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Businesses are failing to account for the total cost of running a fleet, leading to unexpected costs at the end of the year, according to research from GE capital.
While it found that firms are now using several criteria to monitor fleets' cost-effectiveness, they are still failing to account for overall costs.
The latest Company Car Trends Survey from GE Capital reveals that just under half of all businesses (44%) now consider the maximum monthly rental as the key measure for calculating the cost of company cars, while a fifth of companies (21%) focus on vehicle cost per mile. However, neither of these measures can provide a company with the total cost of fleet ownership, said GE Capital.
Gary Killeen, UK fleet commercial leader, GE Capital, said: "Without taking into account all the extra costs in operating a fleet, such as vehicle insurance, national insurance costs and the impact of corporation tax, managers can find they are in for a nasty surprise at the end of the financial year."
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