The cost of diesel is rising.
Fuel costs are trending upward again, averaging more than $4/gallon for diesel. Our Insiders know that fuel is a major cost, but do you know how to mitigate those costs? Today's featured story gives insight into how to ride this latest fuel pricing wave.
How does your company handle this? Drop me a line and let me know.
Buckle up and let's get to it!
Bianca
Inside today's newsletter
⬆️ Vehicle inventory rising🛑 EV maintenance reputation sinking🗎 Truck leases under scrutiny❌ Sideguards worsen crashes?⏲️ Time management tips for managers
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These tips can help manage fuel costs as diesel trends upward.
Fuel costs are back in the news this week, with the national average for diesel surging back over $4 per gallon. Although fleets can’t do much to control what they spend at the pump, small operational changes can help shield a business when prices rise.
Think about spec. Arguably the easiest route to better fuel efficiency is upgrading to new trucks and engine technology, but that isn’t always financially viable. If you’re using older vehicles, pay close attention to the weight of added equipment and consider aerodynamic add-ons to curb drag.
Know your data. Of course, it’s just as important to measure your performance. Telematics can help establish a baseline, identify areas of improvement and track any resulting changes. With tight margins in trucking, can you afford not to?
🙂 GOOD DAY:
Good news if you’re renewing your fleet - new car inventory levels have increased by almost 50% compared to a year ago, and it’s putting downward pressure on prices. Average transaction prices have fallen by 4%, while discounts have doubled compared to the same period in 2023.
🙁 BAD DAY:
A new driver survey by JD Power suggests electric vehicles’ reputation for lower maintenance costs isn’t entirely accurate. EV drivers reported 265 problems per 100 vehicles, versus 189 for gasoline - this includes more frequent tire replacements.
FMCSA investigates trucking lease contracts
The FMCSA has asked owner-operators to share their lease contracts as part of its investigation into deceptive and predatory leasing in the trucking sector.
The Truck Leasing Task Force was set up last year to review the terms of lease contracts, claiming that these can leave new drivers saddled with unserviceable levels of debt. Drivers and lessors have also been asked to report their experiences designing contracts and paying for vehicles.
Railroads track shipments to compete with trucks
Freight railroads are less fuel-efficient than trucks, but tracking could help them compete by attracting environmentally conscious shippers.RailPulse is a pilot program that aims to track 1.6 million rail cars across North America.
The program could help railroads compete with trucks by providing shippers with real-time data on the location of their shipments.
Boost retention with driver advisory board
With an ongoing driver shortage and high on-boarding costs for new recruits, retaining employees is more important than ever. Driver advisory boards can help, providing vital mentoring for newcomers and improving communications between fleets and drivers. The best people to spearhead that operation might be more familiar than you think.
Quote of the Day:
“The ultimate goal is to make a series of recommendations for best practices and advice to policymakers on the effects of predatory truck leasing practices on safety, and what can be done about it.”
Steve Viscelli, Truck Leasing Task Force member and sociologist at the University of Pennsylvania
As the cost of fuel continues to fluctuate, how do you handle the rise and fall of fuel expenses? Do you use technology to keep track? I'd like to know.
Bianca,Editor, The Inside Lane
