ARI has launched a new tool that provides fleets with vital data allowing them to pinpoint the right time to replace a vehicle.

ARI is now able to provide its clients with direct access to customisable data that tells them which vehicle to replace first

Available as a value-added benefit to current ARI clients, the Vehicle Replacement Prioritization Tool enables fleets to gather and analyse data from their fleets to create a ranked list of which vehicles in their fleets should be replaced first.

The customisable solution takes into consideration factors important to the operation of each fleet, prioritises the replacement needs of the entire fleet and recommends the order of replacements that optimize total cost of ownership.

The analysis covers eight criteria, including age, mileage, maintenance expenses (for the last year and over a vehicle’s lifetime) and total downtime. It also accounts for how important a vehicle is to the operation of the company, the lead-time for replacement and the availability of like-kind rentals in the ranking process.

Running a Vehicle Replacement Prioritization report in ARI insights provides clients with a ranked list of which vehicles they should replace first, based on the priorities they determine when setting up the system. Users can drill down into the report to see how each vehicle ranks in a particular area. Fleets can rank vehicles by geographic region or company hierarchy and users can see how each vehicle’s ranking has evolved over time.

According to Tony Candeloro, vice president of product development and client information services, fleets tend to err on the side of caution, retaining vehicles too long and losing money on maintenance costs.

“Being able to recognise the tipping point of when it makes financial sense to replace a vehicle instead of maintaining it has been a consistent challenge for fleet managers. In recent years, they have been able to get a better grasp on the matter through information provided by their fleet management companies,” Candeloro said. “But this marks the first time fleet managers have direct access to this information to help them make these important decisions in a timely manner.”