GE Capital Fleet Services today announced it has identified $1 billion in customer cost savings over the past four years. Through its cost savings identification program, GE Capital Fleet Services analyzes customers' fleets to help maximize efficiency and determine opportunities for cost savings.
"As fleet managers continue to evaluate ways in which they can control costs and increase productivity, our Strategic Consulting team helps them review how their fleets operate to identify ways they can maximize their fleet investments," said Brad Hoffelt, senior vice president and general manager of products and services at GE Capital Fleet Services. "Identifying $1 billion in cost savings opportunities is just one of the ways we go beyond our core finance and service offerings to help customers build stronger businesses by meeting their fiscal and operational goals."
In the first six months of 2012, GE Capital identified $262 million of cost savings opportunities for customers. In evaluating the top opportunities for fleets, GE Capital Fleet Services identified three major categories:
- Lease versus reimbursement: Identifying cost-cutting opportunities to convert companies' driver reimbursement programs to vehicle leasing programs
- Accelerated replacement analyses: Determining opportunities to accelerate the service life cycle of vehicles in order to decrease overall fleet depreciation
- Optimal replacement analyses: Determining the optimal time to cycle vehicles in a fleet to drive reduced maintenance and fuel spend costs
"By evaluating in-depth data and benchmarking metrics from the fleet management services we provide, we are able to analyze all aspects of our customers' fleets and identify opportunities to streamline operations," said Steve Jastrow, strategic consulting services manager at GE Capital Fleet Services. "Helping our customers make informed decisions about how they can optimize fleet productivity ultimately leads to cost savings."
Key findings related to oil changes, tires and hybrid vehicles from the GE Capital Fleet Services' annual study.
Replacement analysis cited as key driver of fleet cost reduction.
By analyzing customer fleet data, GE Capital Fleet Services highlights areas for savings and has identified $1.2 billion potential savings opportunities for customers since 2011.