Renting equipment can be a risky business in the best of times. There’s no telling whether a renter will abide by the agreement and use rented equipment in the agreed-upon zones or will try to take their equipment out of state. Worse yet, if the renter places their rental equipment in an area with weak security, there’s always the risk that the equipment may be stolen.
Tracking rental assets is rarely easy—that is, of course, unless you use GPS equipment trackers to help improve your asset management. With rental equipment GPS tracking systems, you can keep track of all your rental assets with ease.
Improve Location Awareness for Asset Management
GPS asset tracking systems make it incredibly simple to know exactly where your assets are at all times. Whether you need small tool GPS tracking for frequently-misplaced objects or vehicle and equipment tracking systems for larger assets, there is a GPS equipment tracker suitable for your needs.
For example, the TTU-700 GPS tracking device for equipment is ideal for keeping track of larger assets with up to seven years of battery life and magnetic mounting options (helping you easily mount the tracker where it will be unobtrusive).
The long battery life and mounting options make this GPS tracking device indispensable for tracking rental equipment in a large lot so it can be located quickly and efficiently when needed.
Meanwhile, the GL300VC is a thumb-sized unit that can be easily mounted on small rental assets to provide accurate location tracking (with a three-axis accelerometer to provide instant motion detection alerts).
Mitigating or Preventing Theft with Rental Equipment Tracking
The benefits of having an exact location for your rental assets when it comes to helping authorities catch the thieves are clear. However, the right rental equipment GPS tracking devices can do more than simply aid in locating a lost or stolen rental asset—it can help you minimize the risk of damage to the asset if it is stolen by minimizing the time that thieves have it.
For example, if you use a GPS tracking device for equipment that features geofencing or motion detection capabilities, it will instantly generate an alert if the device crosses the geofencing boundary or is moved “after hours.” You can use this alert to quickly identify a potential theft in progress and alert the authorities to the theft. This minimizes the time it takes for authorities to find and catch the thieves—reducing the likelihood that the asset will be damaged or disposed of before authorities can find it.
Without GPS asset tracking, finding lost or stolen rental equipment is much more difficult—reducing the likelihood that it will be recovered at all, let alone before getting damaged.
How GPS Equipment Trackers Prevent Unauthorized Usage
One of the major worries with renting equipment assets—particularly heavy equipment such as construction equipment or generators—is that the renter may try to use the equipment in a manner not approved of in the rental agreement. For example, they could use the equipment during off-hours, move the equipment out of the agreed-upon geography, or neglect basic maintenance requirements.
These unauthorized usage activities place extra risks on the equipment—increasing the chances of equipment theft or failure. And, without GPS asset tracking, they can be difficult to prove. However, with rental equipment GPS tracking systems, it is possible to get live updates on the status of your rental assets—as well as maintain an inventory tracking spreadsheet with vital data that can be used to identify if unauthorized usage of equipment occurs.
For example, GPS tracking systems with diagnostics capabilities can help you track information such as equipment activation times, engine statistics, and asset locations so you know whether the renter is abiding by the terms of the rental agreement. If the renter is using the asset in an unauthorized manner, then you can use the recorded tracking device data to prove it and confront the renter so they have an opportunity to change their behavior.
Using Asset Tracking GPS to Improve Data and Reporting
In fact, even if renters aren’t using their rented equipment in an unauthorized manner, the data collection capabilities of GPS rental equipment tracking devices can still be invaluable. With this data, you can optimize your asset maintenance scheduling with ease as your equipment nears specific maintenance milestones.
This helps to minimize overall maintenance costs by helping you focus on preventative maintenance rather than costlier emergency maintenance—which also helps improve ROI by minimizing costs.
With GPS rental equipment tracking devices, you also can track when specific assets are accessed remotely with startup/motion alerts that let you get detailed information about how certain assets are being used.
Need to learn more about how you can use GPS equipment trackers to improve your asset management for rental equipment? Contact the experts at Rastrac today, or download our asset tracking guide at the link below: