Hertz is selling off a third of its electric vehicle fleet, which is predominantly made up of Teslas, and will buy gas cars with some of the money it makes from the sales. The company cited lower demand for EVs and higher-than-expected repair costs as reasons for the decision.
The sell-off began last month and will continue through 2024. As some electric vehicle-focused blogs have noted, they’re being sold at steep discounts. The company said in a Thursday morning filing that it is recognizing “approximately $245 million of incremental net depreciation expense related to the sale,” which is a dry way of saying it’s taking a bath on the decision. Hertz told shareholders that it believes it will be able to make up that loss in the coming years.
Shell offers a variety of helpful digital tools to increase efficiencies and to green your fleet.
NAFA Fleet Management Association (NAFA) is thrilled to collaborate with J. J. Keller & Associates, Inc. to introduce a comprehensive training program exclusively tailored for NAFA members.
This training aims to equip NAFA members with effective safety training programs that ensure compliance with OSHA, DOT and HR requirements.
For NAFA members, the discounted pricing for training courses is $19.00 per Self-Paced Training course and $50.00 per Video on Demand.
To learn more about this collaboration and the courses, visit: https://www.nafa.org/events/dot-training-courses/
Kaspersky has released new survey results showing that 72 percent of drivers are uncomfortable with the idea of automakers sharing their data with third parties. The survey, “Is my car spying on me?” captures drivers’ thoughts about automakers’ use of personal data gleaned from connected cars.
Eighty-seven percent of survey participants said automakers should be required to delete their data upon request, and only 28% say they have some idea what kind of data their car collects.
Modern automobiles are equipped with so much technology that they’ve been referred to as “computers on wheels,” luring customers with comfort and convenience enabled by various sensors, apps and infotainment systems. Some car manufacturers are even setting up subscription services, based on in-car tech features, to create new, multi-billion dollar lines of revenue.
READ the entire press release.
We always look forward to reading Bill Bishop’s sweeping annual state of the wholesale used work vehicle market. This week, the FLD Remarketing executive looks back at the factors that drove the 2023 market. Next week, Bishop gives us his thoughts on the outlook for 2024.
We were delighted to interview Joe George, president of Cox Automotive Mobility Solutions, to learn more about this dynamic company, its strategic acquisitions, and how it is helping its clients succeed. He says, “The George family’s been in the automobile business for 72 years, and I believe in the next 10 years, the technology of the vehicles themselves is going to change more than they did over the last 72 years.”
Registration is open for NTEA’s The Work Truck Show March 5-8 in Indianapolis. FMW’s Ted Roberts and Dave Bean will be there!
Enjoy the issue and do check in with Fleet Management Weekly for daily updates!
Janice Sutton
Editor in Chief