For businesses that use fleets, finance leaders have the crucial role of steering their organizations towards sustainable growth. Car IQ leads the pack with cutting-edge solutions that solve their unique challenges and extend way beyond the hassles of fleet card programs.
Three key challenges for finance leaders
1. Cost Management and Profitability
Fuel prices, maintenance, insurance…. There are several fluctuating costs that finance leaders need to constantly navigate while staying profitable. As they work on improving financial performance and reducing costs, there’s a significant and often overlooked threat: fuel card fraud. Shockingly easy to commit due to the nature of fuel cards, this can severely impact a company’s bottom line. According to reports by the Mercator Advisory Group (2023) and KPMG (2022), fraud can increase a fleet's annual fuel spend by 5% to 10%. Car IQ's data suggests this financial loss is even worse, up to 12-15%.
2. Labor Challenges
Industries that use fleets are grappling with labor shortages, rising wages, and the quest to attract top talent. Finance leaders need sustainable workforce strategies that balance costs with talent retention and acquisition.
3. Adaptation to Technology and Regulatory Changes
Technology continues to advance, and regulations keep shifting. Finance leaders must keep up with compliance and use new technologies for a competitive edge, all while staying on top of the financial impact.
Car IQ: Your Partner to Overcome Finance Challenges
1. Addressing Cost Management and Profitability
Traditional fleet payment systems can’t authenticate and validate transactions in real-time, making it tough to spot and prevent fraud. Car IQ solves this problem by using dynamic authorization based on real-time vehicle data to surface fraudulent transactions. For example, if a driver's fueling pattern deviates significantly from the norm, Car IQ quickly spots the anomaly and provides actionable insights to prevent fraud.
2. Solving Labor Challenges
By connecting to real-time vehicle data, Car IQ helps finance leaders make decisions based on clean data, not just driver input. Now, finance leaders can access accurate information like fuel consumption, vehicle diagnostics, and expense tracking, streamlining operations so finance leaders don’t waste time worrying about whether a driver entered the right odometer reading or not. Plus, Car IQ's turnkey payment solution eliminates traditional data delays and trims administrative labor costs. All this efficiency makes sure your fleets stay on track to drive the bottom line, even with increasing costs and a competitive job market.
3. Navigating Technological and Regulatory Adaptation
Navigating technological and regulatory adaptation is a challenging necessity. Through a commitment to continuous innovation and improvement, Car IQ ensures your fleet operations will always stay ahead of the curve.
One of our latest solutions is our Low-Cost Fuel Control feature. By limiting drivers to low-cost fueling stations and allowing fleet managers to restrict transactions to specific merchants, Car IQ significantly reduces fuel expenses—one of the most substantial costs in fleet management.
Drive Your Fleet into the Future
Partner with Car IQ for unmatched fleet efficiency and financial optimization. Experience how our real-time insights, simplified payment processes, and innovative features like the Low-Cost Fuel Control can transform your operations.
Interested? Let’s start a conversion today.
