Press Release Source: GE Capital On Monday May 16, 2011, 8:00 am EDT
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- GE Capital Fleet Services today announced $59 million in identified customer cost savings for the first quarter of 2011. GE Capital Fleet Services helps customers identify ways to cut costs and optimize returns on their fleet investments through complimentary analytics and consulting services. Total identified cost savings for customers in 2010 totaled $326 million.
“By conducting an in-depth analysis of our customers’ fleets, we are able to identify areas where they can not only cut costs, but also improve overall driver and vehicle efficiency,” said Brad Hoffelt, Senior Vice President of analytics at GE Capital Fleet Services. “Our Strategic Consulting team’s expertise in this area helps support customer business goals, while managing their fleet spend.”
In descending order, the largest areas of cost savings identified by GE Capital Fleet Services for its customers during the year include:
- Optimal replacement strategies ($18 million): Determining the optimal time to cycle vehicles in a fleet, given applicable costs.
- Negotiated maintenance savings ($14 million): Using technology and maintenance expertise to reduce maintenance spend.
- Company leased vehicles versus company owned or reimbursed vehicles ($9 million): Leasing vehicles instead of owning a fleet of vehicles or reimbursing employees using their own vehicles.
- Service Program Utilization ($7 million): Utilizing the service programs offered by the fleet management company.
“Through our integrated fleet management solutions we evaluate all aspects of our customers’ fleets from maintenance and vehicle selection to replacement and telematics use to uncover areas of potential cost savings,” said Mark Smith, Strategic Consulting Services Leader at GE Capital Fleet Services. “We work with customers to ensure their fleets are fiscally efficient and operationally streamlined.”
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 atwww.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 - News) is an advanced technology, services and finance company taking on the world’s toughest challenges. For more information, visit www.ge.com.