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Catching a Falling Financial Knife

Have a Fleet of Cars or Vans? 3 Ways to Save Money

Companies / Business Jan 17, 2014 - 11:15 AM GMT

By: Submissions

Companies

David Petherick writes: If your business has a fleet of cars or vans you will be keen to keep these costs down as much as possible. And, as well as making financial efficiencies, you want to be able to improve your company’s impact on the environment and to streamline your operations. However, you have to try and make savings without having a negative effect on your service.


Director magazine says ‘the importance of using an appropriate fleet of vehicles – whether leased, rented, bought or employees' own vehicles – is paramount.’ So, we look at three great ways that you can save money on your fleet of vans and cars.

Use a longer car leasing period

Many businesses use car leasing to manage their fleets. With fixed payments that are often lower than other types of finance and the ability to regularly upgrade to new models, car leasing in the UK is increasingly popular.

One of the ways that you can cut your operating costs is to extend the car leasing period that you use. For example, you could use a four year car lease agreement rather than a three year lease. Director says that it is estimated that more than 70 per cent of fleets use a replacement cycle in excess of three years.

GE Capital – one of the world's largest suppliers of car leasing and fleet management services – has calculated that it is possible for a 500-strong fleet covering 10,000 business miles a year to save £180,000 by switching from a three to a four year car lease term.

Make the most of the IT solutions available

Specialist IT solutions such as fleet management software can help you to make financial savings.

Car leasing expert Ashley Sowerby says: "A good fleet software system provides the means to put your fleet policy into practice, providing proactive management of key areas such as overall running costs, emissions, fuel use, duty of care and much more.

“It will sit at the heart of the data feeds from other suppliers such as your fuel card company and leasing provider, giving you the means to accurately monitor and report on the performance of your entire fleet."

Give your employees a smaller choice of cars

While your employees might want a wide choice of new cars when choosing their next model, offering lots of car lease options can lead to higher costs for your business. And, by placing limits on the choice of cars, you can make significant savings.

GE Capital UK has calculated that by removing choice altogether by adopting just one ‘job need’ car and one management model, it would be possible to save £300,000 based on a 500-vehicle fleet covering an average 10,000 business miles a year.

Gerry Keaney, chief executive of the British Vehicle Rental and Leasing Association (BVRLA), adds: "Company cars are one of the most popular employee benefits, and a key motivational factor for some staff, so providing the right vehicle can be an important tool for an organisation that is competing for the best talent. Employees like a wide choice of company vehicles, but it can be more cost-effective for an organisation to limit this.

"There are lower administrative burdens associated with managing a less diverse fleet and some manufacturers will offer more advantageous terms if you sign a 'solus' deal and only take vehicles from their range. However, working with an experienced leasing and fleet management provider can often produce similar operational cost savings."

David Petherick is Head of Marketing at First Vehicle Leasing, the top provider of car leasing deals and solutions throughout the United Kingdom.

© 2014 Copyright David Petherick- All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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Catching a Falling Financial Knife