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.”