Fleet Cards 2024: Small Fleets Are an Opportunity

Nothing stays the same for fuel card providers, or for the fleet operators that rely on them. Declining fuel costs in 2023 cut into fuel card companies’ revenues, sending them off in search of other growth opportunities. Some of those opportunities exist in catering to smaller fleets by drawing them in with a card product and cross-selling other services. 

This Javelin Strategy & Research report looks at the fleet market and where things are headed. Vendor strategies would do well to focus on mixed fleet needs and electric vehicles, use fleet cards as entries into bigger relationships with fleet managers, and learn from newer market entrants that use sleek, modern apps to drive business.

Key questions discussed in this report: 

• How are payment providers adjusting to changes in the fleet market? 
• What is the outlook for providers of open-loop, closed-loop, and dual-network fleet cards? 
• What are the growth opportunities for providers of fleet services?

Companies Mentioned: 

AtoB, BP, Car IQ, Caseys, Celtic Bank, CloudTrucks, Coast, Comdata, Community Federal Savings Bank, Corpay, Edenred, EFS, ExxonMobil, Fifth Third Bank, Fleetcor, Fuelman, Highnote, Hyundai, Marqeta, Mastercard, Motive, Mudflap, PayByPhone, RaceTrac, RaceWay, Ramp, Regions Bank, Relay Payments, Roadflex, Stripe, Sutton Bank, The Bancorp Bank, U.S. Bank, Visa, Voyager, WEX