May 26, 2023

After June 30th, 2023, LIBOR will no longer be published which necessitates a transition to a different base rate/index for floating rate leases. As a result, we will transition to a new benchmark rate in our lease agreements.

The Federal Reserve has identified the Secured Overnight Financing Rate (SOFR) as the rate that represents the best practice for use in financial contracts and as its preferred alternative to LIBOR. Therefore, Wheels has determined SOFR to be the most suitable benchmark rate to replace LIBOR in our lease agreements. Find out more about this change in our update.

Does your fleet have open safety recalls? ‘Check to Protect’ is a messaging platform sponsored by Carfax promoting awareness around safety recalls that pose a threat to drivers and passengers on US roadways. In their 2023 newsletter, they emphasize that there are nearly 50 million vehicles in the US with open safety recalls.

We recommend drivers address recalls as quickly as possible. Clients should monitor compliance by leveraging their open recalls report to identify those individuals that might need extra encouragement to have the work completed.

Contact your Account Team Member if you need support.

In her recently published Fleet Management Weekly article, Karen Henry, Senior Vice President of Human Resources, shares her perspective on the meaning of diversity encouraging us all to embrace it.

EVs may take a little getting used to, both for the company providing them and for the people driving them. We want your drivers to love their EVs. To make the transition a little easier, we’ve created a set of EV fact sheets you can use to help your drivers acclimate. You can find them in our EV Resource Center.

In this section we will share third-party industry-related articles and data links that we feel are important, relevant or helpful. Happy reading!

Fleet Implications of ADAS Proliferation in More Models