Fleet Operators Tap ‘On Demand’ Working Capital Solutions to Fuel Strategic Priorities

In a sector caught between regulatory pressure and technological disruption, fleet and mobility companies are redefining how they manage working capital.

According to the newly released “2024-2025 Growth Corporates Working Capital Index: Industry Factbook,” published by PYMNTS Intelligence in collaboration with Visa, fleet and mobility businesses are leveraging working capital solutions not only to weather volatility but to fuel transformation.

Working capital utilization across the fleet and mobility segment rose significantly in 2024, with 89% of surveyed firms using at least one external working capital solution — a 9% increase year over year.

The upshot? On average, top performers realized $15.6 million in bottom-line benefits from interest savings, better inventory management and supplier discounts.​

Still, the findings offer a snapshot of a sector in flux as companies seek the best way to succeed in navigating the shift to electric vehicles (EVs) alongside tightening emissions regulations and erratic fuel and parts supply chains.

After all, the transition to EVs represents both an existential challenge and a growth opportunity for fleet operators and mobility platforms. Electrification requires upfront investment in new vehicles, charging infrastructure and software systems — all while many traditional financing channels remain ill-fitted to the evolving cash flow realities of these companies.

Read also: Why the EV Dream May Be Crashing in America

Tactical vs Strategic Use of Working Capital

The report data highlights a notable shift in mindset. While 37% of fleet and mobility corporates still tapped working capital for unplanned emergencies, a growing share — 57% — used it for strategic purposes like planned growth initiatives and managing expected cash flow cycles.

This split reveals a maturing approach to financial management. Strategic deployment included leveraging capital to fund EV acquisitions, digital fleet management platforms and even artificial intelligence (AI)-based route optimization tools. These investments are expected to yield long-term efficiency gains, positioning companies for both cost leadership and environmental compliance.

The use of early supplier payments as a cost-saving lever also gained traction. The share of invoices paid early jumped 29% in 2024, to 28% overall. This not only enabled stronger supplier relationships — crucial amid persistent supply chain fragmentation — but also helped reduce input costs through early-payment discounts​.

The Financing Stack Becomes a More Agile Mix

When it comes to financing tools, fleet and mobility firms are adopting a more diversified stack. Traditional working capital loans remain prevalent, used by 45% of firms surveyed. Bank lines of credit, which are often more flexible and cost-effective, saw a massive 68% year-over-year increase in usage and, per the report data, are now employed by 34% of firms.

However, other instruments are declining in favor. Overdraft use dropped by 9%, and invoice factoring fell by 11%. Instead, more firms are embracing corporate or virtual credit cards (used by 21%) for their convenience and real-time control.

This pivot to more digital and customizable solutions signals a broader trend: financial agility as a competitive asset. As mobility companies operate across increasingly digitized ecosystems, from gig work platforms to autonomous delivery fleets, their capital strategies are evolving to match.

Yet for all the strides made, the path forward is far from smooth. Industry leaders are calling for more tailored financing products that reflect the fleet sector’s unique challenges such as long vehicle depreciation curves, seasonal demand shifts and cross-border regulatory hurdles.

The “wish list” from fleet CFOs centers on customizable terms, greater digital integration and real-time analytics. These capabilities are seen as essential for managing multi-layered operations that blend fuel logistics, software-driven scheduling, and compliance reporting.

Indeed, as software eats the fleet, the role of finance is becoming more strategic — and more technical. Forward-thinking finance leaders are collaborating closely with ops and tech teams to ensure capital flows align with digital transformation roadmaps.