Thank you to all the fleet professionals who attended the 2025 Fleet Forward Conference in San Diego, CA. We are honoured to have moderated a panel at this premier event dedicated to advancing fleet management through cutting-edge solutions. The conference covered a wide range of topics, including electrification, charging infrastructure, connected vehicles, ADAS and autonomous technology, last-mile mobility, IoT and AI, shared mobility, Fleet Management as a Service, and next-generation telematics. Our panel focused on reassessing transportation policy, regulations, and legislation for 2025 and beyond—a very relevant topic given the changing political leadership in the US.
Your engagement helps shape the future of vehicle and equipment management. At Zeti, we are excited to be part of this future and we look forward to seeing you at fleet events in 2025.
Paragon Bank announced it has provided c.$1m in funding to Otto Car, a London-based private hire car provider, to expand its zero-emission vehicle fleet. This funding, facilitated by Zeti’s pay-per-use model, enabled Otto Car to purchase 9 fully electric Skoda Enyaq’s and 20 Kia Niro’s. Zeti’s software offers real-time monitoring of vehicle usage and emissions, allowing Otto Car to repay the facility based on vehicle usage, potentially repaying earlier than traditional asset finance. Since acquiring the new vehicles in July 2024, Otto Car has saved over 12,644kg of CO2 emissions and 7.4kg of NOx. This partnership supports Otto Car’s goal to decarbonise London’s streets and aligns with Paragon’s commitment to providing innovative financing solutions for sustainable transport.
President-elect Donald Trump's transition team reportedly plans to prioritise creating a federal framework for fully self-driving vehicles. This initiative aims to ease current regulations that limit the deployment of autonomous vehicles, which would benefit companies like Tesla. Elon Musk, a significant Trump donor and advocate for self-driving technology, stands to gain from these regulatory changes. Musk's plans for Tesla's driverless robotaxis, named CyberCab, are currently hindered by federal rules that restrict the number of autonomous vehicles without human controls. The Trump team is considering candidates for the Department of Transportation who can develop these new policies, including former Uber executive Emil Michael. A bipartisan bill is also in early discussions to establish federal rules for autonomous vehicles, aiming to increase the cap on self-driving vehicle deployments from 2,500 to 100,000 annually. This push for regulatory change appears to reflect a broader effort to streamline government processes and reduce bureaucratic hurdles. The incoming administration's focus on autonomous vehicle regulation is part of a larger agenda to dismantle government bureaucracy and slash spending. Musk has also been tapped to co-lead a new Department of Government Efficiency (DOGE!) initiative alongside Vivek Ramaswamy. This initiative aims to eliminate red tape and promote efficiency in government operations. The proposed changes could significantly impact the self-driving car industry, potentially accelerating the deployment of autonomous vehicles across America.
According to Kelley Blue Book in Q3 24, American EV for both volume and market share reached a record high, growing 11% YoY, driven by a combination of incentives, new model introductions, and initial affordability compared to ICE vehicles. The total EV sales for the quarter were around 346,309 units, resulting in an 8.9% EV share of sales. Tesla remains the leader in EV sales, reversing its earlier sales decline, achieving a 6.6% increase primarily driven by the introduction of the Cybertruck. GM also pulled a major electric comeback in Q3. It's now America's second best-selling EV brand behind Tesla, ahead of the Hyundai Motor Group and Ford which fell into the third and fourth spots. GM's EV deliveries increased c.60% YoY and 46% compared to Q2. The increased availability of EV models and higher inventory levels have contributed to the market's growth. Additionally, downward pricing pressure, particularly from Tesla's price cuts, has made EVs more accessible to consumers.
The Biden-Harris Administration has announced a $580m investment to enhance American port infrastructure, funded by the Bipartisan Infrastructure Law (BIL). This initiative aims to improve 31 port projects across 15 states and 1 USA territory, enhancing supply chain reliability, increasing capacity, and reducing costs. The funding is part of the Port Infrastructure Development Program (PIDP), which received $2.25bn to support the nation's freight transportation needs. Key projects include the Don Young Port of Alaska’s Cargo 1 Replacement Project, which will construct a new cargo terminal to improve efficiency and resilience. The Port of Oakland’s Outer Harbor Terminal Infrastructure Modernization Project will strengthen wharf structures and upgrade crane systems to accommodate larger vessels. The Georgia Ports Authority’s Garden City Terminal Power Resiliency Project will create a self-contained power distribution network to enhance reliability. These investments are expected to bolster supply chain resilience, create workforce development opportunities, and reduce emissions. The initiative is part of a broader effort to modernise American ports and waterways, which received $17bn under the BIL. The administration focuses on improving supply chains to lower consumer costs and reduce inflation. Overall, this funding will support the development of more efficient, reliable, and environmentally friendly port infrastructure, contributing to the economic growth and sustainability of the American transportation network.
Syndicated asset-based lending (ABL) involves multiple lenders providing a loan to a borrower whose needs exceed the capacity of a single lender. The primary lender, or agent, recruits other lenders to form a syndicate, sharing the loan amount and associated risks. This structure allows borrowers to access larger financing amounts while lenders can diversify their risk. Historically, syndicated ABL emerged from club deals among banks in the 1970s, evolving significantly after the repeal of the Glass-Steagall Act in the 1990s. Today, syndicated ABL facilities are typically senior secured loans with floating rates and variable terms, based on a borrowing base formula that includes qualified accounts receivable and inventory. These loans often feature mechanisms for cash dominion and may include additional covenants depending on the borrower's risk profile. The syndication agreement between the agent and participant lenders outlines the degree of lender group democracy, including participants' rights and remedies. Effective communication and early engagement of financial advisors are crucial for managing syndicated loans, especially if the borrower faces difficulties. The agent must balance the interests of all lenders, which can be challenging if participants sell their loan interests to non-regulated lenders. Best practices for agents include maintaining transparency, forming steering committees for large syndicates, and selecting legal counsel experienced in workout situations. Understanding these dynamics is essential for lenders to navigate the complexities of syndicated ABL and capitalize on opportunities in larger deals.
Fleet Week 2024 in San Diego highlighted 8 key trends shaping the future of fleet management. These include the integration of AI for enhanced telematics and predictive maintenance, the real-world usage and higher maintenance costs of EVs, and the importance of effective route planning to combat range anxiety. The event also emphasized the benefits of factory modems for real-time communication, the need for a mixed fleet strategy during the energy transition, and the link between driver health and safer driving outcomes. Additionally, sustainability efforts and the rise of connected vehicles are driving improvements in data interoperability and fleet management capabilities. These trends reflect the industry's focus on technological advancements, sustainability, and safety.
A recent KeyBank Small Business Flash Poll reveals that taxes, regulations, and trade policies are the primary concerns for small business owners as they navigate the uncertain political landscape of the 2025 elections. The poll indicates that 61% of respondents plan to delay major business decisions until after the election, with 45% anticipating significant impacts from changes in taxation, 34% from regulatory shifts, and 31% from trade policies. Despite these uncertainties, 32% of small business owners expect to expand their staff numbers in 2025. High interest rates have also posed challenges, with 38% of respondents experiencing reduced profit margins, 37% facing increased borrowing costs, and 31% deferring capital investments. However, more than half (56%) believe that future interest rate changes will positively impact their businesses. To adapt, small business owners are increasing cash reserves (43%), reducing reliance on debt (37%), and diversifying funding sources (32%). The poll highlights the resilience and adaptability of small business owners, who continue to strategize and prepare for potential policy shifts. KeyBank emphasizes the importance of consulting with bankers to develop strategies that can help businesses navigate these changes and maintain stability.
New Flyer of America, a subsidiary of NFI Group, has secured its largest order for hydrogen fuel cell electric buses, with a contract to supply 108 Xcelsior CHARGE FC 40-foot transit buses to San Mateo County Transit (SamTrans). This will help SamTrans transition to a zero-emission fleet, replacing diesel buses to meet California’s Innovative Clean Transit regulation. The funding for these buses comes from the Federal Transit Administration, California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, and local funds. This partnership, spanning nearly 35 years, has seen New Flyer deliver over 175 buses to SamTrans, including 27 zero-emission vehicles. The new hydrogen buses will support SamTrans’ goal of reducing greenhouse gas emissions and improving air quality.