Benefits of Asset Tracking for Construction Equipment Rental Industry
The construction equipment rental industry has been growing towards the end of 2021, and is expected to continue growing as we start 2022. In fact, in the third quarter of 2021, rental activity was 10% higher than Q3 of 2020. Despite some challenges, the initial outlook for 2022 predicts another year of increased growth.
Why Such a High Percentage of Growth?
Construction managers are facing labor shortages and extremely long lead times for new equipment. Therefore, they are relying on rental equipment to fill in the gaps. Â With no end in sight for wait on new equipment, this will unquestionably continue to force prices rise as well, standing as another reason for those in the construction industry to move toward the rental market. Nearly half of rental companies saw revenue and utilization exceed their initial budget. Rates for renting equipment have increased 2.7% to compensate for the costs of new equipment, repairs, and retention, but still stand as an affordable option compared to the titanic new equipment prices and delays.
Rental Equipment Theft Presents a Great Risk
The enhanced problem facing the construction equipment rental industry is the risk of losing equipment when you rent it out to people. With so many assets being spread across several customers, it can be easy to forget a piece and the customer may take advantage of this by not notifying you of its location, and even try to squeeze in a few extra unbilled hours for their use. With such long lead times for new equipment, you can’t afford to wait for your customer to do the right thing and return your assets to you. Thankfully, CallPass has the asset tracking software you need.
CallPass Can Help with Asset Tracking for Construction Equipment
With CallPass construction equipment tracking solutions, you can easily monitor the location of any asset from your phone or computer, any time of day. This enables you to stay on top of the schedule and have all assets returned on time and ready to use for your next customer. Installing a high-quality construction equipment tracker on each asset gives you a sense of security that you wouldn’t have otherwise. You can know, without a doubt, exactly where each asset is at any minute of any day, simply by logging into the asset tracking software.
LANA Asset Protects Your High-Value Rental Assets
Boost Your Billing Processes With Rental Equipment GPS Tracking
Being able to track exactly how many hours or days an asset was on-site means you’ll no longer have billing issues. You’ll always irrefutable evidence of arrival and departure times for each asset. There can be no question about how long your customer had the asset and how much they owe you. You’ll be surprised at the many benefit advanced asset tracking can deliver to your accounting department.
A Win-Win Solution!
A robust asset tracking system for your construction equipment not only provides great benefits to you, but your customers can use these benefits too. They can use the construction equipment GPS tracking system to monitor their own time with an asset and ensure they return it to you when needed and don’t exceed their own budget for construction rental equipment.
Get Started with Construction Equipment GPS Tracking Today
The sooner you can install a construction equipment tracker, the sooner you can start saving money and the life of your assets. Ensure your construction rental equipment business is ready for the 2022 economy with CallPass’s suite of devices and software. Contact us today to learn more or request a free demo.
