October 3rd, 2016
By: Kevin Wilson
During the past four years, we have steadily grown our network of suppliers to where we recently surpassed 1,300 partners that represent more than 7,500 rental yards across the country. Developing supplier relations has been a critical part of our success. We have spent a lot of time working with suppliers to understand their business and culture, and to help them understand how we work, and how we can help them to expand their reach and revenue. From our ongoing interactions, we have developed tools and technology that open up new rental opportunities for suppliers, while exposing them to a growing number of customers and industries.
BigRentz supports construction equipment suppliers in three core areas: utilization, data and cap-ex replacement.
BigRentz helps to maximize underutilized fleet for our suppliers. When we build relationships with suppliers, we work to understand their inventory and at what prices they want to rent the equipment. Most suppliers focus on serving surrounding communities and specific industries where they have gained traction in the past. Our model provides a different go-to-market strategy than what suppliers have traditionally implemented. While suppliers continue to support their core customers and communities, we open up new markets and introduce suppliers to new rental opportunities that may not have reached them in the past. For many of our independent and regional suppliers, joining the BigRentz network has been a valuable asset to the growth of their business.
Recently, BigRentz launched QuickRentz, which enables our suppliers to claim deals via email or text message with the simple click of a button while simultaneously streamlining our internal rental process. This is one more way that we are helping suppliers maximize their equipment utilization.
We are a technology and data-driven business, and we share the valuable intelligence that we gather with our supplier network so that we can all get better at what we do. In a recent post, Liam Stannard, BigRentz CTO, identified the data challenges with the equipment rental industry, citing collecting accurate data from distributed locations, ensuring the accuracy of the data that is collected, aggregating the data so it makes sense and using the data to make better business decisions. While data maturity is still early in the equipment rental market, we are making strides forward. Processes that were once done manually are now automated with a data trail that allows us to use actionable intelligence to improve our business and support our suppliers. The data we collect from our rental transactions allows us to recognize trends and opportunities for our business and our suppliers. We empower our suppliers with data so they better understand market demand, which will help them to improve their fleet planning.
Third, cap-ex replacement
It’s not uncommon for suppliers’ fleet to be at maximum capacity. What doesn’t need to happen is for them to turn away customers that need the out-of-stock equipment, potentially directing the customer to go elsewhere for their rental needs. The re-rental process is challenging as suppliers must find the equipment and also track what is rented. For this reason, many of our suppliers turn to our BigRentz Pro division, the re-rental solution built around them. Instead of saying no to customers, or spending hours sourcing the right equipment, when suppliers are out of stock, need noncore item coverage or need to service a customer who may be out of their regular geographic area, it makes sense to turn to BigRentz, the nation’s largest network of equipment suppliers.
Our goal is to help our network of suppliers be successful, and for us that begins with developing mutually beneficial relationships. Through our technology, focus on data, and process innovation, we are empowering our suppliers with tools that will enable them to make smarter business decisions, therefore increasing industry value.