The rising gig economy in Singapore has led to the expansion of many private hire industries. As a result of this expansion, it has led car leasing companies to thrive in their businesses. Car leasing is one of the many types of vehicle leasing, there are also the lease of vehicles such as trucks, lorries and other motorised vehicles to cater to the needs of various industries.
Vehicle leasing is the process of renting vehicles to clients for a lease period that could range for days, weeks or months. Clients pay a small down payment to vehicle leasing companies and they can use these fleets at their own discretion. These vehicles ultimately still belong to the leasing company and given that companies have no control or ability to monitor how the vehicles are being used, these vehicles run the risks of tamper and theft.
Given that vehicle leasing companies do not have full control and visibility of their fleet possessions once it is being leased to clients, there are greater risks and potential losses involved. More often than not, leased vehicles such as Grab cars are restricted to the local boundaries but there are exceptions where clients drive beyond borders.
When vehicles are driven overseas, these leased vehicles are more prone to accidents as drivers may not be familiar with the roads overseas, these vehicles run the potential risks of being sold without proper authorised administrative work. As such, it is evident that poor visibility over leased vehicles leads to the misuse of it and companies would suffer losses. In order to prevent tamper, theft and misuse of leased vehicles, companies should employ the use of vehicle monitoring devices for tracking to gain real time visibility for better management of your fleets and at the same time, minimise losses incurred.
Ascent’s iSPOT Fleet Management System (FMS) Lite uses GPS tracking devices installed in the vehicles to allow companies to track and trace the exact vehicle location, their past travelled routes, speed and mileage. This information is crucial as they indicate how the vehicles are being used by drivers. With FMS Lite, companies will receive notifications and alerts when vehicles enter and exit geo zones. Furthermore, to prevent the possibilities of mishandling of tracking devices installed in cars, battery disconnection will be detected when the tracking device is being removed. The presence of dashboard function under FMS Lite allows companies to view the live location and other parameters conveniently. This crucial information can be viewed via the following platforms: web, mobile app and emails anytime, anywhere.