How Telematics is a Game-Changer for Commercial Truck Rental & Leasing

Summary: There are currently more than 11,500 truck rental businesses in the U.S. These fleets fill a specific need for customers requiring temporary trucks to meet demand or for specialized jobs. This means rental and lease fleets require unique tools and solutions to meet their distinct demands, and telematics tools are helping increase efficiency, manage assets, and improve safety & compliance.

Unique Challenges for the Commercial Truck Rental Industry

Rental and lease fleets encounter different challenges from other commercial fleets, such as:

• Trucks are often rented for specific, specialized jobs, meaning they must meet stringent compliance and reporting prerequisites.
• It is imperative to track all leased assets via GPS to combat rising theft and security issues.
• Rental fleets must carefully balance inventory for availability; there must be enough trucks available for demand surges, but not so many that there is an excess sitting around unused for long periods of time.
• Higher-than-usual usage rates per truck lead to more wear and tear on equipment. Preventative maintenance is especially important to ensure rental trucks are always in good working condition and ready to roll out at a moment's notice.
• A wide variety of drivers expose trucks to different levels of driving experience. Unsafe habits can increase the risk of damage to rented trucks.

How do telematics tools improve operations for the commercial truck rental and leasing industry?

Automated telematics platforms that seamlessly integrate with a fleet’s transportation management system (TMS) can deliver improvements on a number of tasks and pain points, including:

• Better AssetTracking: Telematics tools can deliver real-time asset tracking on a map or a table, using GPS coordinates, to show exactly where all trucks are at any given moment. These data points can include additional details such as latitude/longitude coordinates, make/model, odometer reading, engine hours, asset ID, and driver ID. Providers that utilize edge computing ensure no data is lost, even when your assets are traveling in more remote locations.
• Improved Response and Maintenance: In order to always be renter-ready, rental fleets need to ensure all trucks are in top condition. Preventative maintenance is key to reducing downtime and the likelihood of breakdown. Stakes are even higher if a customer rents a truck for a specific job and it breaks down on the road; company reputation can be ruined, and repeat business eliminated. By automating maintenance schedules for the entire fleet, rental fleets make the most of their shop schedule and keep as many trucks available as possible. Additionally, by quickly responding to real-time haptics or alerts from rented trucks, fleets can address issues promptly and avoid more serious problems or catastrophic equipment failure down the road.
• More Efficient Driver Habit Tracking: Telematics tools can track driver metrics such as near-misses, hard braking, and speeding. These poor driving habits not only impact fuel efficiency but also increase the odds of accidents. Driver tracking and AI cameras can also offer full insight after a safety incident occurs, adding a level of liability protection for the rental fleet.
• Better Data-Based Business Decisions: Truck rental companies are ultimately a customer service industry, and to keep customers happy and returning, rental fleets must have a deep understanding of what is happening with their assets and business model. Having access to real-world data from the fleet, automating its tracking and processing, identifying trends, and creating customized reporting all help managers make better business decisions.
• Improved Compliance: Class 8 trucks with certain features or capabilities are often rented for highly specific jobs that include stringent compliance and safety requirements. Telematics tools help drivers stay compliant with improved notifications on drive time, geofencing, and real-time insight into load stats. Route-planning and navigation tools help map out safer routes for specialized tanker trucks, while color-coded displays instantly communicate pertinent data readings for their loads.
• Decreased Paperwork, Cleaner Data: Telematics tools can make recording required data more efficient and reliable, since data is sent directly from the truck to the cab and back office. Customized workflows reduce busywork and eliminate the need for multiple entries of the same information. Electronic DVIRs completed on a tablet with photo capabilities make inspections faster and more accurate, sharing info instantly with the maintenance team as needed. Drivers and back office staff spend less time on busywork, while managers can trust that the data received is accurate and reliable.

Case Study: Velocity Truck Rental & Leasing

Equipped with our state-of-the-art telematics system,
Velocity Truck Rental & Leasing (VTRL) used Platform Science tools to transform its equipment rental and leasing process, enhancing asset tracking and customizing reporting. VTRL saved time and effort with streamlined data retrieval, making it easier to track their trucks’ fuel usage, mileage, and engine hours. The team focused on improving its industry-specific asset reporting, automating repetitive manual processes, and streamlining data entry so they could focus on their fleet.

Watch the video on VTRL now >>

Platform Science partners with all types of fleets to create customized solutions and tech stacks that meet your specific needs and business goals. Schedule a demo today to see how Platform Science can help transform your fleet operations.

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