Given the hefty price tags of construction vehicles and other heavy machinery, leasing and renting are popular alternatives to outright ownership. These paths give companies greater freedom to choose whichever equipment best suits the needs of a project without investing in an expansive fleet themselves. Therefore, the businesses that lease and rent these vehicles out provide a vital service.
In addition to external pressures from supply chain delays and material shortages, construction equipment leasing and renting companies are faced with challenges such as locating abandoned machinery, accurately tracking customer usage for invoicing, and allocating resources effectively. With the help of telematics, businesses in this industry can access live asset monitoring, CAN BUS data, geofences, and more to discover ways to improve operations and lower costs.
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Construction equipment leasing and renting: ready for change
In a recent interview with Rental Management, Steve Mau, president and owner of Brainerd General Rental, stated “Telematics was kind of a neat novelty a couple of years ago. Now, it’s really an expectation and that’s been good. It’s becoming something that’s not a ‘nice to;’ it’s a ‘have to.’ If you’re static in this environment, you’re really falling behind.” Clearly, industry leaders are recognizing just how necessary this technology is for success.
There are several drivers of change affecting this industry at the moment. Most stem from lingering global supply chain issues caused by the COVID-19 pandemic, such as raw material shortages, vehicle shortages, higher fuel prices, and higher freight costs, to name a few. Moreover, many municipalities and countries have recently increased investment in infrastructure and other large-scale construction projects, further fueling the demand for heavy-duty vehicles and machinery.
While growth in the construction sector has been boon for equipment leasing and rental firms, it’s also meant increased costs and longer timelines—directly impacting bottom lines. Not to mention, managers still have to contend with customers abandoning equipment in the field, machinery breaking down, and not always knowing which assets are available. By slowing down projects and adding unexpected costs, these problems can strain equipment rental companies to the breaking point.
In order to survive, these businesses must adopt a robust, specialized telematics platform that offers live tracking, asset history, geofences, and more for modern fleet management. These intelligent tools help business owners and managers make better-informed decisions by arming them with crucial data, alerts, and control.
Telematics for construction equipment leasing and renting
Any company that leases or rents out construction vehicles needs full visibility of every asset in the field. Using Navixy for GPS tracking and fleet management, businesses can more easily view what’s in use, monitor equipment usage, and solve problems with employees and customers.
Track all assets
Knowing the exact location of a dump truck, excavator, or backhoe is a must for any construction equipment leasing company. Live monitoring shows where your tracked assets are on the map so you never have to guess. This is essential for determining which assets are available to be leased or rented out, as well as finding a piece of equipment that’s been left behind by a customer.
In addition to assisting with asset visibility, live tracking also lets you know if a machine or piece of equipment isn’t where it should be. This way, you can investigate further to determine if it’s been lost, stolen, or moved without prior approval.
Monitor equipment usage
The type of heavy machinery used in construction requires constant maintenance. Otherwise, it will break down more easily and need to be replaced more frequently, costing companies thousands if not millions of dollars. To keep your equipment on schedule, Navixy can track and monitor engine hours, fuel consumption, RPMs, and additional CAN BUS data, as well as provide maintenance schedules for all your powered assets.
Along with keeping your heavy-duty vehicles and equipment in good working order, monitoring usage can also reveal potential inefficiencies. For example, engine idling is a common waste of fuel that can easily be identified with telematics. Moreover, if a given asset is being used more than others of the same type (truck, drill, etc.), you can reassign some projects to even out usage among common equipment.
View history and reports
Whether you need to prove ownership over a specific piece of equipment or have an insurance claim against a customer, Navixy can provide evidence with its history and reporting functions.
Having history for a given vehicle ensures that a client won’t try to keep it and claim that it was theirs all along. In addition, device history can also be used to see how an asset is performing over time by checking if its fuel usage is within a normal range or not.
A common issue between equipment leasing companies and their customers is equipment breakdown. If a machine stops working on the job, the customer needs to be able to prove that it happened under normal conditions to file a claim. Otherwise, they could misuse machinery and try to pass it off as general wear and tear. To determine whether or not a machine was used properly, you can run reports on data like RPM, engine temperature, and axle load.
GPS trackers for construction leasing and renting
To ensure our platform is as user-friendly as possible, Navixy supports a multitude of devices from a wide range of top-rated hardware manufacturers, including Teltonika, Jimi IoT, and others. Below, we list some of our best GPS trackers for construction equipment leasing and renting.
Many of these devices have been successfully used in the construction and mining industries, so the companies that lease and rent out equipment can feel confident that they’re suited to last.
Using the Teltonika FMB240 with EYE Sensors, a company in the United Kingdom was able to monitor the angular movements of machinery like dump trucks, cranes, and concrete mixers to better determine if they’re being used properly and in a safe environment. Furthermore, using CAN BUS data, they could more easily determine if a machine was idling or wasting fuel. Thanks to these metrics, the equipment owner was able to reduce fuel usage and equipment wear for valuable cost savings.
Since many construction and mining companies operate in remote locations, they need GPS trackers that won’t lose the signal. Fortunately, when connected to a TSM232 external module, the Teltonika FMB640 can access Iridium satellite communication in the event that GSM is unavailable. This means that you won’t miss out on crucial information needed for up-to-date decisions and timely responses. Moreover, the FMB640 has high-gain antennas to ensure that metal vehicle surfaces don’t block satellite signals.
Construction equipment leasing and renting companies can easily track, monitor, and manage fleets of vehicles and heavy-duty machinery with Navixy. With the help of advanced telematics, these businesses can lower expenses and improve efficiency to better address customer needs. Learn more by calling us or scheduling a demo today.