How to Realize the Maximum ROI from your GPS Tracking System

You’ve just installed a GPS tracking system and you now have access to the location of your vehicles. You’re ready to save on operational costs by reducing the occurrences of missing, overdue and stolen vehicles and boost revenues by getting these vehicles back on the road with paying clients and increasing your cash and debit rentals Now what? It is important the return on investment you anticipate, expect and need becomes a reality. Implementing the following procedures into your daily routine will help to ensure you are maximizing your investment’s full potential.

--Log In Every Morning First, always log in to your GPS tracking system upon arrival in the morning. This will ensure it is always available and will become an automatic action to use it as needed. You should not need to worry about overuse of your system; most GPS tracking systems have basic plans that include more than enough usage to cover your needs. When making a purchase decision, make sure you understand what is available and how you will be billed if you use more than your plan offers.

--Understand the Location of Your Fleet After logging in each morning, run a report that identifies the location of your vehicles from the previous evening or the last time each vehicle communicated with the system. This will tell you:
- How many vehicles you have available on your lot(s)
- If any vehicles are out of state
- If a vehicle is in a location it should not be, for example, an impound yard, airport long-term parking or a dealership.

--Investigate Further So you know where your vehicles are. Now what? After reviewing the report, a few items may prompt further investigation:
- For vehicles out of state, are they due back today and won’t make it? Will this jeopardize a confirmed reservation?
- For vehicles at a dealership, are they waiting for pickup?
- Are any vehicles sitting in impound yards or in airport long-term parking? Upon identifying this information, immediate action to pick up your vehicle will enable you to reduce operating costs and get the vehicle to a paying renter.
- Are too many vehicles available at one location, and not enough at another? This view of your fleet will enable you to make fleet adjustments, ensuring your fleet is balanced between location and rental requirements. Answering these questions using your GPS tracking system will enable you to quickly determine vehicles that are not generating revenue and allow you to make an informed decision on how to maximize each vehicle’s revenue potential.

CONTINUED:  How to Realize the Maximum ROI from your GPS Tracking System
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  1. James Windrow [ June 29, 2010 @ 11:30AM ]

    Great article. I saw a webinar the other day on Achieving Extreme ROI with GPS Tracking that included a pretty cool ROI calculator too. I'm not sure the link will survive moderation but it compliments this article nicely.

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