This workshop is for any rental manager looking to develop a performance management playbook that will help grow revenue and increase profitability. The workshop will focus on four areas key to success:
Benchmarking your fleet results against other dealers
The workshop will begin with a deep dive into the most recent AED CODB and Rental Reports and examine where the high-performance dealers are outperforming the rest of the field with their rent-to-sell fleet and their rent-to-rent fleet. Participants will examine their own RTS and RTR fleets in preparation for session 2.
Process mapping and quality control
Your rental process starts as soon as the phone rings or a customer walks in the door. Driving profitability in rental is making sure you don’t miss any opportunities. Learn how to capture not only the rentals, but what the data collected on the missed opportunities can tell you about your business.
Then, when the equipment is returned to your yard, you need to make sure it is in the “fast lane” to become available again. Many dealers do not have their rental service processes defined well enough to keep their utilization where it should be. Participants will examine where the fleet can get stuck and what it is costing in missed revenue.
Growing rental revenue and increasing profitability in 2021
Growing rental revenues can begin with identifying opportunities to do more business with your existing customers. Data is powerful and having access to your rental operating data is key to identifying these opportunities. Learn some of the ways that you can mine your own customer data, find out who you are really doing business with, and identify customers that are falling away before it’s too late. Customer segmentation is an important step in improving fleet utilization.
Additionally, participants will examine some company policies and operational processes that could be having a negative impact on profits. They will take a look specifically at the choices dealers make for depreciation along with rental protection plans to see if it is really helping the way it was intended.
Fleet management and selling rental machines
The final session will begin with comparing the “dashboard” that dealers are using to effectively manage their rental fleet. Participants will examine what data is essential to fleet management and the typical actionable items when the performance is less than expected. Smart fleet management requires planning for a rainy day, or a major shift in the economy.
Selling used equipment can be a profitable business. Unfortunately, some dealers are leaving money on the table. There are a variety of reasons why they don’t get the margins they should. The workshop will close out by working with a modeling tool and examining the various components that highly impact the sale of rental unit.