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When trends are mentioned in the news, it is generally in the context of fashion, food or technology. While fashion and food may not be relevant in the trucking industry, technology is, and the trends are pointing toward innovation in both software and strategies. The trucking industry is embracing everything from mobile apps and telematics, to virtual account management, and innovative financing and factoring solutions.
The responsibilities of fleet managers across the nation have evolved to understand more about technology than ever before. There is more than one answer to every problem and the need to be nimble is critical in this age of tech. It is also important to understand trends and for every aspect of business to be answerable to the trends. Fleet factoring has addressed the trends as follows:
From ride sharing, shared leases, to autonomous vehicles, it’s clear that flexibility is necessary in every aspect of business including finance, and a large number of fleet companies are turning to fleet factoring for the flexibility it offers.
The millennial generation is requiring more options for work and for play. They want an easy experience with every engagement they take on. While this generation may not be as interested in the trucking industry for the freedom it offers to drivers, they are interested in innovative approaches to business and the advantages that fleet factoring can offer business. They will also push for options within this type of financing, which is what companies like FleetOne are delivering.
Data analytics is driving change for many companies and the industry as a whole. Data will also inform how companies choose partners – and that goes for freight factoring companies as well. Robust analytics can provide the details that will help to better inform which factoring solution is best for your fleet.
Options are key in fleet factoring as well. In fact, it could be the number one consideration when choosing the right solution. FleetOne offers a variety of fleet solutions including recourse and non-recourse factoring. They also provide electronic tools like Fleet Docs that can help in managing those solutions.
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While the trucking industry trends continue to skew toward technology and innovation, fleet factoring companies are taking it upon themselves to address the trends in the most relevant ways possible. The fact is, efficiencies and speed are two of the top priorities in trucking, which has also influenced the need for factoring companies to focus on how they can match the marketplace evolution and demand. They are understanding that efficiencies often start with innovative financing and customer service. FleetOne is helping customers decide which options are best in meeting long term goals and the results are paying off quite literally.
RESOURCES:
http://www.rtsfinancial.com/guides/important-questions-ask-factoring-company
https://resources.runzheimer.com/blog/top-5-trends-fleet-management
https://www.dllgroup.com/us/en-us/press/latest/equipment-financing-trend-toward-flexible-usage-and-service-based-models
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