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09/30/2024
Ford Turns ‘Dirty’ Business into a Profit Driver. GM and Stellantis are Taking Notice
Source: Fleet Management Weekly
Ford Motor Co. has turned its fleet business, which includes sales to commercial, government and rental customers, into an earnings powerhouse.
“There’s much more of an emphasis now on profitability and how fleet can help that,” said Mark Hazel, S&P Global Mobility associate director of commercial vehicle reporting. ”[Automakers] are looking at how they strategically go about this. It’s been a very targeted approach with how they deal with fleets.”
Many fleet sales, especially daily rentals, have historically been viewed as a negative for auto companies. Ford has proven that’s not the case by breaking out financial results for its “Ford Pro” fleet business. The operations have raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021.