Acquisition planning is an essential part of fleet management, especially as carriers evaluate new model year offerings, changes in technology and sustainability goals. Selecting the right vehicles, determining capacity needs, and managing finances are all part of the process, but there are always multiple variables at play that can make it challenging to make a commitment. Rental trucks can be a useful tool to help ensure you’re not left unprepared or with underutilized assets.
Here are some of the ways rental trucks can help as carriersplan their short- and long-term acquisition strategies:
Immediate Availability: Rental trucks can be quickly sourced, enabling companies to respond quickly to new market demands or changes within the business without interrupting operations. Supply chain delays have eased since the pandemic, but if issues arise again, rentals can serve as a bridge until equipment becomes available.
Scalability: Rental trucks allow companies to quickly scale the size of the fleet to meet increased demand, whether it is seasonal, temporary or long-term. Being able to flex up without making a significant commitment reduces risk and enables more agile market entry and exit strategies in case market conditions change.
Trial and Evaluation: Renting different models of trucks allows fleet managers to evaluate vehicle performance in a real-world operating environment so they can determine how they will perform. That can be especially useful with alternative fuel solutions or newer technology, such as electric vehicles.
Cost Efficiency: The cost of new equipment continues to increase as technology changes. Renting avoids the substantial upfront costs associated with purchasing new vehicles, freeing up capital for other critical investments and giving companies greater ability to keep costs variable and preserve cash flow. Rentals can also allow you to test market conditions, new lanes or equipment before making a larger investment in either leased or owned vehicles.
Fleet Flexibility: Some equipment types work better than others depending on the application, and as business needs change, the ideal composition of the fleet can change. Rentals allow fleet managers to test different types of vehicles or trial a new mix of light-, medium- and heavy-duty trucks.
Reduced Maintenance Costs: The cost of maintenance is typically included in a rental agreement, so fleets have a fixed cost, making it easier to budget.
Additional Geographic Reach: For carriers expanding into new regions, rental trucks provide a tool to test the area and the market before making a longer-term commitment, reducing risk.
Specialized Solutions: Certain projects or contracts may require a piece of equipment the fleet doesn’t already have in-house. Renting vehicles on an as-needed basis allows companies to meet specific requirements without investing in equipment that isn’t needed regularly.
Integrating rental trucks into broader equipment management plans can create flexibility, cost efficiency and operational advantages. Penske has over 95,000 commercial rental vehicles available, including high-roof cargo vans, electric cargo vans, straight trucks with liftgates, Class 8 tractors, flatbeds, refrigerated trucks and trailers, that provide a low-risk, fixed-cost solution.
(From left to right) Tyler Hard, PTL Northeast region senior vice president - operations; Ryan Polhamus, PTL South Plainfield district manager; Mike Duquette, PTL Metro New York area vice president