In 1966, Robert Kennedy delivered a speech that included the following observation: “There is a Chinese curse which says “May he live in interesting times.” Like it or not, we live in interesting times. They are times of danger and uncertainty; but they are also the most creative of any time in the history of mankind.”
Indeed, as in 1966, 2019 also brought myriad changes and uncertainty to the equipment markets. It was a year filled with dynamic trends that brought many shifts, such as a transition from owned equipment to more rental activity. Accounting rules changed to require leases to be recorded as liabilities on the balance sheet, necessitating accurate equipment valuations. And other trends continue to drive change, including: shifting demand to lighter, more compact machines, a growing demand for specialized machines, and a shift to software solutions to manage connectivity, among others.
In addition to increasing material costs and growing use of “green” technologies, such shifts are poised to continue upending the construction industry in 2020 and beyond. However, these trends have also included an overall market growth in 2019 and offer an opportunity to capitalize on favorable circumstances that will potentially improve operations capabilities and competitive advantages in the coming year.
EquipmentWatch has also experienced a dynamic year. We launched a currency converter so that subscribers can now set their preferred currency to any of the top requested denominations. We produced a Residual Values Audit Risk Review to enable financial institutions and equipment dealers to manage a well-balanced portfolio and stay informed of potential equity risks. Our Resale Insights Dashboard was also released, allowing teams to seamlessly benchmark sales against competitors and historical trends.
We anticipate that although 2020 will continue to bring uncertainties, the new year will also offer creative openings for disruption and improving our client relationships. Robotics, drones, and 3D printing offer to usher in the future, and it appears there is no going back. In homage to Robert Kennedy’s comments, these emerging changes are sure to pose uncertain challenges. But in our optimistic view, there is much more opportunity for creativity that will result in gains in cost control and operational improvements.
In the year ahead, we are working toward tailoring our products such as our Rental and Resale Insights Dashboards to a broader audience and amplifying our benefits to specific roles within organizations. Look for EquipmentWatch to continue making our data even more actionable and accessible, incorporating more practical market insights into our market newsletters and research, and continuing to enhance the user experience for our customers. We look forward to an exciting year that will enable our customers to save money, win more contracts, and access the best data available!
To learn how EquipmentWatch provides objective, accurate, and unbiased current market values and residual values for every asset in your fleet, schedule a demo with us today! Learn more.