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

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Applying leadership principles to the rental industry is the focus of this research project. The project aims to identify successful practices and best practices in the rental industry, as well as their correlation with revenue growth and profitability. The research includes interviews with dealers and the issuance of a rental report. <br /><br />One of the main opportunities for leadership in the rental industry is the growth of the dealership through starting new lines of business. The success of starting a new line of business relies heavily on successful change management. To achieve this, leaders must create a sense of urgency, recruit a winning team, develop a compelling vision and strategy, integrate the vision and strategy into operations, empower teams to focus on key success factors, create short-term wins, and guide and anchor cultural change. <br /><br />The research also highlights the importance of rentals as a strategic asset for dealerships. It identifies three prevailing business models in the rental industry: rent-to-rent, rent-to-sell, and a hybrid of the two. Each business model comes with its own set of success factors and requires different operational approaches. For example, rent-to-rent focuses on managing rental utilization and just-in-time rental rates, while rent-to-sell emphasizes transactional business and creative financing options. <br /><br />Successful practices in the industry include having a growth-oriented rental strategy, a dedicated rental coordinator role, and rentals reporting to a rental manager. Additionally, managing the rental fleet based on financial utilization metrics and having sales resources dedicated to rentals has shown positive correlation with revenue growth and profitability. <br /><br />In conclusion, leadership plays a crucial role in the success of rentals as a strategic asset in the dealership industry. By implementing the identified successful practices and best practices, leaders can drive growth and profitability in their rental operations.

Keywords

leadership principles

rental industry

successful practices

best practices

revenue growth

change management

rentals as strategic asset

business models

rent-to-rent

rent-to-sell