Fame Rental Works with ARA on Standards to Categorize Rental Equipment
Fame Rental recently consulted with the American Rental Association in the development of an important new standard for the equipment rental industry. Known as ARA SET, it is a new standard that makes it easier to identify and categorize rental equipment.
ARA SET delivers considerable benefits for rental businesses:
• Creates a standard for categorizing assets for equipment rental companies with a logical product category classification system.
• Accurately classifies and organizes equipment inventory.
• Helps enable consistent reporting and industry comparisons.
• Creates streamlined website navigation to ease customer use.
To continue to improve and expand the ARA SET, the American Rental Association will collect anonymized make and model information. The anonymized data will be used by ARA and its partners to standardize the rental product categories and facilitate market reporting and analysis. Fame Rental is adopting ARA SET into its technology to empower its customers and support this critical industry standard.
According to Fame CEO Joe Lewis, “We’re excited about ARA SET because our customers will immediately benefit from its inclusion in all aspects of Fame’s equipment management and analytics software. We envision a quick adoption for our customers.”
“Similar to when ARA established standard rental industry metrics, ARA SET is now establishing the standard for categorizing assets for equipment rental companies with a logical product category classification system,” said Tony Conant, ARA chief executive officer. “ARA worked with rental industry experts and members, both large and small, to develop this important classification framework.”
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.