Could a New Startup Help the Trucking Industry Save Billions?
The trucking industry has always had to manage costs just like any other industry. But unlike most industries, trucking has never been able to escape one large expense – fuel. While most major carriers have dedicated logistics personnel to ensure that they use their fuel as efficiently as possible by planning out routes strategically, this doesn’t take into account another huge problem – fuel theft.
Fuel theft is a serious problem within the field. Many drivers report being victimized every year, as thieves will siphon fuels from commercial vehicles. In other instances, drivers will use their company card to put fuel into other drivers’ tanks for a discounted rate and take the cash.
But a new startup may have the solution to this issue. Fueloyal has invented a “smart fuel cap.” The cap, which is named the iCap 1000, is a 3G-networked unit which can measure the fuel going into a truck’s tank while comparing it to the gas coming out of a pump through a real-time connection.
The product costs $299 and also utilizes a data plan which costs $39 a month. Preventing waste is something that every carrier aims for. Given the fact that this cap could prevent a large amount of fuel theft, it could help the industry as a whole save billions.