What is a Fleet Asset Register?

October 26, 2021

fleet asset register

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Key Takeaways

Fleet asset registers include details of all commercial vehicles in a fleet. Fleet managers use the register to aid in asset management, simplify recordkeeping, calculate depreciation, and for tracking and inventory purposes. Learn more about the common data stored in fleet asset registers.

What is a fleet asset register?

A fleet asset register includes details of all commercial vehicles in the fleet, including registration numbers, purchase dates, and planned replacement dates. At its most basic level, a register is a paper log or a filing cabinet. However, today a fleet asset register can be a computerized fleet maintenance software package or a standalone asset management system.

Why do fleets keep asset registers?

Registers help fleet managers with asset management. It helps them keep track of all their fixed assets such as equipment, fleet vehicles, buildings, and more. (This is called a fixed asset register.) Here are a few reasons keeping a register is important:

Simplify recordkeeping

Fleet asset registers simplify recordkeeping. They keep track of valuable information in one place, enabling the register to become a reference for fleet management. Having a fleet asset register is also useful for tax purposes as it helps managers track asset values that fluctuate over time and tax liabilities. 

Calculating depreciation

By tracking fixed assets, organizations can calculate depreciation for tax and insurance purposes. Maintaining a register makes it easier for accountants to view factors that contribute to depreciation, such as mileage and repairs. By calculating depreciation, fleets can figure out resale value when they want to sell an asset.

Tracking and inventory

Companies use registers for asset tracking across departments and jobs. By completing regular inventory audits and updating the fleet asset register, organizations can verify the status of everything they own. This information also helps with procurement planning and servicing.

What kind of information is in a fleet asset register?

Because a fleet asset register incorporates a large amount of detailed information for recordkeeping, acquisition, and depreciation purposes, tracking the right information is essential. Here are some commonly documented fields:

  • Vehicle date of purchase: Including month of purchase. This data helps determine resale value. Organizations will also want to include the warranty expiration date.

  • Registration: Vehicle history reports are tied to registrations and vehicle identification numbers (VIN). Businesses should document any registration or vehicle-renewal dates as well.

  • Mileage: The initial odometer readings on purchase, which impacts service and replacement lifecycle.

  • Driver details: If a driver is assigned to the vehicle, their license number and any other associated information.

  • Vehicle cost center: Fleet vehicles carry costs. The cost center shows how that cost is allocated.

  • Vehicle tasks/vehicle assignment: Describing what the vehicles are used for—city sales call, deliveries, hauling etc.—helps fleets plan buying and replacements.

  • Service dates: Keeping track of service dates helps with planning preventive maintenance and minimizes downtime.

  • Part replacement dates: Parts that regularly wear down and need replacement, such as tires, wiper blades,  oil changes, and batteries, should be tracked. Monitoring replacements can also identify potential bad driving behavior.

  • Maintenance costs: Scheduled and unscheduled costs need to be recorded with what work was needed.

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