Fleet cards have become an essential tool for managing the fuel and maintenance expenses of commercial fleets, regardless of size. These specialized payment solutions offer fleet managers a streamlined and efficient way to control costs, track expenditures, and enhance operational efficiency.
The prevalence of these cards has grown significantly, driven by advancements in technology and the increasing complexity of fleet management. Whether overseeing a small business with a handful of vehicles or a large enterprise with hundreds, these cards provide critical insights and control mechanisms.
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: Fleet Cards 2024: Small Fleets Are an Opportunity
Global Fleet Card Usage (2023)
- 74% – Large fleets (more than 100 vehicles)
- 49% – Midsize fleets (25 to 99 vehicles)
- 23% – Small fleets (2 to 24 vehicles)
Source: Visa, July 2023
About Report
Nothing stays the same for fuel card providers, or for the fleet operators that rely on them. Declining fuel costs in 2023 cut into fuel card companies’ revenues, sending them off in search of other growth opportunities. Some of those opportunities exist in catering to smaller fleets by drawing them in with a card product and cross-selling other services.
This Javelin Strategy & Research report looks at the fleet market and where things are headed. Vendor strategies would do well to focus on mixed fleet needs and electric vehicles, use fleet cards as entries into bigger relationships with fleet managers, and learn from newer market entrants that use sleek, modern apps to drive business.