EquipmentShare Lets Owners of Construction Equipment Lease Their Stuff Easily
According to TechCruch, construction equipment rental is a $40 billion per year industry but most of the equipment in the industry is owned by contractors, not rental companies. Oftentimes, equipment is left sitting, unused, for long periods of time. Therefore, there is a gigantic potential for an AirBNB of construction equipment. That is, a website that allows equipment owners to list and lease their bulldozers, cranes, tractors and other machines. AirBNB does the same with unused apartments a spare rooms.
EquipmentShare insures the borrower and the owner, in case the borrower is injured or damages the equipment. Even still, renters are “pre-screened and verified” before they’re allowed to borrow anything, according to EquipmentShare’s website. After the rental, both parties can review and rate their experience doing business with each other. So, taking care of the equipment is important for everyone involved.
As for the user experience, EquipmentShare says you can “easily add equipment, control availability, place rentals, collect payments and coordinate transports” securely. It’s well designed, but the the biggest advantage the entrepreneurs possess may be the pricing, which is said to be around 30% less than conventional equipment rental companies charge. On the other side of the scale, there are some weighty challenges, though. In particular, the company needs to expand beyond the Missouri area, its exclusive territory.
Willy and Jabbok Schlacks, the creators of the business, say they’re studying how AirBNB and other P2P services have expanded. They’ve joined like-minded entrepreneurs at Y Combinator, a seed accelerator based in California, where the entrepreneurs will spend three months learning from their peers. It’s a good decision for them to be there. Y Combinator is where AirBNB got started, as well as Reddit and Dropbox.