Top Reasons ELD Compliance Saves Money
We all know that being compliant with the ELD mandate is something that is on every trucking company’s mind. As the saying goes, “time flies” and the December 16, 2019 deadline will be here before we know it. While many might fear that installing ELD devices in their trucks will mean a big cut in their budget, in reality, ELD device installation may actually save companies large amounts of money in the long run. Let’s take a look at it.
How ELD compliance saves you money?
Avoid Heavy Fines
Making sure that you have an ELD-compliant device installed in every truck is key to saving money and protecting your business. Non-exempt drivers are facing severe penalties for not complying with the ELD mandate. Fines for ELD violations could range from $1,000 to $10,000. According to the North American Transportation Association, a failure to comply with 395.8(a) has an average fine of $2,867. By using Matrack’s ELD devices, you can make sure your drivers are keeping up with all FMCSA requirements, so when the DOT audits them, no money will be wasted on unnecessary tickets.
Save Money on Fuel
It’s been observed that idling, speeding, and aggressive braking can all lead to unnecessary fuel consumption and wear and tear on the vehicle, thereby wasting money as well. Idling can consume large amounts of fuel. According to The US Department of Energy, “Idling a heavy-duty truck consumes about 0.8 gallons of fuel per hour. Even when diesel costs as little as $2.50 a gallon, fuel for just one 10-hour rest period will then cost $20. Typically, a long-haul truck idles about 1,800 hours per year, using about 1,500 gallons of diesel. Argonne National Laboratory estimates that in the U.S., rest-period truck idling consumes up to 1 billion gallons of fuel annually at a cost of around $3 billion.” Aggressive driving such as speeding, rapid acceleration, and braking also wastes gas. According to a study done by researchers at the Department of Energy’s Oak Ridge National Laboratory, it can lower gas mileage by roughly 15% to %30 percent at highway speeds and 10% to 40% in stop-and-go traffic. This can equate to losing about $0.25 to $1 per gallon. It’s literally not just the gas that is guzzled, but money as well. By using one of Matrack’s ELD-compliant devices you will be able to track the speed, braking, idling, and more of your drivers in real-time and make sure that money is no longer wasted fuel.
Cut Insurance Costs
The use of ELD-compliant devices will keep a better check on drivers and improve driver safety. Insurance premiums are currently based largely on CSA scores. ELDs are connected directly to the truck’s engine which allows carriers to monitor driver safety and identify risky behavior that results in higher CSA scores. In addition, ELDs can provide the insurance industry with additional data to consider when determining risk models. This can reduce the impact CSA scores have on insurance premiums. Lastly, using ELD tracking devices will automatically make sure that drivers don’t exceed their driving limit which will ultimately prevent accidents due to driver fatigue and save endless lives and money.