Many companies in the rental and leasing business, whether it’s cars, trucks or heavy equipment, ultimately sell their assets once they hit a certain age and usefulness. But getting assets ready for sale can take quite a bit of time. Between reviewing every asset, jotting down its condition, and recording it in one central location, it can be nearly a full-time job during the asset re-sale period. For companies with multiple rental locations, this process can be even more burdensome.
Why the Resale Process Traditionally Takes Time
It seems so simple in theory, but in practice several parts of the asset re-sale process make it a time-intensive process. In fact, there tend to be two core culprits:
- Paper Collections: The traditional way of assessing asset value is having your employees take paper forms and walkaround your assets while marking down any damage they see. It’s a manual process on-the-ground, and then it requires an additional layer of work for someone to compile, scan and assess all of the collected documentation.
- Multiple Locations: The paper process alone requires ample time. However, multiply that process by the number of locations a business has and this can mean at least a month is assessing asset value.
How Barbush Rentals Drastically Improved Asset Readiness
These challenges were exactly those faced by Barbush Rentals, a 9-location Avis/Budget car rental franchisee in central Pennsylvania. Some of their rental locations were over 3 hours from the business’s core headquarters, meaning employees had to take time transporting a car to headquarters, wait for someone with a paper form to review its condition and then send it back to its original location. The Barbush team was dissatisfied with how time-intensive this process was, and how much of their employees’ time it required.
Barbush turned to Record360 and its digital asset condition review app to drastically speed this process up. By using an app to collect photos and videos of each car’s condition at its particular location, Barbush no longer had to transport cars to their central headquarters. This alone shed days from their condition reviews.
Additionally, by training multiple employees across locations on how to use the solution, Barbush equipped its entire workforce to do condition reviews. As a result, Barbush is now able to do vehicle reviews exactly when they want to sell a vehicle, and they no longer have to wait until one particular employee is available to do that review.
Thanks to these efforts, Barbush cut their vehicle condition process in half, getting them ready for sale 2.5X faster.
READY TO SPEED UP YOUR ASSET CONDITION REVIEWS? Contact us today for a free trial of Record360 or visit http://www.record360.com to learn more.