Three Key Metrics to Track for Optimal Fleet Performance
April 4, 2017 Comments Off on Three Key Metrics to Track for Optimal Fleet Performance
Are you a fleet owner who struggles with getting the best performance from your trucks? If your answer is a resounding “yes,” then you know that tracking the performance of each vehicle and driver in your fleet is the key to improving your revenue and cash flow.
As part of its power-only contract carrier program, J.B. Hunt offers monthly and quarterly analysis of fleet performance metrics to participating carriers who commit to a one-year contract term. These metrics help optimize performance for individual trucks, drivers and your fleet as a whole. Learn more about some of the key metrics:
Revenue per truck
The monthly revenue generated by each truck is one of the most telling metrics of your fleet’s performance. Routing decisions, number of loads, miles driven, empty miles, fuel prices,?and a number of?other factors can all influence this metric.?Because of this, monthly revenue per truck may vary drastically from one month to the next, underscoring the need to keep monthly records to establish a baseline.With an established baseline for monthly revenue per truck, J.B. Hunt’s power-only carrier specialists can estimate a carrier’s revenue per truck on an annualized basis. This is especially important in helping carriers set financial goals for the future and anticipate cash flow throughout the year.
Miles per truck
With a competitive per-mile rate, carriers that are part of J.B. Hunt’s power-only contract carrier program can benefit from J.B. Hunt brokering steady freight, regular miles, and predictable monthly revenue. Tracking miles per truck is a key metric in measuring overall performance. A drop in monthly truck mileage will not only impact revenue, but may be an indicator of underlying issues such as extensive repairs caused by neglected maintenance, out-of-service (OOS) orders due to FMCSA violations, or an excess of capacity across the industry. Any number of circumstances could impact overall mileage per truck. Identifying these issues and possible solutions can increase the performance at the individual truck level.
Loads per truck
One of the biggest concerns for fleet owners can be the monthly, or even weekly,?fluctuations in load count. Through its power-only contract carrier program, J.B. Hunt brokers regular freight from established shippers to participating carriers?– ensuring that load counts are consistent. By measuring the monthly number of loads per truck alongside monthly mileage, the impact of non-driving activities such as delays at shipper or receiver facilities or?time spent searching for safe, legal parking and shut down can be quantified.
If increasing the performance of your fleet and growing your business is a priority for you, contact a power-only carrier specialist about measuring and analyzing your trucks’ performance with the power-only contract carrier program. Email PCS_carriers@jbhunt.com or complete our online form to get started.