Rental Management Software and the Rental Industry
Rental management software can be a brilliant tool to utilize if you want a bigger slice of the rental industry pie. According to the American Rental Association, the forecast for the increase in revenue of the equipment rental industry still stands strong. The revenue forecast predicts a 5.6 percent growth in revenue to $47.9 billion in 2016. Revenue is projected to grow another 4.9 percent in 2017 and reach a record $55.6 billion in 2019. The industry’s growth forecast is double that of the overall economy.
“The equipment rental industry continues to grow at a fast pace with strong equipment rental demand within all markets,” says Christine Wehrman, ARA’s executive vice president and CEO.Continue reading →
Financial transactions and exchange of goods have been drastically revolutionized ever since big brands like Amazon, Ebay and PayPal have stepped into the market. People are increasingly relying on ways to shop and pay online. There is hardly any industry or business that is still stuck to the old ways and has not yet moved online. The rental industry is no exception, looking for an efficient equipment rental software that has it all. Continue reading →
Equipment availability and reliability comes first when you are in a rental business. Equipment rental management can be pretty tough for businesses. Not only must they ensure all their tools and equipment are well maintained with optimized working efficiency, but they must also have a fail-safe system to keep track of asset availability and customer history. Above all, businesses need to manage all costs and expenses efficiently.
One way SMBs are saving money is by looking at their capital and operational expenses and considering the purchase of different tools which could help smooth out their workflows and streamline their processes. A great way to cut expenses and increase ROIs in this sense would be subscribing to an all-rounder equipment rental software.Continue reading →
In 2015, the US equipment rental market was worth around $34.5 billion. A major chunk of this is devoted to B2B companies renting heavy-duty construction equipment. Of course, a rental business lending textbooks to college students cannot expect to rake in similar profits. Still, the equipment rental industry is an extremely viable avenue for small- and medium-sized businesses. It is important to note that being successful as an SMB does not require that you undercut the competition on price, or rental duration terms. To this end, we’ll share some of the ways your SMB can best outperform competition in the equipment rental industry. Continue reading →