We have now concluded our discussion about people that make up the Rent-to-Rent Department. Our next area of discussion is going to be about the process and processes that need to be in place within our dealership to support Rent-to-Rent. I'll remind you of this diagram that we're focusing on. Three P's. It's people, process, and products. And all of those things need to be integrated to be able to provide a great customer experience. So, we're going to move ahead with what I call profitable process. And in the rental business, what we do a lot of is repetitive. And that means that we basically have a same type of fleet every day. And it goes out and it comes back and it goes out and it comes back. So, there's a process to checking this stuff out and a process for bringing it back in and putting it through our quality control measures and then putting it out again. And the faster we can do that and the better we can do that, then it drives utilization of our fleet. It drives revenue. The quality control basically ensures customer satisfaction and it just gets better and better. So, we're going to dig into the need for process and how important it is for you to be able to make money in Rent-to-Rent. So, these are the four outcomes that we need. We need efficiency. That's one of the reasons we need process. We can't be scatter about this. I'll give you an example. If you have ever rented a car at an airport and you get ready to turn that car in, you'll notice that the rental car companies, for the most part, they use technology. Somebody meets you at the car. Very rarely do you have to go inside any type of rental agency or a counter and turn the car in. Somebody meets you at the car. They've got some type of scanning device and they can print you a receipt usually within a couple of minutes and you're on your way. Then within a couple of minutes of the time you get out of that car, somebody comes along and moves that car into some type of service area where they vacuum it and clean it. Somebody goes through a checklist to make sure that the car is fueled, oil topped off, so on and so forth, and that car is brought back around and it's available for rent. I want you to think about the value of this inventory. These cars, for the most part, are probably $18,000 to $30,000 automobiles, and yet there is this high urgency associated with process. If it means that much for the rental car companies to do that on a $20,000 to $30,000 asset, why in the equipment rental business would we not want to have similar type of processes to be able to roll $80,000 or $100,000 or $150,000 or $200,000 assets through our service area? We need to do it basically the same way. We need to be jealous about the time. So we need efficiency in driving utilization on these assets. We need quality control. We need to make sure that we send equipment out that is in top-notch shape for two reasons. One, if we have to go in the field to do something, it costs us money, and it's also a downer for the customer. They're expecting to rent equipment that works. So for customer satisfaction reasons, we need to have good quality control. We need to have good efficiency in making sure that we can get things out in a timely manner. And then from the standpoint of making money in this business, the faster we can turn the equipment, the more times it can go out on rent with the same amount of equipment. Another good example would be NASCAR in a pit crew. I mean, really, what difference does it make between 11 or 12 seconds for a pit stop and, say, 15 or 16 seconds for a pit stop? Well, four or five seconds. But when you're going 185 miles an hour, then four seconds makes a lot of difference. And at the end of the day, it makes a difference between potentially winning and losing and how much money you make. And it's really no different for the equipment rental business. So we need process to drive efficiency, quality control, customer satisfaction, and ultimately our time utilization, which drives revenue. And when we have the right amount of revenue, that helps us outrun our costs and ultimately achieve profitability. And that's what the stakeholders in our business really want. The reason that they're taking the financial risk of owning a fleet of rental equipment is to create profits. And so this is how you get there is we need to have excellent processes within our dealership.

efficient processes

rental dealership

customer experience

technology

profitability