- Company vehicles provide mobile marketing opportunities, increasing business visibility and promoting brand recognition.
- Versatile usage of company vehicles enhances operational efficiency, facilitating employee transport and product delivery.
- Company vehicles reduce employee travel expenses and manage time effectively, promoting a sense of ownership.
- A well-maintained company vehicle projects a professional image, setting the business apart from competitors.
- Business car ownership offers tax savings by allowing depreciation or lease payment deductions, increasing profitability.
Having the right assets to help you grow your business is essential as a business owner. Your company vehicle is one of those assets you might overlook, but you should always consider the potential benefits it brings to your business. From transporting products to sales meetings, your vehicle acts as a mobile billboard that helps increase your brand’s visibility. Here’s what you need to know about car ownership in the country, why your company vehicle is your best asset, and ways to ensure that this asset will be with your company for years.
Car Ownership Today
It’s estimated that there are over 275 million registered passenger vehicles in the U.S. alone, making car ownership a significant part of many Americans’ lives. The most popular vehicle on the road today is the sedan-style, followed by SUV/crossover models and pickup trucks. It’s no wonder these cars are so popular – they offer a variety of features and capabilities to meet your needs for comfort, convenience, and power. No matter what type of car you choose, having a reliable vehicle is critical for business owners who must drive around town or travel long distances for meetings and events.
Reasons Your Company Vehicle Is Your Best Asset
When running a successful business, your company vehicle can make all the difference in helping you reach your goals. Here are some reasons it’s your best asset:
1. Mobile Marketing
Your vehicle serves as a moving advertisement for your business. You can promote your business wherever you go with your brand’s name, logo, and contact information displayed on your car. This is particularly effective if you drive on busy roads and highways or visit crowded areas in the city.
Your company vehicle serves as transportation for almost everything you need for your business. You can carry your employees to work outings, trading shows, or events and transport products to and from clients. A single vehicle enormously impacts your business operations and simplifies daily tasks.
3. Reduced Employee Expenses and Time
Paying employee expenses such as rental cars, reimbursements for gas, and other travel costs can be expensive and time-consuming. By providing a company vehicle, all travel can be easily managed, and expenses controlled effectively. It saves employees time in trips to rental company offices or public transport and gives them a sense of ownership and responsibility.
4. Professional Image
Regardless of your type of business, your company vehicle gives you an edge over your competitors. A branded and well-maintained vehicle conveys a professional image, showing your business cares about its image, brand, and customers. Your image can help set your business apart from competitors and give you a unique selling point.
5. Tax Savings
The cost of a business vehicle is tax-deductible against rates of depreciation or lease payments in the year you purchase it. As you make regular car payments, you can claim deductible expenses, decreasing your taxable income and increasing tax savings. A tax expense in line with savings on your taxes results in a more efficient and profitable business operation.
Ways to Keep Your Company Vehicle in Good Shape
Now that you know the advantages of having a vehicle for your business, how can you ensure it remains in good condition? Here are some tips on how to maintain your company car:
The exterior of your company vehicle is exposed to many damaging elements, such as dirt, dust, and rain. Invest in robust ceramic coating for cars to keep it looking new for longer. This coating is a liquid polymer that bonds to your vehicle’s paint and provides an extra layer to protect it from scratches, UV light damage, and other environmental hazards.
It’s important to service your company vehicle regularly to prevent any major issues from arising. This includes checking the tires, changing the oil every 3-5k miles, and inspecting all fluids and brakes. This ensures your car is properly maintained and running efficiently at all times.
It’s important to ensure that employees who drive the company car do so safely and responsibly. Poor driving habits can cause drivers to get into accidents, costing your business time and money. Investing in defensive driver training will help employees understand the consequences of poor driving practices and how to avoid them.
Your company vehicle can be one of your most valuable assets for growing your business. It serves as a mobile advertisement, increases efficiency and professionalism, and saves you money in the long run. With these tips on keeping it running smoothly, you can ensure your company vehicle will be with you for years.