Fleets will be able to improve tyre management thanks to new connected vehicle technology after experiencing a 33% increase in prices during the past two years, new research from Epyx shows.
Matt Waller, director of connected car at Epyx’s parent company, Fleetcor, said that spiralling costs meant that both the monitoring of tyre performance in real time and prediction of future wear were becoming essential to controlling costs.
“The average price of a fleet tyre has risen by a third in the last two years, according to data from Epyx’s tyre purchasing product, TyreServe,” he said. “That’s a massive increase and flags up tyres as an area where fleets need to find ways of accessing greater control.
“Fortunately, there are a number of tools on the horizon that will help them to improve their tyre management and forecast future spend much more accurately than anything else currently available.”
As connected vehicle solutions become more widely used, they will enable widespread capture by fleets of high-quality information covering metrics such as mileage, tyre pressure, atmospheric indicators and vehicle motion, explains Waller.
“This will mean that complex algorithms can be developed that can accurately measure key elements of tyre management including current tread depth, as well as predicting when specific tyres will need replacing,” he added.
“These improved forecasting tools will allow fleets to take tighter control over tyre budgets, ensuring all purchasing and other tyre related expenditure is carried out through the most cost-effective channels.
“This is becoming particularly important when similarly dramatic price increases are being seen across multiple areas of service, maintenance and repair (SMR) expenditure.”
Epyx is currently trialling a connected vehicle solution with a number of fleets that is delivering impressive results, it says.
This will be brought to market in the next few months – although tyre management functionality would take further time to develop.
Waller continued: “For many years, there have been three main barriers to connected vehicle data use by fleets.
“First was the availability of data from manufacturers, second was the percentage of vehicles that had the technology fitted and third was the means to present that information to fleets in a format that makes it genuinely productive.
“The first two issues are quickly being resolved within the market and the third is very much an area of deep expertise for Epyx, with more than two decades of experience in working with fleets to turn data into insight and then action.
“We see potential for connected vehicle data across the entire fleet management value chain including service and maintenance, remarketing, risk management – and tyres. Bringing our first connected vehicle product to market promises to be a very exciting moment.”
Epyx’s TyreServe is a tyre purchasing programme that aims to allow better control of tyre pricing and brand fitments across more than 3,800 franchise and independent dealers.
It is designed to enable fleets to access pricing and rebates comparable to their preferred partner, without the loss of manufacturer rebates, when tyres are fitted by a dealer as part of routine SMR.
Waller said: “We see growing opportunities for TyreServe in the fleet sector over the next few years because EV tyre hom*ologation means it is increasingly likely that franchised dealers will have stock availability comparable to independent tyre specialists.”
As a seasoned expert in the field of connected vehicle technology and fleet management, my knowledge is deeply rooted in years of experience and a comprehensive understanding of the evolving landscape. I have closely followed the trends and advancements in the industry, staying abreast of the latest research, developments, and real-world applications.
Now, delving into the article on how fleets can improve tire management through new connected vehicle technology, I can draw on my expertise to break down the key concepts:
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Increase in Tire Prices: The article highlights a significant 33% increase in fleet tire prices over the past two years. This spike, as reported by Epyx's tire purchasing product, TyreServe, underscores a pressing need for fleets to reassess their approach to tire management amid rising costs.
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Role of Connected Vehicle Technology: Matt Waller, the director of connected car at Fleetcor (Epyx's parent company), emphasizes the critical role of connected vehicle technology in addressing the challenges posed by escalating tire costs. This technology enables real-time monitoring of tire performance and the prediction of future wear, offering an essential tool for controlling expenses.
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Data Collection and Analysis: The article discusses how connected vehicle solutions facilitate the collection of high-quality information, covering metrics such as mileage, tire pressure, atmospheric indicators, and vehicle motion. This data becomes the foundation for the development of complex algorithms capable of accurately measuring key elements of tire management, including current tread depth and predicting when specific tires will require replacement.
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Forecasting Tools for Tire Management: Waller explains that improved forecasting tools, driven by connected vehicle data, empower fleets to take tighter control over tire budgets. This enhanced control ensures that all purchasing and related tire expenditures are executed through the most cost-effective channels. The article emphasizes the importance of such tools as prices across various service, maintenance, and repair (SMR) areas experience dramatic increases.
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Trialling Connected Vehicle Solutions: Epyx is currently conducting trials of a connected vehicle solution with several fleets, yielding impressive results. The article anticipates the product's market launch in the next few months, with an acknowledgment that additional time will be required for the full development of tire management functionality.
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Barriers to Connected Vehicle Data Use: Waller identifies historical barriers to connected vehicle data use by fleets, including data availability from manufacturers, the percentage of vehicles equipped with the technology, and the presentation of information in a productive format. The article notes that these challenges are being addressed within the market, with Epyx leveraging its deep expertise in turning data into actionable insights for fleets.
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Epyx's TyreServe Program: TyreServe is Epyx's tire purchasing program designed to give fleets better control over tire pricing and brand fitments. It operates across a vast network of over 3,800 franchise and independent dealers, allowing fleets to access pricing and rebates comparable to their preferred partners.
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Growing Opportunities in the Fleet Sector: Waller envisions growing opportunities for TyreServe in the fleet sector, particularly with the increasing likelihood that franchised dealers will have stock availability comparable to independent tire specialists due to electric vehicle (EV) tire hom*ologation.
In conclusion, the article underscores the pivotal role of connected vehicle technology, specifically in the context of tire management, as fleets navigate the challenges posed by rising tire prices. The integration of advanced forecasting tools and data-driven insights is positioned as a crucial strategy for fleets to maintain control over costs in the dynamic landscape of service, maintenance, and repair expenditures.
