This resource is part of the Innovative Funding Services (IFS) auto finance Library.
Learn What a Fleet Vehicle Is and How You Can Purchase One
A fleet of vehicles is a group of vehicles owned by an organization as opposed to an individual or a family. A company, nonprofit, or other institution may own vehicles for various reasons, such as to conduct its business, to rent or lease them to other companies or individuals, or to provide employees with cars as a benefit of employment.
The fleet vehicles that most people are familiar with are lease vehicles, rental cars, and company cars. However, many fleets consist of vehicles not suitable for personal use like delivery trucks.
Almost all fleet vehicles are taken off of their fleets at some point, and when they are, fleet management companies will usually offer them for sale to their drivers, employees, or the general public.
Fleet Vehicle Purchase Options
If you drive a fleet vehicle, chances are you will have the option to buy it at some point.
If you have a car lease (the car would likely be on a leasing fleet), then your leasing company will probably give you the option to purchase it for its residual value.
If you have a company car through your employer, then the company that owns the car (either your employer or the fleet management company it works with) will probably offer it to you for a fair price when the company removes it from its fleet.
When you are given the option to purchase a fleet vehicle, you should give serious thought to buying it. You are not only likely to get a fair price or even a below market value price, but you are getting a car of which you can be confident of its condition. If you were the driver of the car, then you probably know everything there is to know about it. And in the case of company cars, even if you were not the driver one of your colleagues probably was, and you can ask him or her about its condition.
Other Opportunities to Buy Fleet Vehicles
You do not have to have a pre-existing connection with a vehicle to buy one that is coming off a fleet. Marketplaces exist for buying certain fleet vehicles. For instance, car rental companies often sell their cars for good prices in public marketplaces when they decide to remove vehicles from their fleets.
A fleet vehicle is simply a car or truck that belongs to a group of vehicles owned by an organization. These vehicles can be specialty vehicles like delivery trucks but often times they are just normal vehicles appropriate for personal use. For this reason, you may have the option at some point to buy a car from a lease car fleet, a company car fleet, or a rental car fleet. If you do have such an opportunity, you should consider your options carefully because fleet vehicle purchases are usually good deals.
If you are looking to finance a fleet car purchase, considering financing through Innovative Funding Services (IFS).
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This resource is for educational purposes only. Its content is designed to explain concepts, not to present exact definitions or to reflect how all financial institutions or auto companies conduct business.