Rental companies have a lot on their plate: meeting customer’s needs, maintaining fleets of equipment, and making sure that the equipment performs as required are just a few of their top priorities. Staying ahead of it all has always been a challenge. That’s why the best rental companies have turned to technology to alleviate inventory issues, prevent costly equipment breakdowns, and increase profits. While their competition may have updated their customer database and billing systems, the most profitable operations are increasingly putting technology, especially telematics, to good use.
How Telematics Benefit
Equipment Rental Companies
1) Increasing Billable Hours
Many companies bill at 8 hours of run-time per day. However, customers often end up using the equipment longer. Without telematics in place, there’s no efficient way to know for sure just how long it was used.
Equipment management solutions like Oneview allow you to have complete visibility of your assets, so you can bill for the hours the equipment was actually used. If your customer does run it for longer than the allotted time, you can adjust the price of the rental accordingly. This way you can increase your bottom line and are holding customers accountable for the time it was used. Just be sure to include a statement to this effect in your rental agreement!