July 15, 2010—Equipment renters and rental providers in the U.S. and Canada are now able to connect and do business via iRENTequip's online equipment rental marketplace at www.iRENTequip.com. The marketplace serves the rental industry for construction, landscape, agriculture, industrial fork lift and trucking equipment. Annual rental transactions across these segments is estimated at $30 billion. Included are all of the related tools and attachments rented in these segments.
“The iRENTequip marketplace allows anyone to request a rental with literally every rental provider in their local market simultaneously, and then receive bids for their business, all for free,” said Beau Frank, CEO of iRENTequip
The world’s first online equipment rental marketplace, iRENTequip brings the power of an online bidding tool like eBAY to the equipment rental process, with over 15,000 rental providers. Like eBay, it is simple to use, fast and totally online. There is no calling each store for quotes and availability, no sales calls, and no face-to-face negotiating.
“Renters are looking for a fair rental rate from a proven provider. Typically, they would call two or three rental outlets or dealers to get rates, check availability, negotiate and then make a decision,” Frank said. “With iRENTequip, they no longer have to make those calls. They can reach out to five times as many providers instantly, receive multiple bids for their rental online and via cell phone, negotiate online, and see how other renters have rated all the rental providers that are bidding.”
The iRENTequip marketplace is simple to use and free for renters. It takes less than a minute for renters to request an item they need. Then every rental company and dealer in their local market is notified. Rental providers receive these requests and easily bid on them online within minutes. With full visibility to all bids, equipment specs, travel distance and ratings of the providers at their fingertips, renters make an informed choice of the best provider for their needs and accept a single bid. Once a bid is accepted, the renter and provider are connected to complete the transaction.
It's free for rental providers to receive and bid on rental requests. Once a bid is accepted, renters pay a small deposit via credit card to hold the rental, with the balance due payable to the rental provider based on the terms of the bid. Rental providers get access to new customers daily at no cost. Providers use the simple online tools to manage fleet inventory and bid prices, including costs that are typically quoted in equipment rentals, such as shipping, rental protection, environmental fees and sales tax. During the bidding process, all bids and user ratings are visible to all users, creating a truly open process. Rental providers may also use the marketplace to find equipment to re-rent to their customers from other providers.