Our goal at Mike Albert has always been to help your business survive and thrive, and the challenging circumstances presented by COVID-19 don't change that. We are committed to helping your business navigate to the other side of the current economic turmoil with your fleet ready to roll. Read on for our list of tried and true tips that can help your business emerge from these trying times better than ever.
Cash is king! Especially in today's economic environment.
Have you thought about ways to liquidate equity in your existing assets? What about your vehicles? Mike Albert specializes in purchase lease-back transactions that facilitate the ability to extract cash from vehicles while keeping them deployed to service customers and generate revenue. Learn about our Purchase Leasback option here.
Is your business' budget hurting? An adjustment to your fleet lease may help.
During this downturn in the economy due to COVID-19, we understand that many of our clients’ businesses are struggling. Rest assured, we are doing everything possible to help you meet your fleet needs, even if your fleet budget has been scaled back.
One way to lower your expenses may be by adjusting your fleet lease terms. We can compare your current lease with your current vehicle usage and see if an extension or certain revisions, like mileage limits, will lower your monthly lease rate to fit within your reduced monthly budget.
Communicate, Communicate, Communicate.
In today's environment it's more important than ever to be in close contact with your employees, customers and suppliers. Does your team know what you are planning and do you know how they are feeling? Do you know how the crisis is impacting your customers’ livelihoods? What about your suppliers? Will they be there when you need them, especially as states reopen businesses and the economy recovers? Keeping the lines of communication open with these groups is key for retaining the best talent, nurturing customer satisfaction and repeat business, protecting your company’s reputation, and securing valuable supplier relationships.
Get set for success when the economy bounces back.
Since demand for vehicles will be high when the market turns around, having a replacement plan in place for your fleet will allow you to re-enter the vehicle buying market before other shoppers. Get started by looking closely at your vehicle life cycle strategy, vehicle utilization, operation costs and maintenance expenses to identify which units should be replaced when the economy recovers. When you're ready, contact your Mike Albert Client Partnership Manager. They'll collaborate with our Truck Team to help you choose the right vehicles for your fleet and develop your replacement plan.
The Playbook for operations during Pandemic Era
OEM’s realize that a return to business as usual is not in the near future. They need to adapt to a world where the new normal is one dictated by safeguarding against the COVID-19 pandemic. Operation leaders are trying to determine what new processes need to be put in place to protect employees from this new invisible threat. What do these new processes look like? Lear, a manufacturer of vehicle seats and electronics, has shared their solutions with the world via Automotive News. Read their white paper here.
Park your unused vehicles. Now is not the time to sell.
Like many of our partners, you may currently find your business with unused vehicles and a lot of unanswered questions. With this in mind, you may be considering selling those vehicles to free up cash. Unfortunately, there could not be a worse time to sell. For facts about the current state of the vehicle resale market, predictions for its future from the experts, and other remarketing insights Click here to read the article.
Stuck with Old Vehicles? Track Your Spending.
As a result of today's economic environment, it's likely that you may be keeping older model, higher mileage vehicles on the road to deliver your services as you delay planned replacements. Make sure you are budgeting for higher maintenance expenses, but avoid creating "sunk-cost bias" by investing in major repairs on vehicles that have little useful life remaining. Engage with a fleet expert before spending more than 25% of a vehicle's fair market value to make a repair. Customers who utilize our managed maintenance program have access to ASE-certified technicians who can help you ensure you are making the right decision for your business.