Looking Back at 2023 with an Eye Toward the Road Ahead

Throughout 2023, turbulent economic conditions and disruptions across the automotive industry impacted virtually every aspect of fleet operations. Whether it was rising interest rates, inconsistent supply chain performance, fuel price volatility, or higher maintenance costs, these trends significantly increased fleet expenses, putting a tremendous strain on operating budgets. Fortunately, as the calendar turns to 2024, these challenges are beginning to subside and there’s optimism for the year ahead.

Recently, Holman’s Ed Powell joined Work Truck for a look back at the trends and challenges that shaped 2023 with an eye toward what 2024 (and beyond) may have in store for fleet operators.

In the article, Ed examined how these factors impacted operating costs last year and noted that while there was some improvement during Q4, lingering economic uncertainty is likely to influence fleet expenses for the next 12-24 months. With that in mind, he offered his recommendation for fleet operators looking to ease the pressure on their already stretched budgets.

Ed also discussed the vehicle supply chain, which fortunately began to rebound in 2023. He highlighted that while the supply chain and vehicle availability are trending in the right direction, challenges remain. He stressed the importance of reassessing your acquisition strategy to ensure it aligns with the needs of your business today while also allowing you to adapt to a still somewhat uncertain supply chain.

Finally, Ed noted that fostering an increasingly diverse supply chain remains a strategic priority for many companies as they look to align fleet operations with their organization’s corporate social responsibility philosophies.

To read the entire article, please visit WorkTruckOnline.com. To have the latest information on emerging trends along with insight on how to adapt and adjust, be sure to subscribe to the Morning Brake newsletter.