Rate Group Report determines average Ownership & Operating costs by size class for owned fleets
Yesterday, the EquipmentWatch team released an exciting software update called the Rate Group Report.
So, what is it? Who should care? How do you use it?
We realize every equipment manager must strike the right balance between rates that are competitive enough to win bids while still ensuring profitable returns from the life of their equipment. Our existing Internal Charge Rate tool is great when setting rates for individual models, but often nobody – including the fleet manager, the project manager, and the estimator – knows exactly which model will be used on a given job. Hence the birth of Rate Groups.
What Is A Rate Group?
The Rate Group Report calculates size class-specific charge rates by averaging ownership & operating costs for each of the saved models (as determined by the Internal Charge Rate product). Of course, we keep our all rates up to date ensuring we’re aligned with the market, which in turn provides you with the most accurate data available.
Here’s a great use-case of how Rate Groups are leveraged:
You’re an Equipment Manager, Fleet Manager, or Project owner planning a job – it may be a month or a year out. You may have an idea of how many excavators within a certain size class you’ll need on site. But we’re guessing what you don’t know is which specific models will be sent to that particular job. So how do you accurately estimate charge rates without that prior knowledge? The Rate Group report determines that crucial information for you.
What used to take months can now be accomplished in a matter of minutes. Let’s show you how it’s done.
How Do I Use It?
We’ve decided to leverage the classic “Good, Better, Best” format to best explain how very simple or in-depth the report can get – all depending on user preference.
GOOD: Start with a simple upload of your equipment fleet within the Group Manager and run a Rate Group Report. The unadjusted rates are based off our Rental Rate Blue Book – the industry’s top resource for ownership and operating cost calculation.
BETTER: Before you run the Rate Group Report, set your group adjustments using the “Adjustment Preferences” tool to customize additional information like cost of gasoline, diesel, and electric.
BEST: Go as far as to customize every single model, add annual use hours, the whole 9 yards. There are 24 factors you can customize, but we strongly recommend including adjustments for purchase price and annual use hours. The more customization, the better and more accurate your Rate Group Report will be.
Who Has Access
The new Rate Group Report has been made immediately available to subscribers of the “Small/Medium” or “Market Leader” EquipmentWatch plans. Others who are interested in adding Rate Groups to their existing plan or want to learn more about subscribing can contact EquipmentWatch sales
Existing customers – Find your designated rep here
Soon-to-be new customers – Fill out a free demo request here
Related Reading
Want to learn more about charge rates? We recommend these 2 articles:
Internalize Your Approach to Fleet Management
Internalize Your Approach to Fleet Management by Mike Vorster
Learn Even More
Check out the Rate Group Report Product Guide for a more technical look.
Inspire the Next Product Update
Share your ideas with us on the new EquipmentWatch Ideas Portal. We’re excited to hear what you have in mind.
Ready to learn more about EquipmentWatch and everything we have to offer? Schedule a demo at a time that works best for you.