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Fleet card program: A catalyst for growth for a fleet management company
On May 14, 2024, the Bureau of Labor Statistics reported a 12-month, 2.2% increase in the Producer Price Index, which measures the change in prices that manufacturers pay to their suppliers. This is the highest inflation level in the U.S. in a year. A viable solution for businesses to address the impacts of inflation is to identify untapped operational efficiencies and ways to keep costs down during difficult economic times. In this article, we will show how one company leverages a fleet card program to help its clients streamline operations and reduce costs.
Element Fleet Management: A global fleet management company with a focus on client relationships
Element Fleet Management is the largest publicly traded, pure-play automotive fleet manager in the world, providing a full range of fleet services and solutions to a growing base of loyal, world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. By getting to know their clients and how they operate in the field, Element provides tailored solutions to meet the unique needs of their clients through strategic services, daily operational support, and, as Element’s Client Relationship Manager Melissa Bandel describes it, “Solving for when things go bump in the night.”
Nurturing a client-centric culture
Bandel emphasizes the culture at Element and how a shared sense of purpose around client service gives their work meaning. “I love the people here at Element,” she said. “We have people that are really invested in the success of our customers and our business together, and we’re all aligned in creating that client experience that creates a loyal client base.”
Leveraging fleet fuel card data for efficiency and growth
Element’s partnership with WEX, a leading fleet card provider, contributes to Element’s delivery of best-in-class service to their global fleet clients. With the ever-increasing demand for data-driven insights and recommendations, WEX’s partnership has become essential for Element’s operations. As Steve Jastrow, Element’s Vice President of Strategic Advisory and Client Analytics explains it, “Some of the bigger market forces that we’ve seen of late are just the demand for data. Clients want data-driven analysis and data-driven recommendations, and the contribution from WEX is vast. The data is a big piece, and we use that to help understand total cost of ownership (TCO) for the client.”
Level III data: A fleet manager’s fundamental tool
Learn how Level III data can help you improve your business’ bottom line.
High-quality data from a fleet card provider like WEX helps companies like Element manage and tailor operations more effectively. Level III data capture helps with Driver ID and odometer entry required for each purchase. Fleets that use the WEX card receive detailed information like product type and description, fuel grade, cost per gallon, sales tax, and more.
“The Level III reporting that we get from WEX helps us understand, where do those fuel dollars go? And then just the constant fraud monitoring that WEX does on behalf of our clients is really critical as well,” shares Jastrow.
Darin Ficenec, Vice President of Strategic Alliances at Element, explains how the company uses the data WEX provides to best serve their clients. “Our relationship with WEX goes back to 1991. Over that time, we’ve had to continue to evolve our products and services and our relationship with WEX has continued to evolve… it’s a key part of our products that we bring to market and how we serve our clients.”
How partnering with a fuel card provider can improve your business’s bottom line
The partnership between Element and WEX is successful due to their shared goal of improving fleet industry tools and practices. “One of the things that I value with our clients is when they treat me like a partner. And the best relationships that we have with our clients are the relationships where it’s more of a partnership. And that’s what we have with WEX is a true partnership and that’s witnessed by the 30-plus-year relationship that we have,” says Jastrow.
A fleet card from WEX can help your business adapt to changing economic conditions
All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.
WEX speaks the language of small business operators. Whether you’re looking to modernize your insight and reporting efforts, save on fuel costs or take advantage of the latest GPS tracking technologies, WEX offers solutions to simplify the business of running a business. To learn more about WEX, a dynamic and nimble global organization, please visit our About WEX page.
Learn more on how to better manage your small business:
Resources:
CNN
Bureau of Labor Statistics