April 5, 2005
Odessa Technologies, Inc. announced the launch of its integrated fleet management system, LeaseWave© Fleet Management (FM). The system is built as a part of Odessa’s LeaseWave© suite of leasing products and fully interfaces with the existing back-end lease accounting and asset management system. Through the introduction of LeaseWave© FM, vehicle lessors now have an end-to-end and integrated solution that not only manages their leases but also their fleet contracts. As such, it is the first system of its kind to be marketed in North America.
In building LeaseWave© FM, Odessa aimed to cater to a niche need in the vehicle leasing industry. It found that fleet leasing companies generally have disparate systems handling their leasing and fleet management activities. This not only forced the company to view it self as having two different focuses, but also made its operations cumbersome. Customers with both leasing as well as fleet related billings received two invoices; of course, customized invoices were not even possible without manual intervention. Profitability analysis on a lease, customer, fleet segment or any other classification of the fleet portfolio were difficult to come by as it necessitated collating and reconciling information from unconnected systems. This technological disconnect made it difficult to obtain strong profitability and cross-functional efficiency performance metrics. Without knowing how a given full-maintenance customer’s maintenance PO’s stacked up against their lease billings, for instance, it becomes difficult to accurately measure profitability, let alone understand how aggressive or conservative parameters can be when renegotiating contracts.
In addition to providing a full-fledged solution to existing fleet leasing companies, “[Odessa] is confident that LeaseWave© FM can open new avenues of revenue and even an entirely new business for vehicle lessors that are not already into fleet management”, says Jay Mehra, COO, Odessa Technologies. “We have found that vehicle lessors averse to fleet management generally have not found an easy means of managing fleet activities; this has traditionally kept them out of the fleet management game. We hope that LeaseWave© FM will change that.”
Like the rest of the LeaseWave© suite, LeaseWave© FM is fully Internet-based. It covers the entire gamut of fleet operations, comprehensively managing the entire life cycle of a fleet contract. Typically, this begins with the issuance of a fleet card and ends when the vehicle is taken off road. Among other things, the LeaseWave© Fleet software system comes equipped with complete fuel purchase management, maintenance work management, accident management, license management, fleet card administration, exceptions reporting and customer billing capabilities. Through LeaseWave© FM, fleet services can be administered either as value-added services that complement the lease life-cycle or as separate, stand-alone product offerings, independent of leasing. It follows, therefore, that LeaseWave© Fleet can be deployed as a component of Odessa’s suite of lease and asset management solutions or as an independent system.
Odessa Technologies, Inc. is a software company located in Philadelphia, PA, with a sole focus in building and marketing software solutions to the leasing industries. The LeaseWave© suite is its fully-integrated family of products that cater to various parts of the leasing operations, providing an end-to-end solution that is fully Internet-based. Furthermore, recognizing that each business is unique, the LeaseWave© suite has been engineered, specifically, to be customizable. Designed using cutting-edge technology and sound functional expertise, LeaseWave© can be custom–built to fit around the unique needs of each lessor. While not every client requires customization, the LeaseWave© suite is flexible to cater to even the most complex of business models, as evidenced by its strong customer base. LeaseWave© is the only end–to–end system that is fully Internet–based. Its technology as well as its ability to be customized easily differentiates it from competing products.