Eden Prairie, Minn. -- January 25, 2011 -- GE Capital Fleet Services today announced full-year results of identified customer cost savings in 2010. The total amount of identified savings for 2010 was $326 million, with the company-leased versus company-owned vehicles yielding the highest cost savings of more than $68 million.
"Our Strategic Consulting team conducts an in-depth analysis of a customer's individual fleet and reviews historical costs from vehicle selection and maintenance to moving to company car programs from employee reimbursement plans," said Brad Hoffelt, Senior Vice President of Analytics at GE Capital Fleet Services. "We work with customers to set an annual cost savings goal that helps manage their bottom line while increasing fleet efficiency."
In descending order, the largest areas of cost savings identified by GE Capital Fleet Services for its customers during the year include:
- Company leased vehicles versus company owned vehicles ($68 million): Leasing vehicles instead of owning a fleet of vehicles for use by employees.
- Optimal replacement strategies ($58 million): Determining the optimal time to cycle vehicles in a fleet, given applicable costs.
- Total-cost-of-ownership analysis ($50 million): Using cost analysis to evaluate and select OEMs and vehicles.
- Negotiated maintenance savings ($37 million): Using technology and maintenance expertise to reduce maintenance spend.
"In addition to these areas, we have also seen an increase in identified cost savings around developing green strategies," said Trudi Beardsley, Strategic Consulting & Financial Modeling Manager at GE Capital Fleet Services. "In the last quarter of 2010, we identified more than $5 million in cost savings for customers and expect continued growth in this area as companies explore new environmental performance strategies for their fleets."
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).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit www.ge.com.
Ned Reynolds
GE Capital
[email protected]
+1 203 2295717
+1 203 8370699
Sherri Ruesink
Capital Solutions - Fleet Services
[email protected]
1-952-828-2875