Motive, known for its AI-powered Integrated Operations Platform, has introduced a groundbreaking feature called Missed Savings aimed at helping Motive Card users cut down on fuel costs by up to 5% or more. This innovative tool allows fleet managers to automatically identify instances where drivers overlook potential savings, thereby enabling them to redirect drivers to lower-cost fueling stations.
Exclusive to Motive Card customers, Missed Savings utilizes comprehensive fleet and spend management data to pinpoint inefficiencies in fuel expenditure. Initial findings reveal that some fleets are missing out on savings amounting to 5% of their total fuel spend. For instance, a fleet of 1,000 vehicles spending around $1 million monthly on fuel could potentially save $50,000 per month or $600,000 annually.
Hemant Banavar, Vice President of Financial Products at Motive, emphasized the significant financial impact of high and fluctuating fuel costs on businesses. He noted that many companies lack the necessary data insights to make informed fuel decisions, resulting in millions of dollars lost annually due to missed savings opportunities.
Motive’s integrated approach leverages fleet and spend management data to optimize savings through its partner network. By analyzing vehicle location and fuel price data, Motive identifies discrepancies between fuel costs at different stations and provides automated reports and coaching recommendations. This enables fleet managers to take proactive measures such as guiding drivers to cheaper fueling options or setting restrictions on card usage at higher-cost merchants.
With fuel expenditures in the trucking industry alone totaling approximately $134 billion annually, Motive estimates that the sector missed out on roughly $6.7 billion in potential fuel savings last year. Through Missed Savings, Motive aims to empower managers to control spending, enhance driver management practices, and achieve substantial cost reductions.
For more information on how Missed Savings can benefit Motive Card users, visit here.
