Last updated on March 31st, 2023 at 05:07 am
With gas prices skyrocketing and the cost to repair vehicles going up, some fleet owners are wondering how they can stay in business without raising their prices too high. There is a balance between being able to pass along the rising costs to customers and finding ways to save so that the increase isn’t as high. Managing a fleet comes with a lot of responsibility.
Being a shrewd business owner means looking at the big picture. There are plenty of ways to save when you manage a large fleet. When you leverage these tips and tools, you can not only survive inflation, but you can continue to thrive without leaving your customers with a huge sticker shock. Here are 5 practical ways to reduce the cost to operate your fleet.
Leverage Discount Cards
There are plenty of ways to get discounts on things like fuel, but one of the best is to give your drivers a gas card. What’s a gas card? It’s a card that works like a Visa card, but you can only purchase fuel. This reduces the risk of your drivers putting their snacks and food on the wrong card, but it also helps you save in the long run. With perks like 5 cents off per gallon of gas, and benefits that you can unlock later, using a gas card just makes sense for fleet owners. They can help you save money on maintenance, repairs, tolls, towing, insurance, and more fleet-related costs.
Stay On Top of Regular Maintenance
If an ounce of prevention is worth a pound of cure, then one of the most important things you can do for your fleet costs is to prioritize regular maintenance. Managing one vehicle is hard enough, let alone maintaining an entire fleet. While you may not want to pull a vehicle out of commission unless needed, you’ll pay far more if you don’t pull them out for regular maintenance.
Oil changes, spark plugs, engine flushes, and checking tires are just a few of the ways you can not only improve safety on the road but also reduce your overall costs. A well-running truck will have better fuel mileage, will work longer, and will be less likely to experience major engine problems that will cost you far more than a half-day off the road.
Pay Off Debts Quickly
Being in debt means you’ll pay a lot of interest over the life of a vehicle. Creating a plan to help you pay off debts quickly means that you’ll free up money in your business to be used elsewhere and you won’t spend as much in the long run. A vehicle loan could cost you double if you simply pay the minimum payments. By simply adding 10-25% more per payment, you’ll pay down the loan faster and pay less interest. When the extra goes toward the principal amount, the interest gets calculated by the lower loan amount.
It’s better to buy new vehicles in cash, when possible, to minimize the overall cost of ownership.
Provide Regular Safety Training for Drivers
Drivers with good driving habits cost you less money overall. When a driver is involved in an accident it increases your insurance costs and it can take a long time for those rates to come back down. Drivers who engage in risky driving behaviours should not be on the road for your fleet. Teach your drivers good safety habits on the road to minimize the risk of accidents, protect them, protect other drivers, and keep your business operating costs low.
There are plenty of technological devices you can install in each of your vehicles to monitor these habits and protect your assets. By installing dash cams and other devices you can measure if speed was a factor, and you’ll also have evidence to submit in the event of a crash. These tools can indicate if it was the driver’s fault or not. They can also help keep your insurance and litigation costs low.
Even with all the best training and safer driving practices, accidents happen more often from no faults of yours. It would be best to take legal action after your truck accident to protect your rights and safety, so keep this in mind. Seeking immediate legal attention can help you navigate complicated legal processes and get the right compensation for injuries, damages, and other losses.
Train Your Drivers To Maximize Fuel Efficiency
There are driving habits that can improve fuel efficiency if used regularly. Teach your drivers how to accelerate more evenly, how to brake properly, and the best speeds to drive at for fuel efficiency. These habits can lower the cost of fuel in a vehicle by up to 30%. Additionally, fleet owners can find smaller trucks, and more fuel-efficient vehicles to add to the fleet and they can keep up with regular maintenance to ensure they are getting the best gas mileage.
