Corporate fleets – whether owned by the corporate itself or leased/rented from third parties – pivot around certain key objectives. These include the need to streamline operations, boost resource efficiencies, improve driver satisfaction, drive productivity and performance, and ensure asset protection. Realizing such goals requires actionable, real-time data insights on vehicles and drivers.
Viasat Fleet Start & Advanced Solutions
Source: Targa Telematics
The May 2023 acquisition of Italian IoT info-telematics services provider, the Viasat Group, by Targa Telematics, a global market in IoT solutions and connected mobility, aligns with such needs. It brings together the complementary expertise of both companies to offer innovative fleet management solutions. This is highlighted by the introduction of the Viasat Fleet Start and Advanced solutions integrated with Targa Telematics’ IoT platform to unlock new value for corporate fleet customers.
Targa Telematics has been known for leveraging cutting-edge artificial intelligence, machine learning and big data to provide top quality, end-to-end IoT solutions. Real-time driver and vehicle data is collated, analyzed, and converted into actionable insights for enhanced fleet management services. Clients benefit from services that range from tracking of fuel consumption and emission levels to monitoring of processes, driver and driving behavior, and vehicle status. Unauthorized usage and theft are prevented through Stolen Vehicle Recovery (SVR). For instance, Hertz Italia Corp was able to recover 95% of its stolen vehicles in early 2020 using Targa’s Stolen Vehicle Recovery (SVR) solution. Similarly, it helped LeasePlan in developing its Corporate Car Sharing solution, enabling their customers to slash fuel consumption by 15%, reduce carbon emissions, and improve vehicle utilization.
Superior total cost of ownership and cost efficiencies are achieved through tools that provide comprehensive insights into expenditure incurred on purchase/rental as well as maintenance/operations.
Other fleet management services include route analysis, timely maintenance scheduling, regulatory compliance, insights into optimal fleet composition, i.e., whether ICE, electric, or hybrid, based on operating environment and application. Real-time accident reporting, moreover, allows for accurate and speedier processing of insurance claims. Furthermore, user friendly digital tools underpin corporate car sharing platforms where the scenario of one car, multiple drivers emphasizes the need for flexibility combined with optimal asset use.
To learn more, please access our research reports, Growth Opportunities and Use Cases for Electric Vehicle Fleet Management in North America and Europe, Growth Opportunities in European Corporate Light Vehicle Leasing Market by Fleet Size, Asia-Pacific Telematics in Vehicle Leasing and Rental Fleet Growth Opportunities, or contact sathyanarayanak@frost.com for information on a private briefing.
Our Perspective
Advanced Fleet Management
Source: Targa Telematics
Concerns over vehicle and fuel theft, driver behavior, asset safety, complex insurance claims and overall fleet performance have driven sustained investments in fleet telematics. Fleet companies and customers are demanding feature-rich connected technologies that enable superior fleet management.
The European fleet telematics market is dominated by industry-leading telematics service providers offering telematics solutions to vehicle leasing, rental, and corporate-owned companies independently or through partnerships. There is an increasing trend in telematics data integration between OEMs and car leasing and rental companies across Europe. Vehicle leasing and rental companies have tremendously benefitted by deploying telematics technology, improving the overall control over their fleet assets.
Telematics solutions are helping fleet vehicle leasing, rental and corporate-owned companies gain better visibility into and control over their fleet assets. Such solutions can capture relevant data points, encourage better driver behavior, enhance safety and security, identify abusive drivers, prolong vehicle life span, improve claims ratio, and protect the vehicle’s residual value.
Today, there is a multiplicity of telematics-driven features on offer, including stolen vehicle tracking and recovery, maintenance, repair, vehicle diagnostics, emergency calls, roadside assistance, and usagebased insurance. In essence, comprehensive product portfolios have become indispensable to expand fleet management services and attract a wider client base.
Targa Telematics has acquired many of its customers through word-of-mouth accolades, fueled by its tailored solutions and advanced technological performance, serving as a testament to its high client satisfaction rate. Viasat’s strategic acquisition in 2023, helped Targa Telematics increase its market share and broaden its product portfolio with IoT services and solutions in the automotive sector.
With the successful acquisition of Viasat, Targa Telematics is seeking other vertical acquisitions to consolidate and synergize leading expertise and technologies and solidify itself as the key developer of “mobility of the future” solutions. Additionally, the acquisition gives the company strong regional coverage in Italy, Portugal, Spain, France, the United Kingdom, Belgium, Poland, Romania, and Chile, and its market consolidation strategy will further increase its regional coverage. These consolidations will also enable the company to leverage dedicated expertise and operations at a local level and better serve its clients in mobility and other sectors.
Targa Telematics is a leading expert in managing automotive OEM vehicle data for B2B purposes. The company adopts cutting-edge technology to collect, process, and harmonize data from OEMs, as well as from any aftermarket devices, providing a comprehensive and unified view of the fleet. The company enables its customers to overcome the technical, commercial, and legal complexities of sourcing OEM data from a number of providers, allowing full visibility of their fleets, regardless of vehicle makes or models.
Targa Telematics’ agnostic and composable solutions, including hardware components, microservices, and operated services, offer a compelling value proposition that underpins its sustained success. With unlimited custom configurations and strong core architecture, the company’s solutions can address clients’ unique needs and challenges.
What Next?
Collaborations whether between telematics companies and OEMs or among telematics stakeholders with distinct areas of expertise can help in the development of expanded fleet management solutions. Companies should continue to leverage advanced AI, ML and IoT technologies to create productivity and performance enhancing smart mobility and fleet management features.
Targa Telematics Dashboard integrating BMW and MINI Connected Fleet Data
Source: Targa Telematics
Strategic partnerships or M&A with other telematics ecosystem stakeholders, technology innovation dedicated towards fleet cost and asset optimization, and customer focused solutions will be key to gaining a competitive advantage.
As the variety – whether in terms of rental, leased, or corporate owned or small, medium and large sized – of fleets expands, there is tremendous growth potential for affordable and innovative connected technologies, telematics services, fleet management features, and other mobility solutions. Customized solutions will facilitate fleet safety, operations, and revenue generation. Novel business models centered around strong value propositions, value-added integrations, and value-added services will open up new revenue streams for stakeholders and drive growth.
Through industry trend monitoring and customer feedback, Targa Telematics consistently adapts its solutions based on clients’ unique needs and ensures optimal performance. For example, end-user expectations for ease-of-use are a growing imperative. Consequently, delivering an outstanding user experience with an intuitive and easy-to-use dashboard is one of its top priorities.
The company incorporates flexible pricing by recognizing and evaluating clients’ needs, detailing their requirements, and pricing accordingly, thus enhancing customer value and satisfaction. Targa Telematics is at the forefront of the fiercely competitive telematics connectivity for leasing, rental, and UBI market. With a deep-rooted history of purpose-fit innovation, the company shapes industry’s trends, while impacting the telematics connectivity industry.
With inputs from Amrita Shetty, Senior Manager, Communications & Content – Mobility
