Every fleet can benefit from tightening up their budget, but finding ways to save is not always obvious. Certain expenditures such as fuel and maintenance are evergreen, but there are still plenty of opportunities to trim costs. The following are several methods fleets can utilize to reduce their overhead and keep their budget under control.
Reduce Fuel Cost
Second only to maintenance, fuel is one of the biggest expenses in fleet management. While fleet managers cannot control the price at the pumps, they can take several steps to reduce how much fuel eats into their bottom line. Practices such as investing in fuel-efficient technology and proactively reducing vehicle weight can help keep fuel costs in check. The cost savings potential here is small, but, because fuel is an ongoing expense, it adds up over time.
Lock in Resale Value
A vehicle’s relative worth depreciates over time. However, fleet managers can reduce the rate of depreciation by making a few smart decisions for their vehicles. For instance, managers should try to encourage drivers to limit their vehicle spending on necessary maintenance for safety. This is because it is difficult to recoup an expense related to a cosmetic upgrade. While the addition may look nice to the driver, it can be a detraction to a future buyer.
Other ways to help retain a vehicle’s resale value is to keep its paint plain and neutral. Keeping all maintenance records can also prove the vehicle is in good condition and help secure a better sale price. Taking such measures can net moderate-sized savings depending on how many vehicles are reaching prime selling age and how vigilant fleet managers are about keeping up resale practice tactics.
Invest in Safety
An effective safety program is vital to maintaining a successful fleet. Fleets that do not prioritize safety experience high accident rates, higher insurance rates, reduced employee morale, and high turnover rates. Court costs can also spiral out of control, costing fleets millions. If your fleet is suffering from costly driving infractions and collisions, DriverCheck can help. Our proven online training and learning management services can reduce collisions, improve driver behaviors, and keep budgets in the black. To learn more, contact us today.
