GE Capital is a subsidiary of General Electric. Its business units provide financial and leasing services for clients in aviation, energy, transportation, commercial lending and leasing, and real estate.
Under the stewardship of CEO Keith Sherin, the Norwalk, Connecticut based company had 44 billion dollars in revenue, 8.3 billion dollars in net income, and assets totaling 514 billion dollars.* Like its parent company, it is a global concern, employing 47,000 people around the world.
The company also has a robust presence in fleet management, thanks to its Fleet Management division. While the company's bottom line numbers are impressive, it takes the most pride in the value it delivers to its customers.
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As one might expect from a company centered in financial services, GE Capital Fleet Services emphasizes service over products. While it does, for instance, offer telematics and asset tracking systems, these are part of a much larger array of services that covers the entire vehicle lifecycle and maximizes value from end to end.
For new customers, the process typically starts with consulting on leasing versus ownership, with the company facilitating ordering directly from the manufacturer. GE Capital also handles financing in-house, and provides registration and tax services. Once the vehicles have been procured, the focus shifts to fleet administration, maintenance, driver accountability and fuel management. Thoroughgoing components of the process include strategy and expense control, business planning and sustainability. At the end of the lifecycle, GE provides vehicle resale services.
In addition to helping companies manage the automotive fleet lifecycle, GE Global Capital also offers truck fleet services that add still more options to an already extensive menu. Truck customers are advised not only on truck selection and maintenance, but also concerns relating to engineering, upfitting, fuel and maintenance. The goal is to ensure that the fleet keeps running, minimizing downtime while ensuring supply chain integrity.
At both the local and global levels, GE Capital is unique in that it does not offer support through affiliates and licensed third-party contractors. Rather, clients are supported by wholly-owned subsidiaries that operate on the same set of Six Sigma principles as the rest of the GE organization.
This allows the company and its clients alike to operate on the best available knowledge, tailoring solutions based on intimate knowledge of local conditions. Insights and business intelligence are useful whether your concerns are across town or across borders.
GE Capital's size and global reach are, in a sense, deceiving; while the company does have a number of internationally recognized clients -- its longstanding partnership with Hewlett Packard being but one example -- it also has the experience and agility to deal with smaller clients with fleets of 100 vehicles or less, giving them advanced outsourced fleet management options that might otherwise have been out of reach. Two case studies illustrate this flexibility.
The first of these is security company ADT. ADT provides security services to homes and businesses nationwide. That means thousands of technicians responding to thousands of installation and service calls daily. ADT relies on GE's fleet expertise to keep everything moving reliably. GE fleet experts have, through a combination of a nationwide leasing program, saved ADT more than six million dollars per year while also cutting the fleet's CO2 emissions by 40%.
At the other end of the spectrum is Matrix Medical, a small but growing home health care service. Before becoming a GE Fleet Solutions client, Matrix had no fleet program, relying instead on a traditional mileage reimbursement model. Working in tandem with GE, they discovered that offering a company car was a value-added proposition. Not only did a branded fleet aid in finding better employees, Matrix also credited the program with spurring growth while freeing money to invest in other mission-critical areas. Employees benefited as well, appreciating the safety and dependability that came with newer vehicles, and the company appreciated the savings in cost, coverage, and reduced liability.
GE Capital not only managed the fleet transition, but also arranged maintenance, titling and licensing, insurance, and mileage tracking. This approach also allowed Matrix to outsource its fleet management to GE's FMS (Fleet Management Service).
The end result:
- Lower cost per mile
- Improved brand image
- Safety and security
In a field where even small companies have the potential to become big players, GE Capital would stand out for its sheer size alone. For some potential clients, the advantage of the company's range of services and its ability to navigate legal and regulatory requirements across borders is clear. This can be quite useful for companies based in the United States that wish to expand their operations into the EMEA (Europe, the Middle East and Africa), and is likewise helpful for companies outside the Americas that seek to open new territories and new possibilities.
However, GE Global Capital Fleet Management is equally adept at leveraging its strengths for smaller clients. Small and medium-sized businesses stand to benefit from the company's experience in providing a high return on investment, and the ability to take advantage of tools that might otherwise only be the province of larger clients at other fleet management companies.*For FY 2013