ operations, while helping them pay closer attention to their truck’s Life Cycles to understand where they can save money by optimizing and shortening replacement cycles.

This has resulted in a significant increase in customer satisfaction levels. Flexibility-forward programs such as the company’s pioneering EXchangeIT have been instrumental in helping fleets and organizations instill confidence in adopting newer equipment and alternate fuel options.

As further evidence of its focus on flexibility, the company excelled at leveraging its EXtendIT option during the truck and parts shortages to allow extensions of leases. The need for greater flexibility and operating cash position has proven to have a significant impact on a firm’s ability to grow in the current climate.

“The equipment finance and transportation industries saw continued challenges over the last twelve months, and we have remained committed to helping our partners leverage the resources necessary that allows them to grow and thrive in today’s market,” said Brian Holland, President and CEO of Fleet Advantage. “We’re excited about the dedicated team we have in place and are proud of the legacy we’ve built thus far, and this positions us to help our customers meet the challenges of today and tomorrow.”

Continued Achievements Driven By An Expanding & Diverse Team

Fleet Advantage promoted Holland to its new CEO this year, and under Holland’s leadership the company has enjoyed a highly engaged and empowered senior leadership team that has made tremendous progress coming together as an organization and evolving the company culture. The innovative accomplishments of the company’s team continue to be recognized for tremendous growth with 17 awards and accolades secured over the last 12 months.

The company is proud of the culture Holland continues to foster and shape internally and is a strong example of how diversity and inclusion in the workplace can have a substantially positive impact on its organization, employees, customers, and the surrounding communities. Today, Fleet Advantage offers a workforce represented by 44.19 percent female and 36 percent minority professionals on its staff. The company also continued its strong focus on supporting communities through a variety of charitable donations, humanitarian activities, and supporting causes from its Kids Around The Corner Foundation (KATC). It most recently helped over 35 organizations and this year partnered with 12 new organizations.

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