When you’re in the business of renting equipment to third parties, you must constantly stay on top of that equipment to know who has it, how well it is operating, and where it is at any given time. This can be hard to do without a way to actively and accurately track and monitor the information — particularly when you have tens or even dozens of inventory equipment assets rented out at any given time.
No matter whether your rental equipment includes heavy construction equipment or small tools, it is important to protect your assets from potential theft, fraud, and other risks. Luckily, this can efficiently be done with a reliable and accurate GPS tracking solution.
Why GPS Tracking for Rental Equipment is Necessary
There are numerous benefits to installing GPS tracking devices in your rental equipment. Some of these advantages include:
- Helping you and your staff know the precise location of every tracked asset in your inventory (saving you both time and money in trying to locate any specific item).
- Using telematics to monitor the condition of your equipment to ensure that it is in operational condition.
- Ensuring that your equipment remains in the area agreed upon in your rental contract.
- Improving your customer service through enhanced fleet efficiency and accurate delivery arrival times.
- Confirming that your staff delivers or retrieves rental equipment quickly and efficiently.
- Monitoring the amount of time it takes for equipment rentals to be delivered.
- Tracking the precise location of any lost or stolen property. This pertinent information can help law enforcement retrieve your assets swiftly.
Manage the Use and Maintenance of Your Rental Equipment
To certify that your equipment remains fully operational and has a long life of use, it needs to be regularly maintained. With Rastrac, you can monitor engine activity, idling hours, and scheduled maintenance while your rental equipment is out with your customer. By tracking:
- how long every asset has been in operation,
- how many miles it has traveled (if capable of movement),
- or how many hours it has been in use,
you can ensure that the equipment is proactively maintained to prevent a potential breakdown.
You also can schedule alerts for when maintenance is required or if the equipment malfunctions.
Contract Enforcement is Simplified
An added bonus of using GPS rental equipment tracking is that it helps to keep your customers honest. As one of our customers experienced with his rental business, not all customers are truthful and will take rental equipment outside the area that is agreed upon in their contract.
Wayne Francis, Operations Manager at Thermal Trek, Inc. in Austin, Texas has been using Rastrac’s fleet management software and tracking devices for the rental business for several years. The GPS tracking solution has come in handy multiple times when clients tried to lie about transporting his company’s rental equipment to another state.
Francis, who regularly uses Rastrac’s geofencing tool, says:
“This system gives us the ability to make better decisions about what a rental person is telling us, and we also have documented proof through the reporting to show somebody if they don’t believe us. It really corrects untruthfulness in the rental business. There’s almost nothing a customer can lie about and us not catch them.”
Protect Your Assets (and Your Bottom Line) Today
There are many different obstacles to maintaining your profitability that can be encountered when you run a rental equipment company. However, with Rastrac’s live tracking technology, you can make your business increase its revenue by decreasing its risk of theft. With GPS tracking, you can locate and organize the equipment you have on site, monitor equipment in the field, and ensure that your staff follows delivery protocols.
According to the National Insurance Crime Bureau (NICB), heavy equipment theft results in nearly 1,000 pieces of commercial equipment reported as being stolen every month. Additionally, there are some individuals who rent equipment with no intention of ever returning it, a crime known as rental equipment fraud. This results in lost profits for business owners, higher insurance rates, and headaches and general inconvenience for you.
Considering that the recovery rate of stolen equipment lingers below 20%, don’t allow your business to become another statistic. Contact Rastrac today for a demonstration of this valuable tool to learn how we can help you protect your equipment and business. We have a huge success rate in the recovery of stolen equipment and track more than $1.5 billion in assets for our clients around the world.