Rental Strategy, Business Models, and Operations: Common Dealer Practices-Rental Strategy, Business Models, and Operations: Common Dealer Practices

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Video Summary

T-Base Group offers risk management solutions for equipment dealers. Their primary product, Rental Equipment Protection (REP), is a damage waiver that helps improve profitability and build relationships with rental customers. They also provide certificate tracking through their proprietary program, Straight Docs, which contacts insurance companies on behalf of dealers. In addition, they offer program management and consulting services to optimize business insurance programs. <br /><br />The speaker, Dick Stewart, discusses his research on common practices and strategies used by equipment dealers in their rental operations. He emphasizes the importance of leadership and the need for dealers to work on their business, not just in it. Stewart outlines a seven-step process for leading change, which includes creating a sense of urgency, recruiting a winning team, developing a compelling vision, and empowering teams. <br /><br />He also highlights the need for dealers to have a clear rental strategy and business model. Successful practices in this area include being intentional and strategic, having a rental coordinator role, and aligning rentals with overall dealership strategy. Stewart suggests using the Competing Values Framework to assess and adapt the dealership's culture to meet market demands. <br /><br />The presentation concludes with a discussion on best practices and their correlation to growth and profitability. Stewart highlights the importance of data-driven decision making and the need for a robust process flow in rental operations. He encourages dealers to focus on areas that have a positive correlation to financial outcomes. Overall, the presentation provides insights and recommendations for equipment dealers looking to optimize their rental operations and drive profitability.

Keywords

T-Base Group

Rental Equipment Protection

damage waiver

certificate tracking

program management

consulting services

leadership

rental strategy

business model

best practices