FORT LAUDERDALE, Fla. — Fleet Advantage, a provider of truck fleet business analytics, equipment financing and lifecycle cost management, said Wednesday it had reached what the company called “a significant company milestone” in securing $1 billion in total lease originations, with more than $200 million in originations in 2017 alone.
Loan origination is the process by which a borrower applies for a new loan and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds.
According to John Flynn, Fleet Advantage CEO, much of this milestone can be attributed to a growing adoption of the lifecycle and asset management solutions offered by Fleet Advantage. The solutions work with private fleets and for-hire operators by providing help in modernizing a carrier’s fleet operation and business strategies, reduce operational costs, increase financial flexibility, and help with driver recruitment.
Innovation and data analytics have been the cornerstone of Fleet Advantage, which uses a consultative approach to identify ways that fleets can lower costs through a shorter asset lifecycle, dating back to the company’s inception in 2008, Flynn said.
With the help of Fleet Advantage asset management strategies and products, more than 40 fleets across the United States including the Sygma Network, Air Products and Toyota are now recognizing financial benefits from shorter asset lifecycles combined with flexible leasing solutions and modernization plans that improve utilization, Flynn said.
Fleet Advantage’s acceptance in the for-hire carrier market has also contributed to the success of the company, he said, adding that companies benefit from lower equipment acquisition costs and save millions of dollars in fuel, maintenance and finance expenses.
“Achieving $1 billion in lease originations is a significant milestone not only for Fleet Advantage, but for the overall transportation industry, which has demonstrated its desire to shift philosophies to improve everything from financial performance to environmental impact and driver safety,” Flynn said. “We look forward to continuing to provide more innovative solutions for our clients, and are thankful for having a team of highly focused and dedicated associates to help make it happen.”