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When dealing with a reputable provider, renting can provide all the advantages of having a premium piece of equipment, without the costs or responsibilities of ownership. When a pump needs service or repairs, the rental provider does them. Businesses no longer have to worry about how to dispose of a unit at the end of its usable life. A wide assortment of reliable rental equipment can be delivered to a jobsite quickly, giving convenient access to the right equipment for almost any task.
State of the Industry-2010 Outlook
With the economic challenges the United States faced in 2009, 2010 will continue to be the time for companies to consider renting versus owning.
Businesses continue to look for ways to cut back and minimize their expenses. Fewer companies are willing to spend the necessary amount of money to expand their fleet or purchase new equipment, especially when older, less reliable machines are still part of their overhead. With credit more difficult to obtain, companies want to avoid having any asset not used on a regular basis on their books.
"Renting is a great option for those who need a specific pump for one phase of a project but do not foresee getting that much use out of the equipment in the long run," said Robert Dotson, western regional manager, RSC Equipment Rental Pump and Power Division. "Even in cases where they think they may use it frequently, it is worth comparing the cost of renting versus owning the equipment."
The Importance of Green Accountability
As we enter an age of greater transparent accountability for climate change, rental companies are providing innovative solutions for pump users to meet new equipment emission standards.
Newer equipment units such as Tier 3 options are generally cleaner-burning and more fuel efficient, so when renting pumping solutions, it helps to deal with rental providers who have a younger fleet and are knowledgeable about environmentally friendly options. It also makes a big difference if their units have been properly maintained and serviced.
When Renting Makes Sense
For users, renting offers independence to accomplish things that were out of reach before the right equipment was available and affordable.
Renting makes sense when a business would rather accomplish something than add to its possessions, when a tool or pump solution will be used once (or just once in a while), when storage space is tight, when the purchase price is high and when money has to stretch. Rental equipment has another intrinsic advantage-it is generally more powerful, better built and more thoroughly tested than equivalent products offered for sale to consumers. "Rental tough" equipment is contractor quality or professional-vendor quality. It is designed to do an outstanding job.
Furthermore, because industrial equipment is such a large investment, many companies are forced to keep an asset that becomes devalued quickly and pay for the storage and maintenance of infrequently used equipment. In contrast, rental fleets have an average lifespan of just five years, making them younger, less prone to problems and more environmentally sound, letting out fewer emissions than older diesel engines.
Rental companies have taken the rental equipment industry beyond just machinery, adding benefits that are beyond cost. Portable trailers custom-stocked with specialized tools and small equipment are available for short-term projects. Onsite maintenance prevents costly downtime and increases productivity. Software allows users to manage their fleet, costs, time and rental spend more efficiently-all issues that are particularly important to long-term projects with large job sites.
How Renting Affects the Bottom Line
Renting equipment provides a tremendous economic benefit to users. Renting a pump solution means spending money only when and where the equipment is needed. If equipment sits idle, it can be expensive. Renting equipment also means getting the best equipment for the job, because the type of pump needed and when it is needed can be specified.
Working with rented equipment can even simplify bidding and billing processes. The rental invoice is the only accountable cost figure.
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The Top 12 Reasons for Renting
1. Control Expenses-Renting provides significant savings over buying to improve the bottom line.
2. Inventory Control-Extra equipment is available when needed, so equipment inventory remains at a minimum.
3. The Right Equipment for the Job-Renting lets businesses fit the type and size of equipment to the job for economy and safety.
4. 24/7 Customer Care-Day or night, businesses can reach dedicated customer service representatives who can access their account and resolve any problem quickly.
5. Save On Storage/Warehousing-Eliminating the need for large equipment storage areas and buildings can significantly reduce costs.
6. Reduce Downtime-If equipment breaks down, the rental provider will fix it efficiently so the job crew can keep working.
7. No Costly Repairs Or Upkeep-The rental provider can take care of the equipment's maintenance, so a repair shop, spare parts inventory, mechanics or extra staff are not needed to take care of inventory maintenance records.
8. Save Disposal Costs-Businesses will not need to spend the time and money preparing, advertising and selling used equipment.
9. Cost Control-Renting simplifies bidding and billing, so the rental is the only accountable cost.
10.Equipment Tracking-The presence of continuous billing on rented equipment establishes personal accountability.
11.Less Hassle With Licenses-Save time on equipment licensing and registration costs and paperwork.
12.Conserve Capital-Rent needed equipment and use capital for other, potentially more profitable, ventures. |
Pumps & Systems, February 2010
Heather Schlichting is communications specialist at RSC Equipment Rental, 6929 E. Greenway Parkway Suite 200, Scottsdale, AZ 85254, Phone: 480-905-3341, Fax: 480-905-3400 Tags: Centrifugal Pumps , Februrary 2010 issue , Pumps
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