How to Reduce Your Overall Fleet Costs
The total cost of ownership of your fleet is made up of the purchase price of your assets plus the costs of operations. This is an especially important figure when you’re looking to understand your operational costs and reduce them. Fleet managers should always be seeking ways to reduce their total cost of ownership, both short-term and long-term. A fleet’s total cost of ownership is a fluid figure and will be different for every commercial fleet. Here are three key ways to reduce fleet costs:
Evaluate Leasing Arrangements | Do you own or lease your vehicles? What type of lease arrangement do you have, could it be improved?
Optimize Your Fleet Size | You may have too many vehicles or not enough. Analyzing the scale of your fleet can help you determine the optimal number and vehicles needed.
Outsource Operations | Make sure your operations such as titling, registration and everything needed to keep your fleet compliant is running efficiently and not costing you additionally in fees.
In a few simple steps you can greatly improve your commercial fleet’s cost assessment and reduce your overhead cost thus increasing your total cost of ownership. It just takes being aware of your assets and where your costs are going.
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