What are some benchmarks for comparing your fleet operations to industry standards?

1 Fleet size and composition

One of the first benchmarks you should look at is your fleet size and composition, which means the number and type of vehicles you have. This can help you assess if your fleet is adequate for your business needs, or if you need to adjust it by adding, replacing, or retiring vehicles. You can compare your fleet size and composition to industry averages or similar fleets in your sector, using data sources such as the American Transportation Research Institute (ATRI) or the National Association of Fleet Administrators (NAFA).

2 Fleet utilization and availability

Another key benchmark is your fleet utilization and availability, which means how often and how well you use your vehicles. This can help you evaluate if your fleet is efficient and productive, or if you have issues with idle time, downtime, or overuse. You can measure your fleet utilization and availability by using metrics such as miles driven, hours of service, trips completed, utilization rate, availability rate, or downtime rate. You can compare these metrics to industry standards or your own historical data, using tools such as telematics, GPS, or fleet management software.

3 Fleet cost and profitability

A third essential benchmark is your fleet cost and profitability, which means how much you spend and earn from your fleet operations. This can help you determine if your fleet is profitable and sustainable, or if you need to reduce costs or increase revenue. You can calculate your fleet cost and profitability by using metrics such as total cost of ownership (TCO), operating cost per mile (CPM), fuel cost, maintenance cost, depreciation, or return on investment (ROI). You can compare these metrics to industry benchmarks or your own budget and goals, using reports such as income statements, balance sheets, or cash flow statements.

4 Fleet safety and compliance

A fourth important benchmark is your fleet safety and compliance, which means how well you protect your drivers, vehicles, and customers from risks and regulations. This can help you improve your fleet reputation and performance, or avoid fines, lawsuits, or accidents. You can monitor your fleet safety and compliance by using metrics such as crash rate, injury rate, violation rate, compliance score, or safety score. You can compare these metrics to industry norms or regulatory requirements, using sources such as the Federal Motor Carrier Safety Administration (FMCSA) or the Occupational Safety and Health Administration (OSHA).

5 Fleet customer satisfaction and retention

A fifth crucial benchmark is your fleet customer satisfaction and retention, which means how happy and loyal your customers are with your fleet service. This can help you grow your business and increase your market share, or lose customers and revenue. You can measure your fleet customer satisfaction and retention by using metrics such as customer satisfaction score (CSAT), net promoter score (NPS), customer retention rate (CRR), or customer lifetime value (CLV). You can compare these metrics to industry averages or your own targets, using surveys, feedback, or analytics.

6 Fleet innovation and improvement

A sixth final benchmark is your fleet innovation and improvement, which means how much you invest and adopt new technologies and practices to enhance your fleet operations. This can help you gain a competitive edge and stay ahead of the curve, or fall behind and lose market share. You can track your fleet innovation and improvement by using metrics such as research and development (R&D) spending, technology adoption rate, innovation score, or improvement score. You can compare these metrics to industry trends or your own vision, using sources such as trade journals, conferences, or awards.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?