How to manage a truck rental business?

Discover the key tips to optimize, make profitable and manage a truck rental business, heavy goods vehicle or any other industrial vehicle.

 

Are you a truck rental company or a truck fleet manager? Are you looking to improve your truck rental management business? If so, then you are at the right place! Indeed, more and more transport companies or IV companies (industrial vehicles) are developing a truck rental offer next to their main rental activity. This market requires a certain adaptability and the implementation of management tools such as the myrentcar truck rental software. Let’s take a look at how to manage a truck rental business.

What is truck rental management?

Truck rental management is a service that provides an industrial vehicle (truck, tipper, refrigerated truck, removal truck, utility …) for a specific price and time, ranging from short term rental to long term rental. In exchange for guaranteeing the use of reliable industrial vehicles adapted to the needs of its customers, the truck rental company manages the technical, administrative, financial and assistance responsibilities of the truck rental. Managing a truck rental business also includes many additional services such as the rental of additional equipment or rentals with drivers.

How do you optimize a truck rental?

Are you wondering how to optimize a truck rental business? Efficient truck rental management means optimizing productivity and pricing. By determining a rental rate based on the length of time at your disposal and the mileage driven, you will help your customers optimize their activity and in turn increase their profits. Your customers’ profits are increased by reorganizing routes and increasing the load factor and truck rotation rate, these are key factors which need to be managed properly.

 

Taking into account the customers’ needs by adapting your offer allows the company to benefit from major productivity gains and in turn optimize a truck rental business. For example, a good truck fleet manager spreads the financial charges linked to fixed operating costs (workshops, tools, parking lots, relay vehicles, etc.) across all of his customers. This is an important condition for managing a truck rental business, which is facilitated by a truck rental management solution, as we will see later. Also, optimizing a truck rental business naturally involves controlling the company’s investments in order to ensure its profitability.

How to make a truck rental profitable?

Making a truck rental business profitable is a complex operation despite the hype of the industrial vehicle market. Indeed, calculating the profitability of a truck rental and the total cost price of activity includes a multitude of unpredictable parameters such as repair costs or costs generated by the immobilization of a vehicle. Managing a truck rental business requires the rental company to have a total control of these costs in order to limit the risks evaluation errors and uncontrolled expenses. For this, it is essential to opt for a software that helps you manage a truck rental business.

 

Operating costs must be lower than your company’s turnover to make a truck rental business profitable. Software adapted to truck rental management automatically calculates your revenues and your costs to guarantee you a profitable balance sheet truck by truck. You will thus have a global vision of the profitability of a truck rental. Which truck is profitable? What rate should be charged? Should I resell this truck? So many questions will be answered thanks to truck rental software analysis tools. But that’s not all, because this type of management solution also has many other features that could boost your truck rental management efficiency!

How to choose a truck rental management software?

Choosing a truck rental management software is an important decision to efficiently boost your business. To do so, it is essential to identify your needs. Are you a long-term truck rental company? In this case, the truck rental management software must allow you to manage a lot of information: rent schedules which take into consideration the rent increase, mileage, global invoicing and invoicing of complementary services, managing bridging loans, providing accurate quotes or calculating the residual value of your industrial vehicles, … so many features that will greatly help you with your truck rental management business!

 

Managing a truck rental business requires first of all that you have an accurate planning tool in order to easily manage your reservations, quotes, contracts or invoices in a few clicks based on a schedule. Moreover, a great truck rental management software must allow you to manage all the specificities of a truck fleet, i.e. maintenance, claims, drivers or even traffic tickets. More importantly, all the steps of the rental process must also be fully managed online, from the digital signature of your truck rental contracts to a vehicle inventory application. With its expertise, hitechsoftware has developed the myrentcar truck rental management software which includes all these features.

Why is myrentcar the leading truck rental software?

Accessible wherever you are using SaaS software, the myrentcar truck rental software centralizes the information of your truck fleet. This powerful solution allows you to manage your entire business on your smartphone or computer. The myrentcar truck rental software has all the tools mentioned above in order to optimize, make profitable and manage your truck rental business. Myrentcar is also compatible with your website, the rentpad app and the clickygo car-sharing app. Many large corporations and transport companies have already integrated the myrentcar web solution into their IT systems in order to optimize truck rental. You too can book a free demo now by filling out the form below!