Rental Management 101: Introduction to Rental-Module 4: Dealer Challenges to Implement Rental

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Video Summary

Implementing a rent-to-rent program can be a challenge for dealerships. Dealers often have a sales-focused mentality and struggle with the idea of renting out equipment instead of selling it. This can create conflicts and inconsistency for rental customers who rely on the availability of machines. Dealerships need to define a holding period to ensure machines aren't sold too early and commit to supporting rental customers. Commission plans for sales departments should align with rental objectives to incentivize the right behavior. Dealerships should avoid putting trade-in machines into the rental fleet, as this can negatively impact the brand image. Rental rates should be competitive and not arbitrary. The rental fleet should be aligned with the company's strategic objectives and have a dedicated asset manager to monitor performance. Quality control measures are crucial to maintain the rental fleet's reputation. The service department must prioritize rental machines and be efficient in servicing them. Finally, having efficient internal processes is essential for a successful rent-to-rent program.

Keywords

rent-to-rent program

dealerships

rental customers

commission plans

quality control measures