As a construction company owner, manager or fleet operator, you know that being versatile is a key factor in remaining competitive in today’s world. One of the main benefits of renting equipment is the versatility you’ll have with a rental arrangement.
Opportunities suddenly arise, and you need to pounce for profitability. Construction equipment renting gives you a leading advantage over your competitors who may be limited in the types of projects they can take on if they don't have access to the right equipment. Advantages of equipment rental include the versatility you’ll gain by instantly responding to sudden workplace demands and selecting machines ideally suited to your task.
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You have several options when acquiring equipment. Each method has its considerations, so you have to review the information and make a decision about what’s in your company’s best interest.
Renting your equipment can give you real and tangible versatility. Renting lets you obtain and operate specific machinery for a specific duration. You pay for only the time you use the equipment, and you can quickly swap it for a more suitable piece as job conditions change. If you find one machine that's particularly useful, you can extend your rental agreement and keep it over a longer term. That’s versatility at its best.
There are two important aspects to consider when determining whether to rent equipment. One is the usage frequency you demand of the machine. The other is how versatile you expect your equipment to be.
True versatility in the construction world means access to the vast stock of different machines available to work on specific jobs, at specific locations and at specific times. Renting your equipment gives you the profitable versatility of using one machine for the task duration and quickly replacing it as worksite demands evolve.
Versatility has a few alternate names. You can replace versatile with adaptable, changeable, all-purpose. Regardless of how you say it, versatility is all about being able to respond quickly to your business needs and doing so as economically and efficiently as possible. Renting your equipment can give you real and tangible versatility.
Renting equipment can give you a versatility advantage over other machinery acquisition options, and construction businesses are embracing heavy equipment rentals as an economical way to build their fleet. According to Construction Today, 25 years ago, construction companies owned over 95% of all equipment in America. That changed at the turn of the century. By 2003, the scale had tipped and rentals accounted for 54% of the market.
As we approach the first quarter of the 21st century, equipment rentals outweigh new and used machinery purchase transactions. However, this doesn't mean purchasing is not a viable option or choice for your business — it absolutely is. Purchasing equipment is still a popular and financially sound option for many businesses and can make the most sense for your operation.Renting equipment, in some cases, just allows companies to be more nimble, respond to opportunities quicker and improve their bottom line. Renting equipment can benefit you through greater flexibility and less financial commitment.
While one of the main advantages of equipment rental is versatility, there are numerous other benefits. You’re in business to make a profit, and money is your company’s lifeblood. Renting equipment can improve your profitability in many ways or deliver these other favorable benefits:
Having immediate and continuous access to a massive machine inventory is crucial to bidding and winning new work. The Cat Rental Store has an extensive dealer network, providing you with a vast inventory to choose from. With The Cat Rental Store, you'll always have access to reliable, versatile equipment.
When you rent equipment, you increase your company's versatility. With a simple and convenient phone call, you open the door to a huge stock of equipment that's stored and maintained for you.
Winning and profitably executing construction work is hard. You need to be versatile in your specialties and expertise — and spend time estimating, bidding and winning contracts. You also have to wear different hats as a people manager and a bill-payer. These are the skills you need to open doors to successful projects and profitable returns.
By partnering with The Cat Rental Store, you extend your ability to get things done. It’s outsourcing your equipment needs to specialists who have the inventory to support your work and make you money. You need an equipment supplier who gives you full support so you can confidently open doors to new projects, knowing you have the right machinery to complete your commitments efficiently.
Access and versatility can make a big impact on your project timelines and bottom lines. To be versatile, you need to have unlimited equipment access. Accessibility allows you to be adaptable in choosing the exact equipment piece you need for a precise job. That includes having access to that machinery precisely when you need it and for as long as necessary.
You get the perfect blend of versatility and accessibility when you source equipment from The Cat Rental Store. We have top-quality Cat heavy equipment as well as over 60 allied brands to give you a wide range of capabilities suited to every job. Renting equipment opens the door to new opportunities, and partnering with The Cat Rental Store ensures you get reliable, quality equipment every time.
Renting equipment gives you the most versatile options you can find. When you rent machinery, you have immediate access to every benefit you can get in the machinery market. You have the freedom to use the equipment for only the time you require and no more.
This ensures you’re only paying for use time, not leaving money on the table with idle time. By renting equipment, you can plan an efficient production schedule that's customizable with a flexible rental agreement. This allows you to control time and labor costs, turning your next project into a profitable one.
If you're considering renting your next equipment, you have a few important metrics to factor in to ensure the right financial move. According to an article from Construction Business Owner, a rule-of-thumb is that you need to operate machinery 60% to 70% of the time to justify ownership. If you have an excavation or paving company, then it's likely worthwhile to invest in owning your core machines. If your operating rate is below the two-thirds threshold, then it might make more sense to rent. Assessing the time spent using your machinery and knowing your numbers is why renting might make the most sense for multi-service contractors who pride themselves on delivering and managing a range of needed services.
Both ownership and renting come at a cost. It’s up to you to decide what's best, and fortunately, there are sources that can help with calculating the cost of equipment ownership vs. long-term rentals. By using equipment cost formulas, you can determine which option makes sense for your financial position. If you're weighing the costs, here are some factors to take into account:
There’s more to being versatile than forecasting costs and crunching numbers. As an experienced construction owner or manager, you know an opportunity when you see it. Renting is a more versatile option for short-term and sudden equipment requirements that can eventually translate into long-term contracts. Renting gives you the flexibility to respond, get the job done and gain rewards from your risk.
The Cat Rental Store helps you maintain versatility in your work sites. Cat brand equipment leads the industry in technological innovation with versatile options ranging from earthmovers to power generators. We also carry an extensive line of equipment attachments. Thanks to The Cat Rental Store's nationwide distribution network, you'll never be without the right tools for the job.
To increase your working versatility and prosper on your jobs, partner with The Cat Rental Store for all your equipment needs. Find your local Cat Rental Store or call us today at 1-800-RENT-CAT.