The vehicles a business operates are more than a tool or a convenience; they are an asset. If you invest in your assets, you can yield huge returns — when you invest smartly at least. Getting more from your fleet in value or service is a good way to invest, and it can be about more than maintenance or financial structures that can save you money.
You can make your business’s fleet of vehicles a part of a marketing campaign. You can make them more useful and long-lasting through customization or make switches to greener energy sources to save on gas every quarter and put more black on the balance sheet. These simple ideas can help any business turn their fleet vehicles from a loss into a profit, gaining value with every mile they go.
Customizing Cars for Your Business
The problem with vehicles for business is that manufacturers have to take a ‘one-size-fits-all’ approach. Producing vehicles at volume means that, for your vehicles to be equipped to suit the demands of your business or the areas in which you operate, you need to invest in some customization. Fortunately, there are many specialists that can help you alter and add to your vehicles to make them more efficient and convenient for you and your employees.
Working in rural areas and hauling heavy supplies or equipment can play havoc with work trucks and push maintenance costs through the roof, especially when it comes to suspension and damage to the underside of vehicles. Heavy-duty upgrades and suspension lift kits can help protect the investment you have made in your fleet. Click here to learn more about lifting and heavy-duty customization and how this small investment can save you money by making your vehicles last longer in a tough working environment.
Greener Fleets for Cleaner Streets
The advances in electric vehicle technology in just the last few years have finally made them a viable choice for businesses. Costs, range, and charging access were keeping companies away from investing heavily in the technology, except for a few token Teslas in the corporate parking lot. Now businesses of any size and in any industry can consider EVs when they are buying new vehicles and take advantage of the long-term savings they can offer, as well as enjoying lower carbon emissions.
Though the first EVs were small cars, now large heavy-duty pickup trucks and even semis are entering the EV market, and governments are responding with tax incentives to try and achieve environmental targets. This is a great time to start considering how green tech can help add value to your fleet, save on overheads, and begin filling your fleet with vehicles that are future proof.
Have you ever heard of vehicle wrapping? Many car modifiers use this technique to give their vehicles a whole new look without paying for paint. Thick vinyl is wrapped around the vehicle to both protect it and give it a new paint job without the expense of a respray. This technique can be used to brand your vehicles, make your businesses more recognizable, and use your vehicles as mobile advertising.
You can bring uniformity to your fleet if that is the look you want. Every truck or car could be the same color, fitting in with your brand identity. You can use the same logos or mix it up and promote different elements of your business or highlight special deals that you offer. Changing the wrap is simple, and you can make updates at will if you can factor in the cost to your budget. The good news is that this doesn’t have to come from the vehicle maintenance part of the balance sheet; this is marketing.
For businesses that have a fleet of vehicles driving around all day, incorporating them into your advertising efforts is a no-brainer. It instantly gives you a twofer on your trucks and cars, adding to their value. Not only are they helping get the job done, but they are also helping you get the next job on the books.
Smarter Financing Options
Buying a vehicle outright may seem like the most straightforward way to get an employee behind the wheel, but there are other ways to pay for vehicles that can make more sense on the balance sheet. Leasing vehicles, especially for executives, is a smarter way to spend your vehicle budget. Executive cars lose value quickly, and depreciation can create a big hole in your profit and loss statement if you have a lot of ‘take home’ cars for the management team.
Leasing a vehicle can take maintenance costs and depreciation off your plate. Paying monthly or quarterly for your cars makes managing the money for them easier too. Instead of a large upfront cost, you spread the price over several years. The rub is that you do not get to keep the vehicles at the end of the agreement, but when you factor in the depreciation of the vehicle this starts to make more economic sense. Adding in the price of maintenance or repairs, you can save money in the long run and can easily replace your cars with the latest models by starting a fresh leasing agreement when your existing deal ends.
Using business financing like loans can be another way to go if you need a new vehicle quickly but do not have the capital in your cash flow to cover the expense. Make sure you consider the interest you will pay, and the depreciation of the vehicle over the life of the loan. You could be left a little out of pocket when the loan ends and the car is much older, but it can solve a vehicle problem quickly.
Drive your fleet into the future with some of these investment ideas. Vehicles should always be an asset, not a liability. Whether you need an executive ride for the CEO or a work truck for an employee, all these simple ideas can save you money on your business fleet or help you get more value from it. Either way, you are driving your company toward success.