The total expense required to purchase or lease a vehicle or piece of equipment. This typically includes the base price, dealership fees, upfitting costs, and taxes/registration.
Non-traditional vehicle fuel that’s not petroleum-based or diesel fuel. Examples include electric, CNG, propane, hydrogen, or E-85 (ethanol). Also known as “alt-fuel.”
A system that uses GPS tracking, telecommunications technology, and software to track vehicles and other assets. It provides real-time tracking and the ability to monitor driver behavior.
Professional fleet association founded in 1969 with the objective of improving communication between sellers, buyers, fleet managers, lending institutions, fleet management companies, used vehicle marketers, and allied automotive service companies.
The amount a company charges an employee for personal use of a company vehicle. Average monthly personal use charges was “less than $130 in 2024," according to Automotive Fleet. Many companies deduct personal use from an employee’s paycheck.
Unlike an open-end lease, a closed-end lease offers fixed amounts for payment, term, and expenses. The lessor assumes risks of ownership for depreciation and funding, as well as providing an increased administrative role. Lessors can also cover licensing or registration expenses, maintenance, tire replacements, and certain forms of insurance.
A U.S. Department of Transportation program designed to help ensure that over-the-road and other heavy truck drivers adhere to various federal safety requirements and laws.
A situation where a vehicle owned by one party (such as a leasing company), is entrusted to another party (such as an auction company) for remarketing or sale. Ownership remains with the initial party until the vehicle is sold.
A strategy where multiple government agencies collaborate to purchase vehicles and related equipment through a single contract, leveraging combined buying power to secure better terms and lower costs. Also known as piggybacking.