The right rental partner may equal greater flexibility and increased productivity
By Michael Frey, rental operations manager at Finning Canada
An unpredictable market, rising costs and increased competition have all contributed to changes in the construction sector.
The current economic situation is shining a light on the need for greater flexibility, and the industry is responding to this shift by giving construction companies more options to access the best equipment for the job.
Perceptions of rental equipment are changing, and as a result more contractors are incorporating rental machines into their operations to respond to competition and shifting demands.
Rental equipment can help contractors quickly scale production up or down, without the financial risks associated with owning a large fleet. When rental equipment fits seamlessly into a job, it allows companies to temporarily expand their operations and stay profitable. A trusted rental partner can not only help to manage costs, but provide peace of mind and support for all your equipment needs.
Your rental partner could be your best asset
The cost of new equipment and the post-purchase expenses associated with ownership — transporting, maintaining, repairing and storing — makes equipment one of the highest costs of doing business.
The impact of large down payments, financing, varying project demands and workload, makes having flexible options to manage equipment availability and cost, a necessity. This makes renting an appealing choice, provided companies are confident they can get the right equipment for the job, at an affordable price, when they need it.
When you tap into the offerings of rental companies integrated with a dealership, you not only gain access to next-generation equipment, but all the parts and services that go with it. From ordering equipment, changing out attachments, on-site fuelling, service and maintenance to pickups and returns, the right rental partner can help provide support for every part of your operations.
A contractor can rent a simple excavator, but when they are dealing with an experienced rental partner they are also getting the latest, most technologically-advanced equipment, which can include connectivity, grade control, automatic disconnects for buckets, telematics and machine monitoring — all the features you would expect when you purchase a brand-new machine.
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For smaller operators, renting offers access to machines that would typically be unaffordable, giving smaller companies the ability to compete for jobs that previously may have been out of reach.
With a whole new fleet of equipment at your fingertips, including 24/7 service, integrated technology and maintenance and repairs, rental offers companies of all sizes a way to balance equipment availability and costs.
The right rental partner will offer a wide variety of solutions to meet your equipment needs.
Address equipment issues quickly
When you purchase new equipment, not only are you expending a huge amount of capital up front, but there are also ongoing maintenance and repair costs to consider, which all need to be factored into the overall cost.
When you access rental equipment from a trusted dealer, it provides you with another option.
The costs of regular uptake needed to maintain the quality of the machine are eliminated. You can also be confident the equipment is dependable and in top condition. Preventative maintenance, equipment records and the ordering of new parts are all in the hands of the rental company, which means contractors can focus on the job at hand, rather than worrying about the equipment breaking down or failing.
Flexibility and reliability are two important factors in the success of any project. Rental equipment can provide contractors with assurance of reliable equipment and greater control over operational costs.
Knowing what your overall equipment costs will be, can help make budgeting and estimating more accurate and guaranteed uptime means your project will be on-time and on-budget.
Rental allows contractors the ability to test new technologies without the financial commitment of ownership.
A competitive market means rental companies now offer brand new, next-generation, emissions-compliant machines that can get jobs done faster and more efficiently and help to meet varying project demands, manage costs and bid on new work with greater accuracy.
The power of connected machines comes down to the ability to access data to better understand your fleet from a performance and maintenance perspective. Due to more contractors getting an introduction to technology on rental machines, we are seeing an increased interest from construction companies to use telematics to help acquire, manage and maintain their own equipment.
GPS, grade control and telematics technologies are enabling contractors to monitor equipment usage, train operators remotely, track stolen or lost machinery and gain additional benefits and efficiencies from data insights.
Take an excavator stolen from a construction site – with GPS technology, it can be tracked and located almost immediately. Or, if you have equipment working overtime on a busy job site, the operator is automatically alerted when the machine is due for service or repair. And when rental equipment is underused, the site manager is notified by the rental company who can arrange for a return or a replacement piece for better utilization, saving the customer time and money.
A long-term strategy
The rental industry is constantly evolving, and contractors are continuing to demand more from their rental partner.
Rental companies were once viewed as a quick fix for unexpected needs. Today, a rental strategy is an integral part of a much longer-term equipment plan. Rentals allow companies the flexibility to access the right equipment at the right time and the right price to effectively respond to various jobsite demands and manage overall costs.
Working with a rental equipment provider who understands your specific business needs can ensure you get the most out of your equipment – and is key to integrating rentals into your business and making rentals work for your company for the long-haul.