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INDUSTRY in FOCUS
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HIRE AND RENTAL NEWS • NOVEMBER 2016
Rather than rely on inaccurate paper
forms, Record360 lets customers take
hi-res pictures and videos of assets,
resulting in high quality condition reports
that can protect clients from damage
disputes with customers and incurring
damage costs.
“We have three locations that focus on
renting out construction equipment and
also keeping equipment in great shape for
a rent-to-buy program,” Kurt Harris, Vice
President IT & Rentals at OCT Equipment
said.
"With this sort of business set up, we’re
focused on maintaining high utilisation
rates, strong ROI’s on equipment and
the right mix of equipment for our
customers,” Kurt said.
While focused on improving the check-in
and check-out process, OCT Equipment
couldn’t develop a system that was
efficient and effective. This was especially
problematic since damage dispute claims
could take a month or more to process,
leaving equipment idle and taking a
chunk out of monthly revenue numbers.
“While we have to keep our equipment
in great shape that was easier said than
done,” Kurt said.
“We’d have dents, missing or broken
pieces and no one could track it down to
where the problem originated. We looked
at trying to improve the rental check-in
and check-out process, testing everything
from better paper forms to videotaping
the process.
“I just didn’t have the time and resources
to develop a systemic process and share
it with the team. I certainly didn’t have
Cut down damage disputes to zero
Since implementing Record360 software app that lets rental and leasing companies
digitise their condition review process, construction equipment rental and leasing
company OCT Equipment hasn’t had a single damage dispute.
the digital or physical storage
space for all that videotape. This
had serious business implications.
“We averaged about one damage
dispute every one to two months.
Damages could be up to $3,000 to
repair. Customers may have put
insurance on that equipment, but
we’d have to wait for insurance
to cover the costs of repairs. That
could mean an entire month, or
more, of equipment lying idle
while we’re waiting for insurance
to process the claim. That’s a
major hit on my utilisation and
ROI numbers,” Kurt said.
“What’s great is it doesn’t matter if the
customer picks up the equipment at our
shop, or if a member of my team drops it
off at their job site. Thanks to Record360’s
geo-stamping and time-stamping, it’s
easy to show a customer the equipment’s
condition when they received it. We can
even drop a piece of equipment off at a
customer’s location if no one is around to
sign off on it. The pictures we take and
the emails our customers receive make it
100% clear the equipment was dropped
off in great condition.
“Our equipment is often rented for at
least two to three weeks, or even over a
month.
“Long term rentals used to come back
and we’d have to rely on anecdotal
evidence about the equipment’s
condition. That’s no longer necessary.
We no longer have to negotiate who did
what, or where it happened. We have
great customer satisfaction and even
stronger business performance,” Kurt
said.
According to Laura Troyani at Record360,
Customers using Record360 have cut
damage expenses by as much as 60%
thanks to better documentation that can
prove their customers caused property
damage.
"By removing doubt about who caused
equipment or property damage, rental
and leasing companies never have to
argue with customers about who is at
fault, resulting in more positive customer
experiences,” Laura said.
"Digitising the condition review process
reduces paper and ensures all team
members are completing necessary
tasks. Plus, better condition records mean
insurance claims are processed faster,
allowing for speedier repair times so
equipment and assets are ready for rental
right away.”
Visit: www.record360.com
The Hire Association Europe (HAE)
and Event Hire Association (EHA)
will introduce the first ever ILM Level
Five programme in Leadership and
Management for the hire industry.
The associations will work in partnership
with the Faculty of Business and Law
based at University of the West of
England (UWE), Bristol. The course is
an 11 day program that will run from
HAE EHA to elevate education in hire industry with certification
October 2016 until July 2017, providing
20 individuals with the opportunity to
further their careers in the hire industry
and obtain the Level Five qualification.
The program has been developed around
the needs of the hire industry and
includes modules such as: Becoming an
Effective Leader; Managing Customer
Relations and Motivating People in the
Workplace. All the modules will explore
theories around self-development,
management processes, revenue and
capital expenditure, acquisition and
retention of customers and recruitment
in line with legal and organisational
requirements. In addition, it will introduce
theories of motivation and how these can
be applied to improve performance for
teams and companies.
Visit: www.hae.org.uk
Customers using Record360 have cut damage expenses by as
much as 60%