Eden Prairie, Minn. – November 8, 2010 – GE Capital Fleet Services today announced it identified $63.3 million in cost savings for customers in the third quarter of 2010. By working with customers to maximize efficiency and determine areas for cost savings on their fleet investments, GE Capital Fleet Services has identified customer cost savings of nearly $225 million in the first three quarters of 2010.
"The Strategic Consulting team at GE Capital Fleet Services plays a key role in helping us to set an annual cost savings goal," said Charles Szymanski, Manager, Global Property & Casualty Insurance & Fleet Services at PPG Industries, a leading Pittsburgh-based coatings and specialty products company. "They benchmark our fleet data and provide an in-depth analysis of our historic vehicle costs while incorporating the current trends in fleet management, which has helped us save hundreds of thousands of dollars each year."
In descending order, the largest areas of cost savings identified by GE Capital Fleet Services for its customers during the third quarter include:
• Company leased vehicles versus company owned vehicles ($21 million): Leasing a fleet instead of owning a fleet of vehicles for use by employees.
• Optimal replacement strategies ($10 million): Determining the optimal time to cycle vehicles in fleet, given applicable costs.
• Negotiated maintenance savings ($10 million): Using technology and maintenance expertise to reduce maintenance spend.
• Company car programs versus reimbursement programs ($10 million): Moving to company car programs from mileage reimbursement plans.
• Total-cost-of-ownership analysis ($2 million): Using cost analysis to evaluate and select OEMs and vehicles.
"As our customers strive to maximize efficiency while managing the bottom line, GE Capital Fleet Services evaluates ways they can cut costs while streamlining fleet operations," said Brad Hoffelt, Senior Vice President of Analytics for GE Capital, Fleet Services. "We look at everything from their maintenance and accident expenses to the benefits of moving from an ownership to lease program to identify ways that they can cut costs and increase overall fleet efficiency."
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
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