The cost of operating a truck continues to rise. A study by the American Transportation Research Institute revealed that the average operating costs increased 6% in 2018 against the figures in 2017. Last year, the operating costs already hit $1.69 per mile.
As of September 2019, US diesel prices amount to $2.976 per gallon. This means the company spends at least $50,000 per year.
It’s good that the diesel fuel per gallon is down now, but what happens when it goes up?
Fuel makes up to 40% of your overhead. That’s going to be a large chunk of change, and this is where the trucking fuel cards can help you.
What is a Trucking Fuel Card?
Also known as a fleet card, a fuel card is presented to the gas stations to purchase gas and diesel products. It can also be used as a charge card if you need to repair or maintain the vehicle.
A trucking company uses the fuel card due to the comprehensive reporting it provides, in addition to the convenience and safety of not carrying cash around to pay for fuel. The card is accepted in major gas stations like ExxonMobile, Shell, and Chevron. But it’s also accepted by independent fuel players, as well.
Why Use Fuel Cards?
There are several advantages to employing trucking fuel cards for your company.
1. Digital documentation – The most obvious is that you can monitor the driving habits of your drivers. Every time they use the fuel card, you will have a digital trail of where they purchased the gas from and how much is their total bill.
2. Discounts and other perks – The partner gas stations will benefit from partnering with the fuel card merchant. For one, they get to enjoy a steady stream of clients, especially when their gas station is located in the countryside. In the same vein, the fuel card merchant also earns a small percentage of the total sales from the gas station. For the trucking company, you will also enjoy some perks and discounts as an incentive for you to patronize the services of the fuel card merchant.
3. Control your expenses – With the rich resource of digital information on your hands, you will be able to manage your expenses on fuel. Trucking fuel cards typically have weekly lines of credit extended to fleets so they can then oversee their expenses each week. You can also set limits each week, so the driver who abuses this privilege will find out that the well will run dry when the cap is reached.
The trucking fuel program of SoundFinance allows you to save thousands of dollars per month. You can also get credits per week amounting to as much as $2,500. They have more than 2,000 locations and have partnered with major fuel stations throughout the country. For more information on the above, you can always conduct an online search about trucking fuel cards.