Record360 CEO, Jesse Buckingham, hosted customers from Road Machinery for a “fireside chat” about success in the rental business:
- Joel Cook, President and CEO
- Jason Avery, General Manager of Rental
It was an interactive and conversation session that included detailed questions from attendees with thoughtful insights provided by Joel and Jason. They discussed topics ranging from key financial KPIs, the impact of new technology on the rental business, and the importance of aligning sales, rental, and service to grow a successful business. See below for specific topics and questions.
“Record 360, with the functions that it provides, was just a game changer for us.”
– Joel Cook, CEO, Road Machinery
Attendees submitted more questions than we had time to answer, but Joel and Jason offered great details and insights on the following:
- 19:22 – Do you recommend a rental businesses get into the dealership model?
- 20:47 – What is a benchmark to target for repair and maintenance expenses a percentage of revenue?
- 25:22 – How do you cultivate is sort of mindset in the in the business to work together for the common good?
- 28:30 – How do you select the right sales model for your company, and determine how much revenue rental should produce?
- 48:24 – Do you self-insure or offer insurance through a 3rd party?
- 49:42 – What is the percentage of total accounts receivable in rental business that would be normal over a 90 day period?
- 1:03 – About Road Machinery and introductions to Joel Cook and Jason Avery
- 3:27 – Trends impacting leasing and rentals
- 7:09 – Factors for consideration on the economy and whether rental will continue to grow
- 11:02 – Keys to a successful rental operation
- 13:23 – Scaling rental operations
- 16:56 – Managing your fleet and customer expectations
- 22:57 – Managing competing incentives and goals between sales, rental, and service
- 24:24 – Choosing a sales model
- 32:19 – Managing a customer base for sales and rentals
- 34:53 – Core financial KPIs for rental departments
- 39:25 – How to identify the right financial KPIs
- 41:50 – The impact of technology and inspection software on a rental business
- 45:14 – Using Record360 inspection software in rental
- 47:00 – Customer example where Record360 could prevent paying for damages
- 51:55 – What excites you and what keeps you up at night regarding the rental industry?
Ready to see Record360 in action? Request a personalized product demonstration and learn how rental inspection software can transform your rental business.