Being in the rental business, you are aware of how difficult it is to maintain effective operations. Every facet, including contract fulfillment, equipment management, order dispatch, and operation status tracking, must work in perfect harmony.
Thinking about how can you manage all of these? The simple solution is to integrate GPS tracking into your rental equipment. In this article, you will get a brief overview of the overall concept of GPS-tracking rental equipment.
According to the National Equipment Registry, commercial equipment theft is getting worse, with 1,000 items reported stolen each month. The chances of getting your equipment back are poor with a recovery rate of fewer than 20%.
Fortunately, GPS tracking for rental equipment is altering all of this. So, let’s start.
What is GPS Tracking Rental Equipment?
GPS tracking of rental equipment refers to assets fitted with GPS devices that monitor and report their real-time location and movement. It helps rental companies protect valuable assets, maximize usage, and improve daily operations through precise location data.
GPS tracking shows exactly where rented items are at any moment using satellite signals. It adds security, builds renter trust, and helps companies manage their tools and vehicles better, making sure nothing goes missing or gets misused.
Why Do You Need a GPS Tracker for Heavy Equipment?
A GPS tracker is a must-have for heavy equipment. It gives you real-time location updates to prevent unauthorized use, protect against theft, and save time and money by avoiding delays.
For rental companies, where equipment loss is always a concern, GPS tracking is a practical lifesaver. You’ll get instant alerts if your gear moves outside approved areas, so you can grab it back fast and keep things running smoothly.
But wait, it’s not only about keeping your equipment safe. GPS tracking can also help you stay ahead on maintenance by tracking engine hours and usage.
This means no more unexpected breakdowns, longer equipment life, and perfectly timed service schedules. Plus, you get accurate usage data, which makes billing simpler and fairer. Charging based on actual run time builds trust with your customers.
It doesn’t stop there. GPS tracking helps streamline operations, making it easier to allocate resources, reduce idle time, and maximize the value of your equipment. From protecting your assets to making your business more efficient and profitable, GPS tracking is a smart investment for the heavy equipment rental industry.
And there’s more. GPS tracking simplifies operations, whether it’s reducing idle time, allocating resources, or getting the most out of your equipment. Bottom line? It protects your assets, boosts efficiency, and keeps your business profitable.
Types of GPS tracker for rental equipment
Rental equipment comes in all shapes and sizes, which means you’ll need the right GPS tracking solution to keep it secure, visible, and easy to manage. Here’s a quick look at the main types of GPS trackers commonly used for rental equipment:
1. Wired GPS Trackers
Wired GPS trackers are a smart pick for heavy machinery and vehicles with a steady power source. Since they connect directly to the equipment’s power, you get reliable, nonstop tracking; ideal for industries like construction and transportation.
Commonly used in trucks and powered equipment, these trackers provide real-time location updates along with helpful features like engine shut-off and usage monitoring. These tools help boost operational control and keep assets secure.
Because they’re permanently installed, wired trackers are harder to tamper with, making them perfect for long-term use. Plus, they’re built tough to handle even the roughest environments, so you can count on them to perform when it matters most.
2. OBD-II GPS Trackers
OBD-II trackers are a super simple way to keep tabs on your vehicles. Just plug one into the car’s diagnostic port, and you’re good to go! No complicated setup needed. They’re a great fit for rental cars, vans, and light trucks, especially if you’re looking for something quick and easy to install.
These plug-and-play devices give you all kinds of useful info, like vehicle health, location, and usage stats. Perfect for businesses that want to manage their vehicles more efficiently and keep things running smoothly.
One of the best parts? They’re portable. You can easily move them between vehicles, making them ideal for fleets that are always changing. If you need flexibility and convenience for managing your vehicles, OBD-II trackers are a great choice.
3. Battery-Powered GPS Trackers
Battery-powered trackers are super handy and work with just about anything, powered or not. Whether it’s trailers, generators, containers, or small tools, these trackers are easy to set up and give you reliable tracking for all your gear.
Since they don’t rely on an external power source, they’re perfect for equipment that doesn’t move often or stays in storage for a while. They’ll keep working when other trackers might give up.
Many models have batteries that last for years on one charge. Plus, their small size makes them easy to tuck away, so they’re harder to tamper with or steal.
4. Magnetic and Portable Asset Trackers
Compact tracking devices are super easy to use. Just snap them on magnetically or tuck them away discreetly, that’s all! They’re perfect for quickly securing your valuables without drawing any unwanted attention, even in tricky situations.
Whether you’re safeguarding valuable items or tracking frequently moved equipment, these devices are here to help. They’ll give you real-time updates to help you stay on top of everything and manage your stuff more efficiently.
5. Specialized Asset Trackers
Specialized GPS trackers are perfect for keeping tabs on smaller assets like tools, bins, or non-powered equipment. They’re lightweight, super durable, and built to handle tough weather, so they’ll perform even in the harshest conditions.
Many of these trackers include helpful features like motion detection to monitor movement, geofencing to set up virtual boundaries, and real-time alerts to flag any unauthorized activity.
With their durable design and smart features, these trackers help businesses keep an eye on their equipment, making operations smoother while cutting down on the risk of loss or theft.
What Are the Benefits of a GPS tracker for rental equipment?
Numerous characteristics of GPS equipment tracking devices with starter interrupters let owners know where their vehicles are and what activities are taking place with them.
Allows to Track Rental Equipment along with Geofencing
Both risky and profitable, lending your assets to others is a risky move. Numerous heavy machinery assets are expensive and challenging to replace.
You can always keep an eye on the whereabouts of your high-value assets with Rastrac GPS tracking services for heavy equipment, trailers, and other items. Geofencing is another option; these invisible, virtual “fences” inform you when an asset veers outside the predefined boundaries.
The prevention of contract violations and ensuring that the equipment is placed exactly where it should depend on this information. Additionally, some GPS tracking solutions let you disable starters to prevent thieves from turning them on if your asset is in any danger.
Until the police are on the scene to handle the matter, you can prevent your automobile, truck, or construction vehicle from starting.
Helps to Effectively Monitor Equipment Conditions
Since GPS monitoring uses an automated approach to track services across the fleet, it has had a substantial impact on maintenance management. The ability to track run time is the primary GPS tracking feature that aids equipment rental firms in maintaining equipment.
Moreover, you can plan maintenance based on the equipment’s runtime with GPS tracking. This will enable you to prepare for downtime and help guarantee that maintenance is completed on schedule. This will prevent lost productivity.
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Enhances Security to Prevent Theft or Stealing
The equipment will normally be rented for a short period of time and paid for with counterfeit money or credit cards.
When the equipment isn’t returned and the rental business arrives to pick it up, the location will be empty or they’ll find that neither the address nor the person is even real.
GPS tracking systems with diagnostics capabilities can help you track information such as equipment activation times, engine statistics, and asset locations so you know whether the renter is abiding by the terms of the rental agreement.
However, you can do more than just help you find a lost or stolen rental asset by cutting down on the amount of time that criminals have access to it. They can also help you reduce the risk of harm to the asset in the event that it is taken.
Creates Automatic Invoices
Increasing the accuracy of your invoices and billable time is another advantage of having GPS tracking on your equipment, which is monitoring run time.
Knowing the precise amount of runtime will improve the accuracy of your billing if you charge customers based on the runtime of the vehicle and/or equipment.
The need to bill by the day, half-day, hour, or based on the mileage when the equipment returns to your yard will be eliminated by monitoring runtime. This extremely tedious method of manually tracking the meter will be automated via GPS tracking.
Related For You: Collect Payment For Rentals Using The Best Online Rent Payment Systems
Generates Real-time Reports
The data-gathering powers of GPS rental equipment tracking devices can still be quite useful even if renters aren’t using their rented equipment in an illegal way.
As your equipment approaches particular maintenance milestones, you can easily optimize your asset maintenance scheduling using this data. Focusing on preventative maintenance rather than more expensive emergency repair helps to reduce total maintenance expenses, which also helps to increase ROI by lowering expenditures.
Get a One-Stop Rental Management Solution with Available GPS Tracking
For companies that lend out equipment, rental GPS tracking is increasingly turning into a requirement.
RentMy makes it possible to safeguard and manage the maintenance of your pricey and irreplaceable equipment, which is a big advantage for equipment rental companies.
Before sending out your experts for repairs, you’ll be aware of the issue with your equipment, saving you both time and money.
Additionally, you’ll constantly be aware of the equipment’s hour meter or odometer so that you can maintain appointments that may be made on time.
So, you can minimize downtime and expensive repairs, some even transmit real-time notifications straight to your phone.
How to Install GPS Trackers for Rental Equipment?
To keep track of your assets, make sure they’re equipped with GPS devices from a trusted provider with a strong reputation for reliable tracking.
Your GPS provider should offer a range of services like location tracking, easy-to-use software, and even remote diagnostics for powered assets like vehicles, generators, or refrigerated trailers. These features help ensure your assets are not only secure but also running smoothly, with real-time updates at your fingertips.
With today’s tech, getting GPS info is easy. You can check locations through apps, SMS, or dedicated software that lets you customize how you track your assets. You can also choose dedicated software for more customization and select how you want to access your tracking services.
Logging in is usually required to view updates and track the location of your vehicles or assets through online tracking platforms.
Summary
The advantages of knowing the precise location of your rental property when it comes to aiding law enforcement in apprehending burglars are obvious.
If the renter is using the asset in an unauthorized manner, then you can use the recorded tracking device data to prove it and confront the renter so they have an opportunity to change their behavior.
