Element Fleet Management’s 2023 year-end highlights
December 04, 2023
As 2023 comes to a close, we are taking time to reflect on Element Fleet Management's remarkable accomplishments of the year. Rooted in deep fleet industry expertise, our teams delivered great value and solutions to our clients, helping them overcome unique challenges and keep their fleets operating most efficiently.
Join us in celebrating some of our major 2023 year-end highlights.
Providing stand-out value through unmatched industry leadership
This year, we welcomed Laura Dottori-Attanasio as our new President and CEO. She is a highly regarded, client-focused leader who has a proven track record for growth and a deep alignment to our values.
Element's commitment to delivering a consistent, superior client experience is embedded in everything we do.
- Advancing digitization and automation
Element is prioritizing investments in digitization and automation, a critical and strategic enabler of operational efficiencies and client innovations. To further accelerate these efforts, Element welcomed Yu Jin as Chief Information Officer and David Attard as Chief Digital Officer.
- Strategic guidance for informed decision-making
Our quarterly report, Trends brought to you by Element, provides industry expertise for our clients in navigating complex macroeconomic trends related to vehicle acquisition, fuel, maintenance, resale, sustainability, and more. Factored into these trends analyses are timely, current events scenarios that could potentially impact fleet operations. This year, our proactive approach was instrumental in addressing potential impacts resulting from the contract negotiations between original equipment manufacturers (OEMs) and union autoworkers in the U.S. and Canada, proving invaluable in instilling confidence and facilitating strategic decision-making for our clients.
- Three award recognitions by IR Magazine
Element and our employees were honored to receive three prestigious awards at the IR Magazine Canada 2023 event. Recognized in the following categories based on the feedback of 50,000 research analysts and portfolio managers across the U.S. and Canada, we're proud of our exceptional team for their remarkable achievements:- Best overall investor relations (mid-cap) - Element Fleet Management Corp. (EFN:CA)
- Best investor relations officer (mid-cap) - Michael Barrett, VP of IR & Investments
- Best IR by a small or mid-cap senior management team - Jay Forbes, FCPA FCA, [former] CEO & Frank Ruperto, CFO
- Cultivating new connections and fostering established partnerships
We hosted webinars focused on fleet electrification strategies and fleet remarketing, bringing together Element experts and industry leaders to unpack key trends and insights related to the topics. The 2023 events season provided us with 19 fleet industry events to showcase our leadership, reconnect with our networks, strengthen our relationships and expand our knowledge.
Commitment to ESG
We released our third annual Environmental, Social and Governance (ESG) report, reflecting on our continued progress towards advancing our ESG priorities. Some of our key highlights include:
- Environmental: We launched ~70 electric vehicle (EV) pilots since the inception of Arc by Element and committed to 100% electrification of Element's internal fleet.
- Social: Our safety products helped our clients avoid 11,482 accidents and $57M in repair spend. We are proud of the diversity in our workforce that is made up of 51% women and 21% Black, Indigenous, and People of Colour.
- Governance: Element is among the top 7% of 226 Canadian companies in The Globe and Mail's Board Games. We are a signatory of the United Nations Global Compact.
Read our full 2023 ESG report for a comprehensive view of our advancements, priorities and the road ahead
Global leadership position in fleet management
Element Fleet Management announced initiatives to centralize accountability for U.S. and Canadian leasing in Ireland and to establish strategic sourcing and relationship management in Singapore. By expanding our footprint in these strategic locations, we will elevate our clients' leasing experience and strengthen our supply chain management.
Mexico
In Mexico, Element Fleet Management's dedicated team successfully added 68 new clients, bringing the total number of vehicles under management to over 134,000. Through their exceptional efforts, the team also identified substantial savings of $2.55 billion MXN* (Mexican pesos), ensuring cost-effectiveness and further enhancing our global reputation as industry leaders.
Custom Fleet
Our teams in Australia and New Zealand had a remarkable year, achieving record operating income, significant client wins, and earning a net promoter score* (NPS) of +44. We made a meaningful impact on our people through the rollout of the 'Driving Force' and 'Destination' programs, enabling aligned focus and priorities, and a new leadership development and innovation program to equip our teams in better serving our clients. The team’s work on Diversity, Equity, Inclusion and Belonging attained an Innovate- Reconciliation Action Plan, Bronze Australian Workplace Equality Index award and rolled out a gender-neutral Parental Leave Policy.
Element-Arval Global Alliance
Following recent partnership agreements with Sumitomo Mitsui Auto Service and SIXT Mega Rent, the Element-Arval Global Alliance is expanding its presence to 56 countries. This strategic move allows the alliance to broaden its geographical coverage and scope, solidifying its position as a leading player in the automotive industry.
Innovative fleet technologies
In the rapidly evolving world of fleet management, innovative technology is a game-changer for making informed fleet decisions. Our ongoing focus on breakthrough technology advancements underscores the critical role telematics and predictive analytics play in optimizing vehicle performance, boosting fleet operational efficiencies, and improving total cost of ownership (TCO) planning and strategies.
Element's innovative, digital resources set us apart. We continually make improvements to better serve our clients - and this year is no different:
- Strategic Fleet Consulting data modeling drives tailored insights to better inform fleet strategies:
- Sustainability model assists fleets in transitioning to electric vehicles (EVs), by identifying which vehicles would be best to swap out from an ICE to an EV based on a host of parameters, including cost-efficiency and environmental responsibility. The model leverages our portfolio and industry data to implement tailored solutions.
For one Element client, our Strategic Fleet Consulting team leveraged the sustainability model to identify $637,825 in annual fuel and maintenance cost savings and a reduction of over 1,700 metric tons in CO2.
- Tire replacement performance analysis provides fleets with essential tire data to enhance efficiency and cost-effectiveness. It includes insights into tire utilization, tire performance, and fleet impact analysis. Clients can evaluate current tire selections, compare cost-per-mile and tire life, and receive tailored tire recommendations based on their specific vehicle replacement policies. This comprehensive tool ensures clients have relevant data pertaining to their fleet or prospective vehicles.
This analysis resulted in over $2.9M in identified tire cost savings for one Element client.
- Sustainability model assists fleets in transitioning to electric vehicles (EVs), by identifying which vehicles would be best to swap out from an ICE to an EV based on a host of parameters, including cost-efficiency and environmental responsibility. The model leverages our portfolio and industry data to implement tailored solutions.
- Xcelerate Intelligence is our easy-to-use interface with true focus on relevant, actionable data for better business outcomes.
- Expanded communication channels, such as chat and SMS, make it easier than ever for clients and drivers to get in touch with us in a way that works best for them.
2023 year-end reflection
As we reflect on these accomplishments and advancements, we are filled with gratitude. Our success is a testament to the strength of our partnerships and the dedication of our team. As we look to the future, we remain committed to delivering expert fleet guidance and creating value for all our stakeholders.
Contact us today if you're looking for expert guidance on managing your fleet. Here's to an even more successful year ahead!
*Data points based on 2023 year-to-date data at time of publishing
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