A company vehicle should be thought of as an investment, which means you should constantly be looking for ways that you can maximize its value. Here are some things to keep in mind that will help you accomplish that…
Understand That Your Company Car Represents You
A company vehicle is a direct representation of your business that is seen by consumers, clients, partners, and more. Because of this, it’s important to remember that you should treat the company vehicle with the utmost pride. Driving around a beater car for business purposes might seem cost-effective, but it creates an image and perception that can be hard to change. That doesn’t mean you need to drive around in a Ferrari, but there is a middle ground. This also means you should regularly clean (and even wax) your vehicle. Other options you can look into are window tintings, aftermarket upgrades, and customized design options.
Vehicle Wraps Bring Your Brand to the Road
If you are a company that is actively working to build a strong brand, then you should look at every aspect of your business as a chance to get that brand out into the world. You can do this with your company vehicle by spending a little bit of extra money to wrap it up with a custom decal, for marketing purposes. This essentially turns your company vehicle into a mobile billboard that consistently gets your brand message out into the world wherever your employee goes.
Don’t Neglect Data
If your company is using vehicles rather frequently, or if their service is entirely wrapped up in transportation, such as shipping companies. It’s incredibly important to get reliable and comprehensive data about how your vehicles are being used and whether you are losing efficiency in any way from the vehicle or the operation of it. This might sound complicated, but the data analytics industry is full of software and tools that enable companies to track vehicles and see how much fuel they are using, how many miles they are going, and whether they are in good working order.
Make the Most of Tax Benefits
Your company vehicle isn’t just an investment that should be bringing you back money from operations, but it can actually be a great way to make an investment that decreases your tax burden. In many states, and for federal taxes, company vehicles can actually be a tax write off that gives you deductions on other types of taxes. Not only is this true for the payments on the vehicle, but also for the added mileage of the vehicle and the gas spent inside of it. Check with the company accountant to make sure that you are getting the most of your taxes from the vehicles that your company owns and uses.
Make employees happy
One of the most important factors of any successful business is drawing in great employees, which takes a variety of things, including perks. Luckily, a company vehicle that is theirs to utilize for their business-related transportation is considered a classic perk for working for a company. This means that you can use your company vehicles and place-specific trustworthy employees in charge of them, and it will be a move that will improve loyalty and employee satisfaction.
Save the Mileage
At the end of the day, a company vehicle is definitely a decently-sized expense and one that can add up over time. For this reason, it’s important to take the data that you collect and really consider if each vehicle is needed to run your operation, and if it is bringing you back the same amount of money that you are putting into it.
Reselling Vehicles Reduces Costs
Most company vehicles need to be reliable and in great condition. For this reason, most companies won’t gamble on vehicles that are more than a handful of years old, except for fairly minor parts of their operation. This means, however, that they will slowly develop a fleet of vehicles that they don’t use. For this reason, it’s important to have a good solution for reselling company vehicles once you are done with them. Private retailing is fairly time-consuming, but there are companies that provide vehicle reselling services for large fleets of company cars, at an affordable rate.
Use it as a Branding Opportunity
All companies need to build a strong brand and you should look at every aspect of your business as a chance to get that brand out into the world. You can do this with your company vehicle by spending a little bit of extra money to wrap it up with a custom decal, for marketing purposes. This essentially turns your company vehicle into a mobile billboard that consistently gets your brand message out into the world wherever your employee goes.
Vehicle wraps aren’t the only way to use your company car as a branding opportunity either. Think about every space in the car and look for ways to incorporate your brand. For example, you can get some great funny custom bobbleheads with your company uniform and branding on them to put on the dashboard. It shows people that you have pride in your company and you don’t take yourself too seriously. You should also consider branded air fresheners to put in the car as well. These are both great options if you don’t want to go down the route of car wraps or, even if you are using a vehicle wrap, they are an effective way to add extra branding. You should also consider giving these items to employees that don’t have a company car so they can still represent your brand on their drive to and from work.