The Russian invasion of Ukraine is causing already-inflated gas prices to spike further across the U.S. According to Gas Buddy, an app that helps drivers find the cheapest gas in their state, “The national average is up 23.2 cents from a month ago and 87.6 cents per gallon higher than a year ago. The national average price of diesel has risen 5.5 cents in the last week and stands at $3.98 per gallon, the highest since March 23, 2014.”
If you haven’t already done so, we recommend that you temporarily raise any fueling restrictions on fuel cards. Fuel prices may continue to rise and filling a tank may exceed your normal limitations. Contact your Wheels Account Executive to update.
The Russian invasion of Ukraine is causing already-inflated gas prices to spike further across the U.S. According to Gas Buddy, an app that helps drivers find the cheapest gas in their state, “The national average is up 23.2 cents from a month ago and 87.6 cents per gallon higher than
Due to continued supply chain challenges and chip shortages, we expect there to continue to be a high demand in vehicle rentals, which will result in increased prices, this spring and summer. During the height of the pandemic, people stopped traveling altogether resulting in many rental companies reducing their vehicle inventory. As people emerge from the COVID-19 pandemic, The Wall Street Journal projects that demand is going to be very high with more people traveling on the road than in recent years. However, we anticipate that rental companies are better prepared to handle the higher seasonal demand this year.
Here are a few tips to prepare for higher prices and limited availability:
Be flexible and don’t limit requests for a “like-for-like” vehicle. For example, if the primary vehicle is a truck but is mainly used to move people, a sedan might suffice temporarily. Another example would be not requiring an AWD / 4WD vehicle, which would be less necessary heading into warmer months.
Leverage surplus or underutilized vehicles. Depending on the duration of the rental, it could be more cost efficient to transport a vehicle to a new location versus paying higher-than-normal rental prices.
When receiving new vehicles, consider keeping used vehicles instead of turning them in to serve as a rental replacements. This tactic involves projection of future rental needs but may be ideal for customers with a historically high rental volume.
Rely on your fleet management partner who have negotiated national pricing for rentals, which should be very competitive and not variable with the seasonal pricing.
Place your reservations early.
This blog we shared last year about shortfalls in the rental space due to the pandemic is still applicable today and includes strategies and advice about rental vehicle acquisition. Contact a member of your Wheels Account Team for advice on managing your rental vehicle needs.