Hey Y’all, it’s the ARM Dude here. Let me tell you about some big news that is happening in the rental software industry. The fine folks at the American Rental Association have finally released the highly anticipated Rental Market Metrics. Why is that big news? The ARA Rental Market Metrics establish a recognized industry standard for calculating fleet age and utilization reporting.
Historically this has been a fairly daunting task for rental software companies and every rental business would end up with a different method for calculating utilization. This made matters extremely complicated and impossible to compare data between organizations. However the ARA is sharing this standard with the rental software industry so that we may incorporate this capability into our respective systems. This is exciting news because an established industry standard adds weight to your utilization results and gives a true meaning to your data. Furthermore, the ARA has partnered with Rouse Analytics to allow equipment rental companies to anonymously compare their data with others in the same industry and geographic region.
You are now able to perform comparative analysis on how your rates, fleet age, and utilization results compare to your competitors. Identifying revenue gaps and increasing profitability just got a lot easier thanks to the ARA. This is some good stuff folks but don’t just take my word for it. Check out this whitepaper published by the ARA that outlines the Rental Market Metrics. Hurry up though because you may be leaving money on the table for each day that you wait.