2018年-德勤全球_Fleet_leasing_and_management_in_North_America_60页_7mb

Summary of Fleet Leasing & Management in North America

Core Content

Fleet leasing and management in North America is a critical component of the mobility transformation, driven by shared and autonomous vehicle technologies. The market is characterized by a functional vehicle approach, where company cars are provided only when necessary for job performance. This contrasts with the European user-chooser model, where vehicle selection is more flexible and brand preference plays a larger role.

Main Points

• Market Overview:

  • The North American fleet market is dominated by functional vehicles, primarily trucks, which account for over 60% of the fleet.
  • In 2016, the market saw a record year with 19.5 million new light vehicle sales, with 82% going to private customers.
  • Corporate fleet registrations accounted for about 20% of new vehicle sales, with over 3.6 million vehicles in the market.
  • The fleet market is projected to grow at a compound annual growth rate (CAGR) of 3.5% until 2020.

• Market Structure:

  • The market is fragmented, with no dominant player. However, five major players—Element, ARI, Enterprise Fleet Management, LeasePlan, and Wheels—control over 90% of the market.
  • These companies often have a background in dealerships or rentals and operate through strategic partnerships or global alliances.
  • Major players like Element have expanded through acquisitions, becoming market leaders in North America.

• Fleet Management Trends:

  • Companies are increasingly outsourcing fleet management to reduce costs and leverage economies of scale.
  • Fleet management companies offer a range of services including financing, leasing, maintenance, insurance, and telematics.
  • The focus is on total cost of ownership (TCO) and total cost of mobility (TCM) to optimize expenses.

• Leasing Models:

  • Open-end lease is the dominant model in North America, with 90% of customers preferring it. This model allows flexibility in contract length and usage but shifts residual value (RV) risk to the customer.
  • Closed-end lease is less common but offers more stability for the fleet manager, with RV risk managed by the lessor.
  • Managing residual value is a key competency for fleet management companies.

• Key Players and M&A Activities:

  • Element Fleet Management has been a major consolidator, acquiring key companies in the US and Canada to become a market leader.
  • Hertz acquired Donlen in 2011 to expand its fleet services globally.
  • Strategic partnerships, such as with ALD and Athlon, enable global coverage and market expansion.

• Financial Performance:

  • Fleet management companies in North America show profitability comparable to their European counterparts.
  • Key financial metrics such as return on total assets and return on equity are similar between North American and European leaders.
  • The average TCO in North America includes depreciation (highest cost), fuel, insurance, maintenance, and management fees.

• Future Implications:

  • The future of mobility will involve shared and autonomous vehicles, requiring fleet managers to adapt to new service models.
  • The rise of mobility-as-a-service (MaaS) will position fleet managers to provide integrated transport solutions.
  • Competition is expected to increase from ride-hailing providers, tech giants, and OEMs.

Key Information

• Vehicle Segmentation:

  • In North America, the corporate fleet is heavily skewed towards trucks and SUVs.
  • Cars make up only 14% of fleet sales, much lower than in Europe.

• Market Penetration:

  • Companies with large fleets (over 1,000 vehicles) are more likely to outsource fleet management.
  • Outsourcing allows for cost optimization and access to specialized services.

• Regulatory and Compliance Services:

  • Fleet management companies handle complex registration, licensing, and compliance processes.
  • They also provide accident management, toll and violation tracking, and tire management services.

• Geographic Distribution:

  • Major fleet sales are concentrated in states like California, Texas, and Florida in the US, and provinces like Ontario and Quebec in Canada.
  • The Canadian fleet market is dominated by US and Asian brands, with large pickups accounting for over 40% of the market.

• Growth Opportunities:

  • Increasing market penetration through existing key accounts and new segments like government fleets.
  • Encouraging more companies to outsource fleet management services.

• Strategic Partnerships:

  • Major players have global alliances, such as Element-Arval, to expand their reach.
  • These partnerships help in providing comprehensive services and managing risks effectively.

• Cost Management:

  • TCO and TCM are essential metrics for evaluating fleet performance.
  • Efficient management of these costs is crucial for competitiveness.

Conclusion

The North American fleet management market is evolving in response to technological and social changes in mobility. With a focus on functional vehicles, outsourcing, and open-end leasing, fleet managers must adapt to new business models and technologies to remain competitive. Strategic acquisitions and partnerships are key to growth, and the ability to manage residual values and optimize costs will be critical in the future of mobility.