January 2008, Work Truck - Feature

Best Practices for Asset Management Functions

By Michael Lewis

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Applying Best Practices

Applying best practices in asset management, including truck financing, fleet consulting, and other asset management services can make the difference between a productive, cost-effective fleet and a costly mistake. The following are expected to be key areas of focus in 2008.

1. Acquisition: Which truck best fits the application?

One size does not fit all and new doesn’t necessarily mean better, as evidenced by PHH FirstFleet’s recent study of senior fleet operations managers. Reminiscent of the 2002 pre-buy, many fleet managers in late 2006 and early 2007 were unsure of the effect of new emission-compliant engines on operating and maintenance costs. With nearly 63 percent of fleet managers delaying the purchase of post-2007 engines, preferring to stock up on the more familiar 2006 engines, many fleet managers procured trucks based on class size, order-to-delivery times, or OEM inventory.

Moving forward to 2010, when even more uncertainty will impact purchasing decisions, fleet managers should first consult with acquisition specialists to determine which truck best suits their application, rather than simply focusing on price. Industry consultants bring vast experience to the table and work with fleets in identifying unique needs and offering viable, cost-effective solutions to fulfill them.

Dedicated to understanding a truck’s unique application and identifying a particular specification that best suits a fleet’s needs, acquisition consultants offer an effective ordering cycle with flexible financing that enables fleets to select a specific make, model, and specifications package to maximize a truck’s residual market value. Acquisition specialists can coordinate manufacturers and suppliers on an individual basis and negotiate discounts and incentives. They are, in a sense, strategic partners that assist in managing government compliance and help fleets get the right trucks and equipment at the right cost, at the right time.

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