Fleet cost management involves the meticulous calculation of various factors to determine the total cost of ownership (TCO) of a fleet of vehicles. This comprehensive assessment includes key elements such as fuel costs, maintenance costs, management fees, taxes, interest, and licenses and insurance. By evaluating these elements, fleet managers gain insight into the operating expenses associated with their vehicles. This detailed understanding allows them to effectively manage costs, make strategic decisions, and optimize resources, ensuring the efficiency and sustainability of the fleet over time.