Two-thirds of fleet managers who responded to a poll during Lex Autolease‘s recent virtual event said that sustainability remains as important to their business as it was before the coronavirus outbreak, with the remainder of respondents saying it’s actually risen up the agenda.
Lex’s ‘Managing a Fleet in Challenging Times’ event series has been designed to help fleets overcome the challenges presented by the pandemic.
Attendees were polled throughout the sessions, which saw a quarter of respondents reveal that managing cash flow is the immediate priority for their business in the current environment, with three-quarters saying they plan to update their fleet policies in the next three to six months because of the impact of Covid-19.
More than nine in 10 poll respondents said they are aware of the positive impact that changes to Benefit-in-Kind for EVs could have on their business and employees.
This suggests that the those who attended the events are relatively well-informed compared to the wider market, with a recent survey from Go Ultra Low revealing that 32% of fleet managers did not know that EVs attract no Benefit-in Kind in the current tax year and just 1% next year.
Some of the other key short-term measures outlined during the events, designed to help fleet decision makers improve cashflow, were focused around fuel, including removing Private Fuel as a benefit – which can be done straight away – auditing expenses, reviewing reimbursement rates and restricting fuel card use.
Almost half of poll respondents said they still offer free or private fuel as a benefit, which can be an expensive option for both the business and the employee. Analysis from Lex Autolease has shown that drivers would need to undertake around 25,000 miles per annum for free or private fuel to be a benefit. Removing it can save thousands of pounds for both parties, and does not necessarily mean moving away from fuel cards.
The audit is a key tool to know the overall status and provide the analysis, the assessment, the advice, the suggestions and the actions to take in order to cut costs and increase the efficiency and efficacy of the fleet. We propose the following fleet management audit.