Managing the Financial Side of Commercial Fleets

1 in 4 Mid-Market Firms Plan to Expand Fleets in Coming Year

June 24, 2014

A 27 percent share of mid-market companies told GE Capital Fleet Services they plan to increase the size of their vehicle fleets in the coming 12 months, according to a survey completed by the fleet management company.

Of those executives planning to acquire vehicles, 30 percent said they plan to lease the vehicles, while 28 percent would use cash on hand.

The survey, which polled 400 executives of companies with less than $1 billion but more than $10 million in annual sales, uncovered several other data points relating to fleet management practices.

Only 4 percent of companies now have alternative-fuel vehicles in their fleet, but 48 percent plan to add such vehicles in the coming years, including 64 percent in the next two years and 92 percent in the next five years.

The survey also found that 51 percent expect fleet costs to increase this year. The largest increases in fleet maintenance costs in the past year came in the areas of fuel and maintenance.

Executives who responded to the survey said their primary goals involve reducing fuel and maintenance costs by right-sizing and adding alternative fuel vehicles.

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