Demand for GPS fleet management is increasing rapidly due to increased government regulations, decreasing hardware and software costs, and the need for more cost effective fleet operating expenses.
Because of this, research provider Global Market Insights projected the industry will hit $55 Billion by 2027.
To provide some perspective, early estimates on the 2020 size of the market were around $7 Billion. That would be a nearly $50 billion, or almost 700% increase in size over 6 years.
So this is an industry to focus on.
Why Fleet Managment Companies?
How exactly do fleet management companies help other industries?
They help increase productivity by using AI to determine what roads and routes are most efficient, and what vehicles and staff on these routes lead to the most profitability for the company.
They offer safety, improved maintenance and decreased cost.
This is why when I came across Ultrack Systems Inc. (OTCMKTS:MJLB), I wanted to dig a little deeper, and through my research share my findings with you on this very interesting way to play the fleet management industry.
MJLB is a total fleet-management GPS tracking and monitoring solution provider, Ultrack develops, implements, and distributes electronic monitoring and tracking systems for companies in leasing, transportation, construction, disposal, and many other service driven industries.
Ultracks platform includes live tracking, reports, and alerts on a web-based platform.
The Company plans to launch a new DrivelineELD product in 2021 in partnership with major corporations that will “take the trucking industry by storm.”
They recently released an update on their DrivelineELD product, which is awaiting government approval. Once they receive this final approval, Ultrack’s name and DriveLineELD product will appear at this official government link: https://tc.canada.ca/en/road-transportation/electronic-logging-devices/list-certified-electronic-logging-devices.
This will be big for MJLB’s bottom line.
Their ELD product is one of several Fleet Management solutions.
Ultrack Systeems Inc Product Line
The company product line includes:
U100 Battery‐powered Asset Tracking Device (for tracking valuable assets), U200 Solar Powered Asset Tracking Device (which tracks stationary assets which is why solar power works in this application),
U300 Hard Wired GPS Tracker (a more full service tracking solution), U400 GPS Padlock (a major safety provision for fleets), U500 Plug & Play Tracker (OBD2 Port) ( a Usage Based Insurance (UBI) telematics, and fleet management markets. Providing easy plug‐and‐play installation, the U500 is designed for passenger cars, light trucks, and service vans), U900 GPS Dash Camera Tracker (made to record and lock footage in the instance of an accident), U1000 Iridium Satellite Tracker (are you sensing a theme? MJLB is working on cornering the tracking market), and U4000 Yard Camera HD 720P Solar & Battery Power IP Yard Camera (a high-powered camera with an email alert function, motion detection function and waterproof function make it widely used in outdoor places.).
With this large suite of products, MJLB could have several announcements ahead as it rolls out its corporate strategy.
Currently, the stock is off its 20 cent high, sitting at support above 5 cents. This is an opportune time to do your due diligence on this fleet management growth play.