Growth in 2014 has exceeded expectations according to Fleet Advantage, which recently announced the company’s Q2 results.
Fleet Advantage first half 2014 highlights include:
• Lease origination volume in excess of $165 million
• New equipment orders in excess of 1,500 vehicles
• Expansion of interim loan facilities to $100 million
• Increased funding capabilities in excess of $250 million annually
“Our growth has been unprecedented in our industry” observed John Flynn, president and CEO of Fleet Advantage. “We recently completed an expansion of our offices along with the addition of our new Technology Center…”
By combining clean diesel technology, proprietary business intelligence tools and exclusive partnerships with suppliers and funding sources, Fleet Advantage is creating an “inflection point” in the transportation sector, noted Flynn. The company’s ExchangeIT program and software is designed to identify the “tipping point” in a truck’s lifecycle—the point at which it costs more to operate the vehicle than it would cost to replace it with a newer, more fuel-efficient truck.
Flynn credits the success of this model, paired with the flexibility of the company’s financing structure, for the strong growth Fleet Advantage is seeing now.
The company has ordered over 1,500 new clean diesel tractors on behalf of its clients. The largest percentage of that equipment has been ordered through Volvo and Freightliner. “The teams at both Freightliner and Volvo have been exceptional to work with,” said Mike Spence, senior vice president of fleet services at Fleet Advantage.
Fleet Advantage is now monitoring and managing more than 6,000 over-the-road vehicles, the company noted. Shortening the trade cycle of the top private fleets benefits the resale markets, as well, by increasing the supply of premium off–lease vehicles, which are delivering similar fuel and maintenance savings to the secondary truck market, they said. The “mandate for economic sustainability and corporate objectives to reduce CO2 emissions” is at the forefront of the Fleet Advantage mode.
John Flynn was awarded the 2011 Ernst & Young Florida Entrepreneur of the Year award in the "Emerging" category, recognized as an entrepreneur who demonstrated excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities.