GPS Equipment Rental Agency has given businesses the ability to manage their personal and physical resources. A local equipment rental company that focuses on building and construction rental decided to use GPS auto tracker technology to assist manage their business. It seemed that thanks to the downturn within the home housing industry they were seeing a rise in equipment losses and fraud. It does pay to carefully research each GPS service company to assure that they meet your individual company needs.
Equipment Rental Agency one case 6 rentals were made to a private that used someone else’s identity to secure the transaction. The loss of equipment equaled almost $200,000.00. The rental company’s insurance covered some of the loss but a large part had to be absorbed by the business. In addition, many pieces of equipment were being used inappropriately or abused. This abuse led to the early depreciation and value of the equipment by reducing its expected operational life.
Real-Time auto-tracking technology can be a great way to keep track of vehicles, equipment and labor resources. New technology now allows small GPS tracking devices to be placed or hidden on just about any valuable resource. These devices provide not only the situation of the device but also its route of travel, time that the unit is at rest, its speed, and in many cases provide valuable information on critical mechanical functions like engine temperature, hours of operation and even fluid levels. Obviously this information will increase the operational life of the equipment.
GPS tracking devices are designed to use the unit’s GPS component to record and store Geophysical data, and mechanical information for vehicles in some cases. This information then is uploaded to a GPS service provider via existing telephone or satellite phone technology. These uploads are timed according to the needs of the business. Data uploading can be programmed by the service provider to range from 1 minute to once a week. In general, the more frequently the data is uploaded the more the tracking service company will charge the customer. A business such as an equipment rental business may only need to upload its data once a day thereby saving money.
The local rental business contracted with a nationally known GPS tracking service provider. They also opted to possess the service company to provide and install the tracking devices within the rental equipment. You can often purchase your own tracking devices but you then are going to be liable for the upkeep and replacement of any faulty tracking units. Generally, when you contract for the tracking service company’s equipment they will do the maintenance and repair of broken tracking devices as part of the contract.
A business can as the local equipment rental company has done, contract for what is called Geofencing. Basically this feature is employed to assure that equipment and vehicles remain within the area they’re assigned to. Recently the rental company was notified that piece of equipment was beyond the area that the company allows its equipment to be used. The rental agreement clearly stated that the trenching machine was only to be used within a 4 county area. The tracking Service Company notified the Equipment Rental company that their equipment was out of bounds. The rental company tried to contact the renter but after repeated calls and no response, they notified local law enforcement agencies. The renter was stopped on the interstate more than 160 miles away. After a brief investigation, it had been determined that the renter had used false identification to rent the trencher and he also was wanted on a felony warrant. The rental company in palm recovered their equipment undamaged thanks to the GPS auto-tracking technology.
In many cases, insurance companies will give businesses that use GPS tracking technology a reduction in vehicle and equipment insurance. As you’ll clearly see the utilization of this technology may prevent money and assist you to manage your valuable business resources. It pays to carefully study every GPS service company to ensure they meet the needs of your individual company. Many times you can save money by contracting with a company that installs and maintains the tracking devices. This technology will not only save money but give you peace of mind knowing where your valuable equipment is at all times.