Fleet Asset Protection: What Strategies and Solutions Can You Implement for Your Business

Effective strategies and solutions you can implement for your business’ fleet asset protection include a combination of technology, driver management, preventative maintenance, and strict policies. Together, these tools and measures help safeguard your fleet, drivers, and assets from the risks of theft, damage, and accidents. 

Asset protection is a very essential element of fleet management, as without it, your business faces huge financial losses. Fleet asset protection also involves safeguarding important company information and preventing fraud. An article by Logistics News Africa highlights this, stating how strong data security measures help reduce the threat.

In this article, we’ll discuss all things relating to fleet asset protection and how we at Cartrack simplify this for your business.

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What is fleet asset management? 

Fleet asset management is the process of tracking, overseeing, maintaining, and safeguarding a group of vehicles, equipment, and other assets within a business’s fleet. The goal with fleet asset management is to increase asset lifespan, reduce operational costs, minimise downtime, and ensure safety. 

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Strategies for fleet asset protection

The strategies for fleet asset protection involve: 

• vehicle tracking
• driver training
• preventative maintenance
• insurance management
• Implementing cybersecurity measures

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These strategies ensure that you always know what’s happening in every aspect of your fleet. They help keep your vehicles and other assets safe, lower costs, and improve how your team works.  

Here’s a table that highlights what each strategy consists of:

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Now let’s check out a detailed breakdown of each strategy: 

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Implementing vehicle tracking and telematics

• GPS tracking for real-time visibility
  One of the best ways to keep track of your fleet is by using GPS tracking systems. These allow you to know exactly where each asset is at any time. Whether you’re managing a small fleet or a large one, real-time location tracking is super important. It ensures that your assets (which are a big part of your investment) are always secure.
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• Route monitoring and geofencing
  Monitoring the routes your drivers take allows you to see if they’re following planned routes. This helps you prevent delays and makes sure that the most efficient paths are being used. Geofencing adds another layer of protection by giving you the ability to create virtual boundaries. If a vehicle or any other equipment crosses those boundaries, you’ll receive an alert. This helps prevent theft and further ensures that your fleet is safe.

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Driver training and accountability

• Safe driving practices
  How drivers operate vehicles plays a crucial role in their safety and the safety of your assets. You can use vehicle telematics to spot risky driving behaviours such as speeding, then train your drivers on safer habits. In doing so, you reduce accidents, prevent damage to vehicles and cargo, and improve the overall longevity of your assets.
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• Reward drivers through telematics data
  Telematics data gives you reports on how drivers conduct themselves when using vehicles or equipment. From there, you can identify areas where improvement is needed and use the system to rate their driving habits and reward good behaviour. This motivates drivers to take pride in their work and reduce the likelihood of neglect or careless driving.

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Physical security measures

• Secure parking facilitiesThe location where vehicles are parked is just as important as how they’re protected. Investing in secure parking facilities is a key step in safeguarding your fleet. This can mean choosing parking lots with high fences, cameras, and even security guards. It’s especially important for fleets that have valuable assets or operate in high-risk areas. Secure parking reduces the chance of theft or vandalism.
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• Vehicle immobilisers and alarmsAnother effective security measure is using vehicle immobilisers and alarms. Immobilisers prevent vehicles from moving unless the correct key is used. This makes it difficult for thieves to steal your vehicles. Alarms serve as an extra deterrent, as they’re loud, and will alert you or nearby people when something goes wrong.
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• Access control to keys and vehicles
  Controlling access to the keys and vehicles is essential. Only authorised personnel should be able to get the keys to a vehicle, and there should be a clear process for handling key distribution. You can use systems like key boxes or digital locks that require a code to access keys. This reduces the risk of stolen vehicles due to unauthorised use.

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Preventive maintenance and inspections

• Regular checks to avoid breakdowns
  Preventive maintenance is about making sure your vehicles and assets are in good condition before something goes wrong. Performing regular checks, such as oil changes, helps identify issues before they cause an unexpected breakdown. This saves your business time and money by preventing larger problems that could result in costly repairs or downtime for the vehicle.
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• Protecting assets through proactive care
  Taking a proactive approach to vehicle care means addressing issues before they become big problems. This can include replacing worn-out parts or fixing minor issues before they escalate. This reduces the risk of accidents caused by mechanical failure.
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• Using diagnostic tools for early detection
  Modern fleet tracking systems are often equipped with tools that can flag mechanical issues early. These tools monitor things like engine performance, tyre pressure, and fluid levels. When there’s a problem, the system sends an alert to you so you can quickly fix it.

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Insurance and risk management

• Importance of comprehensive  insurance coverage
  Insurance is an essential part of protecting your fleet, and the type of cover you choose makes a huge difference. We recommend you choose comprehensive coverage for your fleet to ensure that you’re financially protected in the event of an accident, theft, or damage. It’s important to have coverage that fits the specific needs of your fleet, whether that includes vehicle repairs, liability for accidents, or protection against natural disasters.
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• How fleet management data supports insurance claims
  Fleet management data can be very useful when dealing with insurance claims. GPS tracking data and maintenance records can provide evidence that speeds up the claims process. For example, if an accident occurs, this data can help show whether your driver was following safe practices. This improves the chances of a quicker and more favourable outcome.

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Leveraging technology for cybersecurity

• Protecting connected fleet systems
  The data from digital solutions, such as a fleet management system, also introduces potential cybersecurity risks. To protect your fleet’s digital systems, you must use strong security measures that include: 
  
  • Encryption
  • Firewalls
  • Secure communication channels
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    Choose a service provider that already has these protective measures in place.
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• Updating software and securing telematics devices
  Just like with any device that connects to the internet, telematics devices and fleet management software need to be updated regularly to stay secure. Failing to update your systems can leave them open to cyberattacks. So, it’s vitally important to stay on top of these updates.
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• Best practices for data security
  In addition to keeping software updated, it's important to follow best practices for data security. This includes using strong passwords, limiting access to sensitive data to authorised personnel only, and regularly backing up important information.

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The role of fleet management solutions in safeguarding your fleet assets

Fleet management solutions play a vital role in strengthening asset protection. These solutions give you integrated systems with centralised monitoring and reporting. Through this, you’ll always know where your vehicles and assets are, how they’re being treated, how they’re performing, and if there are any threats. 

To best understand what we mean, have a look at one of our success stories for fleet asset protection. A case study about one of our clients, Avis. 

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Case study: Avis car rentals  

Avis is one of the world's largest vehicle rental companies. They have a fleet of rentals in over 5,000 locations in 165 countries worldwide, including South Africa. Their business success is dependent on providing customers with a reliable, efficient and safe vehicle rental service.  

Avis needed a reliable service to help keep their vehicles and clients safe from theft and hijacking. They also needed an easy-to-use system so they could oversee the daily activities of their large fleet of rental vehicles. They needed a solution that gave them insight into ways they could track and improve their vehicle usage, health and longevity. 

How we helped them:

1. Our GPS tracking software allows Avis to monitor vehicle activity. It also provides them with accurate mileage data. This helps them ensure their rental vehicles are well-maintained and in good working order for their clients. These preventative maintenance measures protect AVIS’s assets by minimising fleet breakdowns. This reduces downtime, optimises vehicle usage, and maximises rentals.
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2. With our professional installation techniques, vehicle tracking capabilities, anti-jamming technology and 24-hour recovery team, Avis can reduce the risk of vehicle theft! This increases their chances of vehicle recovery within their fleet. Avis now saves costs associated with vehicle loss.
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3. With Cartrack’s geofencing feature, Avis’s fleet managers can set virtual boundaries to mark no-go or high-risk zones. They also receive alerts before their customers enter these areas with their rentals, providing an added layer of risk management.

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“We chose Cartrack largely due to their strong brand, track record of delivery, and commitment to customer service. We are thrilled with the benefits this partnership has delivered for our business.” - Armour Gittings | General Manager Investigations Department, Avis South Africa

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Building a fleet protection plan for your business with Cartrack

At Cartrack, we pride ourselves on giving you next-level fleet asset protection tools. Over the past two decades, we’ve encountered businesses from various industries. With twenty years of experience serving diverse industries, we understand that every client faces distinct challenges. 

Whether you manage a small local fleet or oversee nationwide operations, we’ll customise our system to meet your specific needs. 

Here’s a brief breakdown of some of our features: 

• Start inhibit: The Cartrack Start Inhibit feature is an immobiliser. This means once the vehicle is off, you can prevent the ignition from going on again and therefore stop unauthorised movement.
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• Start prevention: The Cartrack Driver Identification (DID) tags are a solution that helps you instantly identify who's using which vehicle or machinery. They have a start prevention option, which prevents unauthorised users from operating vehicles and equipment.
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  For example, some drivers don’t have a licence to operate certain machines in a mine. Through this feature, you can issue a tag to each operator that matches the vehicle or machine they qualify for. This prevents staff members with little experience from using the machine or vehicles they aren't licensed for. It also reduces safety hazards and ensures compliance.
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• Geofencing: As already mentioned, a geofence gives you the ability to create virtual fences around areas of your choice. This can be around a warehouse, construction site, or delivery route. Through this feature, you’ll get alerts wherever vehicles or equipment enter or leave your marked zones, giving you extra peace of mind.
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• Live tracking and Stolen Vehicle Recovery: With us, you’ll always know where your assets are, and you can remotely monitor routes from anywhere. We’ve conducted over 100 000 recoveries over the past decade. So in the unfortunate event that any of your vehicles or assets are stolen, you can trust us to get them back to you.
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• CarWatch: Once you have a secure parking area for your vehicles, you’ll need our CarWatch solution as an extra layer of protection. How does it work? All you have to do is activate the feature on the Cartrack mobile app as soon as the vehicle is parked, and you’ll get an alert if it moves without your permission. CarWatch serves as your very own virtual car guard.
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• Preventive maintenance: To help you meet your fleet's maintenance standards and reduce accidents caused by mechanical failure, we have a proactive maintenance plan. Our system helps you keep a record of service dates and alerts you to issues such as engine faults and oil & water fluctuations. In doing so, you’ll also protect your fleet from unplanned downtime and costly repairs.
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• AI Multi Vision cameras: The Cartrack AI Multi Vision camera solution gives you the option of having up to 8 cameras installed in each of your vehicles. Through this, you’ll get a full view of what drivers are up to daily and the surroundings of each vehicle. The AI-powered in-vehicle cameras can detect risky habits such as cellphone use. From there, they’ll give an audible alert, ensuring the driver corrects their actions immediately. 

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Cartrack specialises in all things fleet-related. We’ve got over 2 million subscribers that trust us with their vehicles and assets, so should you! Stick with us, and we’ll give you the ultimate fleet asset protection.

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Frequently Asked Questions about fleet asset protection

Is a fleet a fixed asset?

In accounting, a fleet is generally considered a fixed asset. This is because fixed assets consist of long-term, tangible assets that are used to bring in income over more than one year. Vehicles such as cars and trucks that are used by businesses fall under this category. 

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What are the elements of asset protection?

The elements of asset protection include driver training and education, regular maintenance and inspection, the use of GPS trackers and telematics, as well as monitoring driver safety. These elements collectively work towards minimising accidents, theft, and damage. They also help reduce operational disruptions and save costs. 

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What is the best asset protection tool? 

The best asset protection tool is advanced GPS tracking software with telematics capabilities. This technology provides you with real-time location monitoring, vehicle diagnostics, and updates on driver behaviour. These tools help you keep your assets safe and well-maintained and increase productivity levels. 

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Protect your fleet assets with Cartrack today!