With the cost of vehicle ownership at an all-time high, Alan King, Group President of Vehicle Payments for Corpay, explains how individuals and businesses can mitigate the rising costs if they use the tools at their disposal.
In this episode of Smarter Payments by Corpay, host Brennan Robison interviews Alan King, Group President Vehicle Payments at Corpay, about the rising cost of vehicle ownership and operation for consumers and businesses, and practical ways to offset these costs using technology and data.
Alan King’s Career Background:
Alan King shares his journey from telecoms to a global career in payments, including roles at Citi, Visa, and Mastercard, before joining Corpay (formerly Fleetcor). He now oversees a diverse international portfolio in vehicle payments, fleet management, and related SaaS businesses.
Key Topics Discussed:
Consumer Vehicle Costs:
The annual cost of owning a vehicle in the U.S. hit a record high in 2024, with drivers facing increased expenses from inflation, repairs, and especially insurance premiums, which have risen post-pandemic due to supply chain pressures and higher costs for vehicle replacements and repairs.
Fleet Vehicle Costs:
Businesses with vehicle fleets face similar pressures as consumers, but costs are amplified by scale. King highlights major cost drivers such as fuel (though prices dropped recently), insurance, repairs, compliance, and taxes — including congestion charges and carbon taxes in regions like Europe and the UK. Local governments also increase costs through higher parking fees and tolls.
Regional Differences:
Vehicle ownership is often more expensive in Europe due to higher fuel taxes, mandatory tolls, stricter environmental regulations, and higher labor costs for maintenance. In contrast, US drivers generally pay less for fuel and tolls, and face fewer compliance costs.
Fleet Management Strategies:
King emphasizes the importance of accessing and leveraging high-quality data to monitor and manage vehicle costs. Real-time insights into fuel spending, maintenance schedules, and driver routes enable better decision-making, cost reduction, and efficiency. Solutions provided by Corpay offer consolidated data reporting and automation to streamline fleet management.
Maintenance and Aging Fleets:
Modern vehicles are increasingly equipped with connected technologies that provide valuable diagnostic data, helping fleet managers optimize maintenance timing and avoid costly breakdowns. King notes that while fleets are trending toward older vehicles, older cars come with reliability risks that require more frequent attention and can lead to false economies if not well managed.
Electric Vehicles (EVs) vs. Internal Combustion Engines (ICEs):
EVs shift the cost profile; though upfront costs are higher, they generally have lower fuel and maintenance costs, with some regional incentives available. However, fleet managers must consider battery life, weather impacts, charging infrastructure, and varying incentives or taxes when deciding on vehicle mixes.
Managing Mixed Fleets:
The transition to mixed fleets (both ICE and EV vehicles) poses challenges around vehicle choice, charging, data integration, and reporting. Corpay's fleet solutions consolidate billing and data management, and enable features like reimbursement for home charging, simplifying operations for businesses managing both vehicle types.
Key Advice for Consumers and Fleet Managers:
King advises that cost management should be an ongoing, dynamic process rather than a periodic review. Staying informed, using available tools, and making incremental efficiency improvements are crucial for both individuals and fleets facing rising vehicle costs.
Conclusion:
The episode delivers insight into today’s vehicle cost landscape, highlights the importance of data-driven decision-making, and provides actionable strategies for reducing expenses and managing both traditional and evolving fleet compositions. These principles apply universally — whether managing a personal vehicle or overseeing a large commercial fleet.
(Music intro)
King teaser bite: You know, the vehicle is talking to you on an ongoing basis. You know, if somebody's talking to you, you typically want to listen to them and then pay attention to what it's saying.
Robison intro: The cost of owning and operating a vehicle is at an all-time high… but consumers and businesses can mitigate the cost if they use the tools at their disposal. This is Brennan Robison, Director of Corporate Communications at Corpay. On this episode of Smarter Payments by Corpay, we’re joined by Alan King, Group President Vehicle Payments at Corpay, to look at what’s driving vehicle costs and how to offset them. Here’s our conversation.
Robison: Hey Alan, thank you for joining us on the Smarter Payments by Corpay podcast.
King: Hey, Brennan, it's great to be here, Brennan. I'm delighted to be able to join you today.
Robison: So, before we jump into our discussion, if you would give us a brief history of your career journey, how it led to Corpay and your current role.
King: Of course. So, I've spent most of my career in payments, although it started off elsewhere, initially in telecoms at a fast-growing telecom startup that was taking advantage of deregulation in Europe in the mid 90s. But my payments journey started in the late 90s at Citi, Citibank, where I learned a ton about corporate payments and card-based solutions that help companies eliminate inefficiencies. But I've always been eager to learn and have an international career. I’m quite an international person. And that led me to Visa for a short period of time where I spent most of my time in emerging markets across Eastern Europe, the Middle East, even Africa. And then I joined their big competitor, Mastercard, a year or so before their IPO and spent a wonderful 11 years there in various international roles, spanning strategy, product, general management. I learned a ton there about payments and led teams all over the world. And it was great to be there as well at a time of immense innovation around digital and mobile payments. And then when Corpay or Fleetcor as it was then came along and that opportunity came, it was great to be able to join a growth company, you know, working for the founder, CEO of the company, Ron Clarke, and helping to transform some of our key businesses in the portfolio. And so, after initially running our international fleet business or group, I moved to the U.S. to run Global Fleet and that included our U.S. fleet business. And then I transitioned to lead a newly formed group called the International Vehicle Payments Group. And that takes into the portfolio all of our fleet card businesses, our fleet management, SaaS businesses, EV assets, digital parking business. And we're also even trying to build out a corporate payments capability outside of the US for the company. So, I'm very fortunate to work with a highly talented team across the world. We're trying to solve real world challenges for everyone from an everyday driver to a fleet with thousands of vehicles to helping OEMs and leasing companies trying to drive more value for their customers and trying to anticipate what the future of mobility might hold, right? Trying to offer practical solutions right now as well as look into the future. And of course, it's important to keep diversifying, especially given we're a corporate payments company. So, building out more corporate payment solutions is really at the heart of what we're trying to do as well.
Robison: And you're based in London, correct?
King: Yes, Brennan, I'm based in wonderful London. It's summertime now, so it's a great time to be in London. Although I did have a great three years in Atlanta as well until very recently and not missing the summer weather in Atlanta, that's for sure.
Robison: Yes, it's quite hot and steamy as we speak. So, your experience prior to Corpay, also Fleetcor, was in payments in general. How did you apply your skill set and experience to vehicle payments in particular?
King: You know, payments is a broad category and I had the privilege of working across both consumer and commercial payments and fleet payments and fleet card payments are really a subset of commercial payments, corporate payments. It's a point solution that really focuses on a very specific problem statement that fleets have in managing whether it's a couple of vehicles or, you know, an army of vehicles, both the payments associated with those vehicles, but also all of the management information that you want to gather from those fleets, as well as all the controls that you need to deploy for the people that drive those vehicles. So, I think my broad-based knowledge was quite easy to apply in a point solution. And indeed, part of the journey, part of the challenge for me was helping Corpay really take what's a point solution and expand it beyond just a core fuel payment category. And I think we've done that pretty well, especially by venturing into EV payments and following the growth of EV, especially here in Europe. We've managed to develop solutions there, payment solutions and software solutions to support that area of the segment or the fleet business. And as I said earlier, trying to build out further solutions for drivers and even now for consumers whose needs are ever evolving in a more complex environment.
Robison: And we will get to EVs in just a little bit. First, let's kind of set the stage with your high-level perspective on the biggest financial challenges in owning, operating, and maintaining a vehicle. We'll talk about fleets in a moment, but let's start with consumers. The cost of owning a vehicle hit a record high in 2024, at least in the US, more than $12,000 a year, just over a thousand a month. What are the big cost drivers, so to speak, in that number?
King: If the consumers and for fleets will come on to it as you say, I mean, vehicle costs are very much in the spotlight these days. And I think for consumers, it's a combination of, inflationary environment that has pushed up the price of all the services associated with owning a vehicle. And then especially the surprise expenses. So, the big repair bill or, you know, the insurance renewal that has suddenly gone up tremendously when you weren't expecting it relative to the previous year. And I think that's where the pain has come from, especially in the consumer segment. You buy a vehicle, you may get a good deal, financing costs have increased because of the interest rate environment. You then have to repair the vehicle at some point. Labor rates, parts rates have gone up quite tremendously, which increases the cost of maintenance. Fuel, thankfully, at this point in time is relatively low, given historic highs two or three years ago. So, that's certainly helpful. But it's really those, those things you probably don't think about when you go out and buy a vehicle. Hey, how much does it cost me to buy insurance to get insurance? How much is it going to cost me if the vehicle breaks down? Those elements, I think, are the surprising elements that have hit consumers pretty hard in the wallet.
Robison: When my wife bought her car a few years ago, she paid 0.9% interest and a week later she was kicking herself because it went to zero, at least for a while. That's not too common these days. You talk about insurance premiums way up. I know it's not insurance companies cashing in. It is a competitive marketplace and yet the premiums are up across the board, really since COVID, right? What is the story behind the surge in insurance premiums?
King: I think if you look at the environment, the entire supply chain around not just vehicles, around, protections, you know, insurance protections around the cost of replacing, whether it's vehicles or repairing vehicles in the event of accidents, whether it's just more vehicles on the road in general, have all kind of conspired across the supply chain and the value chain to push up prices across all different elements. And eventually that has to filter through to the headline price of an insurance premium. So, there's no getting away from it. The vehicle is involved in an accident and that person gets injured and there's a health insurance premium to pay or healthcare to pay for, there's repairing of the vehicle that comes into account, there's other compensation that may have to come into it. And all of the elements that flow out of that have all gone up in price. Eventually, it has to filter through or bubble up to the headline price of an insurance premium. So, I think it's the world in general in that post pandemic environment that has seen inflationary pressures all over the place. And nothing is really immune to it, unfortunately.
Robison: And you were in the U.S. for several years and had to navigate Atlanta highways so you know as well as us that some people have lost their minds on the road. There's a lot more aggressive driving and a lot more accidents than there used to be. That certainly can't help.
King: Atlanta can be a scary place to drive when you're not used to it, that's for sure. Even though the roads are wide and have so many lanes compared to the ones here in London or in Europe, I think people weaving in and out of those lanes and not indicating properly, I mean, it's kind of scary when you're European and you're not used to it, that's for sure.
Robison: You know it well. So, let's talk about fleets. What are the trends in the cost of operating a fleet of vehicles for a business?
King: Look, I think again, there are some parallels with the consumer world that you can't get away from. We're in a challenging economic environment for businesses generally, at the moment. But it's been the case for a few years now with, again, sluggish growth, high interest rates, volatility in the macro environment. And then what I said before about inflation, you know, it's hit everyone, obviously, not just not just consumers, but businesses as well. I think fuel is still the headline item at the end of the day for fleets. And it's helpful now that fuel prices are down. But, you know, that doesn't mean the comparisons and the searching the ever the ever-lasting search for cheap fuel doesn't stop just because fuel prices are down. So, I think finding and knowing you can have access to the cheapest fuel possible to keep your costs low, I think is absolutely essential. I think there's also additional elements that are obviously impacting fleets. Insurance, obviously, the repairs, I mentioned that already. Compliance and taxes. I think in many jurisdictions, taxes have gone up over the last few years. Different countries have been behaving in different ways, but on average, taxes on companies and taxes on vehicles have gone up for fleets. You've also got compliance with areas like clean air zones or congestion charging. We've seen in New York, for example, congestion charging being implemented in London has been around for now, I don't know, 15, 20 years. Other cities are adopting it in Europe and in the UK as well. That increases the cost of fleets to be able to drive into cities and go about their daily business. So, that's become absolutely relevant in an ever-increasing way. In some cases, it's carbon taxation to try and encourage fleets to move away from polluting vehicles to cleaner vehicles with cleaner emissions. And with the public purses being quite constrained, i.e. public spending being down or being cut, local cities, local councils have to find ways of raising revenue. And so, whether they put up price of parking, whether they put up tolls to go on certain roads or bridges to try and increase revenues. All of that puts pressure on fleets and puts pressure on their costs. And if you're a fleet that operates in the transportation sector, where maybe over 50% of your cost base is linked to operating the vehicle, then even those small amounts quickly add up and put pressure on your finances. So, they're facing quite a few pressures at the moment that they need to deal with on a day-to-day basis.
Robison: So, you talked about how costs can vary by region based on compliance, regulations. You've worked all over the world, as you said. Now you're in the UK. Other than one of us driving on the wrong side of the road, I think it's us. How does the cost of vehicle ownership vary by geography? Talk a little bit more about that.
King: I'd say, again, having personally lived in different countries, including the U.S., I'd say the cost of ownership in Europe is quite high. And a big part of that, higher than the U.S., I should say, a big part of that is fuel. mean, the taxes and duties on fuel in Europe are significantly higher than in the U.S. What you pay at the pump is significantly higher in Europe. 80% of the price of the fuel in the UK, for example, is all taxes and duty, and that adds quite a bit obviously to the headline price of crude oil and refinement, et cetera. So, I think fuel's a big difference. And if you go to emerging markets, you go to Mexico, you go to Asia, again, fuel price is much lower because they don't tax it as much. The other difference I'd say that I've seen is the environment around road usage and how taxation plays out in different markets. Then taxation of road usage. So, in many countries in continental Europe, you you pay to go along a highway or motorway, there are tolls that you can't avoid, you can't escape if you want to go on the highways. That doesn't exist, generally speaking, in the UK. In the U.S., it's very sporadic. mean, you may pay a toll to cross a bridge or to go at a high-speed lane if you're a car or in a priority lane if you're a car, but generally, you know, you don't pay those kinds of charges. And then, as I said before, if you're a business operating in an urban environment, the so-called ultra-low emission zones or carbon taxes or congestion charging that exists and is growing across Europe, especially in Scandinavia, Northern Europe, including the UK, adds significant pressure to how businesses need to operate and what they charge you know, their customers, you know, to be able to carry out the duties that they need to carry out. So, again, in the U.S. that doesn't really exist. Maybe much more sporadically in certain environments, but generally it's a very, very different environment. And then, you know, finally, I think the cost of repairs and the cost of maintaining a vehicle generally is higher in Europe. Labor costs are higher, you know, relative to maybe owning a vehicle in the U.S. where you can carry out repairs and get your car fixed on a much more cheaply. So, I'd say the compliance environment, the maintenance environment, very different as well.
Robison: So, the million dollar or million pound question, how can fleets, what advice would you give to fleets on how they can better manage and control these rising vehicle related costs?
King: Look, I think first of all is knowing what you're dealing with, having access to information. And the biggest lever for that is data, having good quality data because you can't manage what you can't see. So, I think managing whether you're a small business with five vehicles and kind of managing those vehicles on a whiteboard or on a spreadsheet thinking you're doing a good job is just not good enough these days. You need much more visibility, much more real-time visibility in some cases into things like fuel spend, maintenance patterns, driver behavior, where drivers are going, the routes that they're taking to get from A to B, the efficiency of those vehicles, how often they break down. Why do they break down? Why are you choosing the manufacturer that you're choosing? What kind of service quality is there if you're leasing a vehicle? the leasing company giving to you? So, all of that is all data-based. Once you have that data and it's organized for you in a sensible way and in a way that you can understand and that is meaningful, because that's obviously key, then it's about acting on the data. How do you optimize the routes that your drivers are taking? How do you consolidate suppliers more effectively? How do you provide more training to drivers in driving in more fuel efficient ways? How do you use preventative measures to avoid breakdowns or to make sure your vehicles are well maintained so they don't break down? And then you have to deal with expensive on-road breakdowns that lose you time and cost you money. Technology obviously can automate a lot of this. And there are products out there. Some of them, you know, we provide here at Corpay, you know, in multiple markets can really help drive efficiency, cost efficiency and reduce cost of fueling, but could also reduce costs that typically are invisible in the kind of the fleet operations office. Hey, how do I, you know, view the data, access the data, organize the data, and then act upon the data? We have tools that help with that. And if you deploy them and if you use them, then the ROI often comes faster than people expect. And as I said earlier, you know, if you're a transportation heavy in, you know, kind of company, whether you're, you know, in HVAC or you're, you know, plumbers or you're a florist or you're a logistics company or, you know, moving people around and a lot of your costs depend on getting from A to B, then it really is incumbent on you to have that visibility and pay attention to it and use the tools that are out there to save money, every little dollar helps when you're managing a fairly big set of vehicles.
Robison: If you could drill down just a little farther on if a fleet manager, you're managing a fleet and they want to decide when to schedule maintenance for the fleet. They don't want to over maintain a vehicle because that is costly in its own way. And they certainly don't want to wait till it breaks down. And in aren’t fleets tending to get older, isn't there a trend toward aging fleets? Talk a little bit about that.
King: Yeah, so the great thing about modern vehicles, even though, as you say, some fleets are getting older, vehicles for the last few years now have typically been shipped as smart vehicles. They're connected vehicles and they have connected capability. So, diagnostics, if you like, can be done remotely of those vehicles, whether they're trucks or vans or cars. And so, making sure you're taking advantage of the technology that's embedded in the vehicle and you know how to access data that can be sent to you in real time. Even, know, in some cases you may have to, you know, buy a subscription to pay for it. But, you know, the vehicle is talking to you on an ongoing basis. You know, if somebody's talking to you, you typically want to listen to them and, you know, and then pay attention to what it's saying. So, you know, being able to access technology in the right way I think is critical, one. Number two is do your homework about the vehicles that you are getting. Make sure you know and obviously, you know, research the reliability of the vehicles that you're taking on. Don't just look at the headline price. Think about the total cost of ownership over the lifetime. Think about leasing with a maintenance package in order to reduce again the risks of that vehicle, you know, being idle and you know, you're not being able to get a replacement for free sometimes, you know, for a period of time. So, I think understanding how your procurement of those vehicles is taking place, I think is quite important. And yes, as vehicles age, you do need to think long and hard about whether that fits your business model, because, you know, it's very, very clear through data and we have tons of it, especially here in the UK through our maintenance business, that, you know, the minute a vehicle gets over three years old, there's a reason why those, you buy a new vehicle and it comes with a maintenance package sometimes for three years, because we know the vehicle start to have issues after three years or four years. And even though vehicles are more reliable than ever, older vehicles are just less reliable. And then those issues start to mount up. So, sometimes maintaining an older fleet can be a false economy if you start to see those breakdowns happening more often. Because if you could think about it, a breakdown is not just costly in terms of repair, but it creates idle time. You lose a vehicle, sometimes that vehicle has revenue associated with it. And using data and tools in order to minimize that is essential.
Robison: So, let's pull EVs back into the discussion. While EV adoption is varied by region. If you would talk about the cost of ownership of an EV versus an ICE or internal combustion engine vehicle.
King: I think there's been a lot of analysis and research on this in the last few years as EVs have become quite mainstream, especially here in Europe. And EVs shift the cost picture. They don't obviously make costs disappear altogether. Obviously, electricity has a different cost profile than diesel or unleaded fuel. And yes, electricity can be cheaper than petrol or diesel, depending on how and where you charge. But you've got to, again, look at the total costs and understand total costs. So, total cost of vehicle ownership, the upfront cost of buying a vehicle, EVs tend to be more expensive. In some countries, governments provide incentives to make it more affordable or tax inducements to businesses or individuals to make it more affordable to buy from the get-go. You need to think about battery, life and health, i.e. what type of business do you have? What are the routes that you're taking and the distances that you're traveling? And does it make sense for you to be able to support that with an EV when it needs to be charged once in a while? And that could take half an hour versus five minutes. Having said that, many businesses overestimate how much range they need. And many of them are quite local and can manage on a single charge doing most of their work around a certain, certainly in an urban environment on a single charge. You've to think about weather, right? If you live in Atlanta, where the winters are generally mild, it's going to be a very different profile to living in Minnesota or Michigan in the winter, where the temperatures get quite low and battery lifespan or the amount of charge that the battery will retain when the weather is cold reduces quite significantly. So, you've got to take that into account as well. And then the cost of repair. You know, generally an EV needs less maintenance, which is good news. The bad news is when they do need maintained, it typically costs more for each maintenance event. So, again, that needs to be taken into account. And then what I mentioned before, things like low emission zones, ultra-low emission zones, congestion charging. Some cities provide price breaks, discounts, or even waive those fees or those charges if you have an EV. Other cities don't. So, you really need to think about the full kind of ecosystem that you're operating in and living in to see if it's worthwhile and it can work for you. And ultimately there's also, know, depending again on the perspective, you know, how you feel about pollution, how you feel about your ESG credentials that you want to put out there and whether an EV fits for you better than an ICE or you just need like many fleets in Europe now, you just need a combination. You know, you need a mixed fleet, some that are ICE, some that are EVs.
Robison: And with that mixed fleet, how does managing a mixed fleet complicate matters for the fleet manager and what solutions can they take advantage of?
King: That's been, it's been a huge thing for fleet managers over the last few years when EVs started to really increase and become mainstream, so to speak, coming out of the pandemic, especially even during the pandemic. I think many fleet managers, you know, suddenly started to panic. I mean, we have a very big business here in the UK servicing fleets with fuel cards. And, you know, we have relationships with very small companies right up into the biggest companies in the UK, the biggest fleets in the UK. So, it was really the bigger fleets that were driving the transition, the energy transition and in conversations with them, we learned a lot about the headaches that they were facing. Thinking about which vehicles to purchase, how to run them, how to think about charging and where to charge, how to think about routing and how the drivers should go about their daily business, how to think about data. Hey, I get a bunch of data from you on fuel, but I also need data on EVs and I need a single dashboard to be able to understand all of that data and digest it all and then act upon it. And how am going to do that? Because this EV thing is kind of nascent and there's no real standards out there in terms of fleet management. So, that's going back a couple of few years now and we set about building really the solid EV slash mixed fleet product really informed by what our customers were asking us to do and what their needs were. And so, what we have today, and I think this is a good example of something that works really well here in the UK and other countries in Europe, and actually we have it in the U.S. as well through Fuelman and the Comdata business as well, is what we think is the best mixed fleet product out there. So, you can have one card, you can use that card for your fuel needs. If you've got an ICE, you can use the same card for EV charging. We deliver you a single invoice. We provide you all the reporting in one place. We ingest all the data that you need in order to be able to serve you up in a single pane of glass. One report with all the data that you need to crunch in order to understand the performance of those vehicles and the performance of those drivers and allow you to act on any inefficiencies that may exist. You can then get recommendations from us on, maybe a more efficient way of operating a fuel-based, an ICE-based vehicle versus an EV. And maybe you then use that information, decide to switch drivers from one vehicle to another because their routes have a better pattern, more suited to EVs than an ICE vehicle. So, there are a bunch of reports and consolidated data that we can provide to help you with that. And in the UK, even going beyond it, we've also developed a home charging solution for fleets, which if you're a driver that can take your company vehicle home and gets to charge it at home, we even have a platform that reimburses that home electricity account for any business charging that takes place at that driver's home. So, we'll reimburse, take money from the company, reimburse it directly to the energy company so that driver is never out of pocket on their home energy bill. And again, that's thanks to the solutions that we've built and integrated into our core fleet services offering.
Robison: So, that driver never even sees that transaction. It just happens in the background as far as they're concerned. So, as we wrap up our discussion, if you could give the listeners one piece of advice, both to everyday drivers and to fleet managers about navigating today's vehicle cost landscape, what would that be?
King: Think, you know, cost management, you know, it's a big, big theme of your questions, Brennan. So, you know, the cost management piece is so important and it's a living and breathing process. It's not a once a year budget review, you know, hey, Alan, let's sit down in a meeting and check up on our cost of, you know, managing our fleet, you know, and then make decisions today and we'll revisit it again in six months. I think that, you know, a competent fleet operator will know that it's got to be a living and breathing process. The market, the technology, the regulations are dynamic. They keep changing. And so, as a fleet manager, your approach and your understanding of that environment needs to change as well, needs to adapt and needs to be informed. So, you can make the decisions and act, act accordingly. So, so stay informed, use the tools available. Make sure you have access to data. And again, we can help our solutions are really data driven. So, you know, it's a big part of our USP as we, you know, as we go to market in the geographies that we operate in. And just remember, you know, small consistent improvements over time, you know, are really what adds up rather than maybe just trying to find that silver bullet. You know, the small marginal gains, the marginal improvements that all add up especially if you've got a fleet heavy business and it's a big chunk of your costs. So, keep at it, stay dynamic and make sure you have access to the information and access to data that most importantly you can use and act upon in order to drive more efficiency.
Robison: And some of those principles apply to individual car ownership as well, of course.
King: Absolutely. you know, I've just come back to the UK, as I mentioned earlier, and we don't have a car yet. And, you know, I'm taking that same approach personally. You know, I used to have two vehicles in Atlanta. One was a big SUV that drank a lot of gas and gas is cheap. And, you know, and we're coming back to London. What do we need? Well, you know, let's, you know, we're assessing our needs and our driving patterns and whether we want to be EV or plug-in hybrid or ICE and where are we going to travel? Again, reviewing and researching the makes and models that are out there and all the usual stuff that you look at. And then we'll look at the best financing options if we want to go down that route. And then no doubt we'll pay a fortune for insurance no matter what. That's the way it goes these days.
Robison: Certainly. Well, we appreciate your time and your expertise on this topic. Alan King, Group President, Vehicle Payments at Corpay. Thanks, Alan.
King: Thanks, Brennan. It's a pleasure.