When you’re part of a fleet business, you’ll encounter many fleet terms (some of which you may never have heard of). Here’s a list of a few common ones for you to reference:
Alternatively Fuelled Vehicles: Vehicles are usually fuelled by gasoline or diesel fuel, but some vehicles can now run on liquefied petroleum gas (also known as “propane” or “butane”), biodiesel fuel, or even electric batteries.
Biofuel: Biofuel is a type of fuel that gets its energy from biological carbon fixation. These fuels can include bioethanol (a fuel made from carbohydrate fermentation) and biodiesel (a fuel made from vegetable oils and animal fat).
Diagnostics: Diagnostics refers to the tools that are used with a GPS tracking system to gather information about a vehicle such as its idle time, speed, smog, or fuel efficiency.
Driver Record: Each driver usually has his/her own record that includes a copy of their driver’s license, their accident history, their fleet fuel card number, what training they have had, their pay or salary, and more.
Fleet Fuel Cards: These cards are often distributed to fleet drivers who use them to pay for gas. Fleet fuel cards can help fleet managers keep track of fuel usage and budget.
Geo-fence: A geo-fence refers to a virtual perimeter. This term is often used with GPS tracking systems to set a boundary for a person or vehicle.
GPS: GPS is an acronym for Global Positioning System – a system made up of U.S. navigational satellites that can track the precise location of a person, vehicle, etc.
Insurance Claim: An insurance claim is an official report that is filed with the insurance agencies of those involved in a vehicular accident.
Overtime: Many fleet businesses offer overtime pay rates to drivers who exceed a certain number of driving hours, travel on non-work days, or complete special routes. Overtime pay examples include “time and a half” and bonuses.
ROI: ROI is an acronym for Return on Investment and refers to the beneficial outcome of a choice in direct relation to the cost of that choice.
TRAC: You may see the term TRAC (Terminal Rental Adjustment Clause) when discussing a lease for your fleet vehicle(s). The clause gives you the opportunity to purchase the vehicle at the end of their lease term.
Vehicle Maintenance Record: A record is usually kept of each vehicle and the regular maintenance it receives. This includes oil changes, tire rotations, repair work, safety inspections, and more.