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E321 Fleet Management Lesson 6: Acquisition and Lifecycle of Vehicles -…
E321 Fleet Management Lesson 6: Acquisition and Lifecycle of Vehicles
Placing Vehicle in Service
Certificate of Entitlement (COE)
Vehicle marked for safety/ License Plate displayed
Vehicle Modification Approval
Insurance
Selection & Aquisition
Acquisition of Vehicles
Selection of Vehicles
Defining of Vehicles Specification
Decision Matrix for Evaluation on Vehicle Types
Purchasing Vs leasing
Leasing
Open-ended Lease
Closed-ended Lease
Allows to use the asset a fixed term by paying lease rentals periodically
Lifecycle Cost
Fixed
Taxes
Purchase, Loan or Lease Payment
Insurance/registration
License and Permit
Depreciation
Variable
Fuel
Maintenance
Labour
Spare Parts
Toils
Evaluation Metrics for Vehicle Finance Options
Net Present Value (NPV)
Return-of-Investment (ROI)
Payback Period
Cost-Benefit Analysis
Internal Rate of Return (IRR)
Planning & Budgeting
First Stage of Vehicle lifecycle
Involves allocation of budget for acquisition
In this stage, business case is made in relation to the acquisition of a new vehicle
why is it required?
What will it be used for?
What is the proposed cost?
Other factors might affect the acquisition decisions
Corporate Culture
Funding Availability
Organizational Image
Involves Scheduling of exact acquisition timelines
Requires a thorough evaluation of what the organization needs from the vehicle acquired
Is the new vehicle for replacement of aging vehicle?
Is the new vehicle expansion of business?
Decommission & Remarketing
Decision to decommission the vehicle depends on:
Age of Vehicle
Whole life cost owning the vehicle
The mileage operated by vehicles to date
Environment targets
The current condition of the vehicle
Methods of disposal upon decommissioning
Trade-ins
Public tender
Employee sales
Transfer to another entity
Retailing
Controlled/specialized disposal
Auctions
Technologies for fleet asset
Adopting technologies systems will help fleet owner to track their vehicles
Examples to technologies for tracking
Radio-Frequency Identification (RFID) tags
Sensors
Wireless modules for devices
Data Management Sysytems
An integrated asset management database and software will provide the convenience for the staff to monitor the vehicles
Example of such systems
Maximo
Operation & Maintenance
Maintenance Management
Fleet failure trend
Adherence to fleet maintenance plan
Fuel Management
Fuel consumption and cost
Monitoring fuel pricing trend
Fleet management
Driver's Log
Tracking of Vehicle Location
Vehicle utilization
Road Safety
Driver behavior
Accidente
ISO 55000: Asset Management
Benefits
Improved regulatory compliance
An enhanced reputation
Improve financial reporting
Increased resilience and system reliability