GE Capital Fleet Services Identifies $64 Million in Cost Savings for Customers in the Second Quarter
EDEN PRAIRIE, Minn.--10 August 2011-- GE Capital Fleet Services today announced it has identified $64 million in customer cost savings for the second quarter of 2011. The analytics and consulting services offered by GE Capital Fleet Services help customers determine ways to increase fleet efficiency while reducing costs. The total identified cost savings for customers in the first half of 2011 was $123 million.
We help our customers make informed decisions about their fleets, and aim to increase vehicle and driver productivity and decrease costs by looking at all aspect of their fleet operations, said Brad Hoffelt, senior vice president & general manager of products & services at GE Capital Fleet Services. Our Strategic Consulting team reviews customers fleet policies, processes and costs to develop solutions to support their business objectives.
In descending order, the largest areas of cost savings identified by GE Capital Fleet Services for its customers during the second quarter included:
- Optimal replacement strategies ($15 million): Determining the optimal time to cycle vehicles in a fleet, given applicable costs
- Negotiated maintenance savings ($12 million): Using technology and maintenance expertise to reduce maintenance spend
- Total-cost-of-ownership analysis ($11 million): Using cost analysis to evaluate and select OEMs and vehicles
- Fuel cost savings ($10 million): Reduction in idling, speeding and after-hours use of fleet vehicles
- Outsourced vehicle program versus company-owned or reimbursed vehicles ($8 million): Outsourcing fleet financing and management instead of owning a fleet of vehicles or reimbursing employees using their own vehicles
The fleet management services we provide allow us to work with our customers in multiple areas including fleet maintenance, vehicle selection and replacement to help identify ways to manage and reduce costs, said Mark Smith, Strategic Consulting Services Leader at GE Capital Fleet Services. By benchmarking key fleet metrics against other similar fleets, we are able to identify improvement opportunities and optimize returns on their fleet investment.
About GE Capital, Fleet Services
GE Capital, Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Europe, Japan, Australia and New Zealand. Visit the Web site at www.gefleet.com or follow company news via Twitter (@GEFleetSvcs).
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is an advanced technology, services and finance company taking on the worlds toughest challenges. For more information, visit www.ge.com.