During challenging times, business owners have to think outside the box. With the assistance of Calgary-based AnyQuip, companies can now earn income right from their inbox by renting out their idle heavy equipment.
Established in 2015, AnyQuip is Canada’s peer-to-peer equipment rental network. With over 4,000 equipment listings in Western Canada alone, verified members can rent heavy equipment needed in many industries. Owners can earn up to 60 per cent on their idle equipment, while renters can save up to 30 per cent compared to traditional rental rates.
AnyQuip was co-founded by Steve Skiba (owner of a civil construction company), Clark Johannson (a tech entrepreneur with a web development company) and Jen Lussier, (a marketing and design specialist). Backed by a team of rental experts with over 20 years of experience in the equipment rental industry, AnyQuip is responsible for advertising the listings, collecting the fees and ensuring the equipment is returned in good condition.
“If you are an owner and you have equipment sitting idle, there is a benefit to posting it on our site where it can be safely and securely rented out to someone else,” says Lussier. “We screen all our members, we have strict insurance contracts and we do a pre- and post-inspection. We monitor the whole process, allowing owners to earn money outside their core business.”
Renters also benefit – often securing rates up to 30 per cent less than traditional rental houses. “Everyone prices their own equipment, so someone might have an older dozer that they would like to make $5,000 on versus a brand-new one that might cost $15,000 to $17,000 for a month.”
Dealing with a wide variety of industries including civil construction, oilfield construction, mining, forestry, agriculture and industrial support, the list of rental equipment is endless and includes skid steers, rock trucks, crushing equipment, trailers, light towers, generators, heaters, pumps and even camp accommodations.
Signing up is simple, fast and free. AnyQuip screens all members to ensure they are reputable businesses and have the ability to provide insurance. Contracts that outline usage, insurance verification and mandatory inspections approved by both parties provide a secure rental transaction. Owners and renters also rate each other and those with higher ratings appear higher in the search engine.
The whole process gives owners the flexibility to set their own preferences for when the rental is available, the length of the rental, if they want to provide an operator and if they will transport the equipment themselves. All details are negotiable between the two parties as they work on reaching a deal beneficial to both the owner and the renter.
Once the rental contract is confirmed, AnyQuip secures payment from the renter and holds it for the duration of the rental as collateral. As soon as the rental is complete, a payment is sent by electronic fund transfer or cheque with AnyQuip only charging 10 per cent of the rental price.
With low oil prices impacting a lot of companies across Western Canada, renting heavy equipment may be the perfect solution, allowing business owners to offset operating and carrying costs associated with stationary machines. The increased cash flow not only allows companies to gain access to capital for operations and further growth, it also improves utilization rates and if applicable, allows companies to bid competitively on projects.
“What it comes down to is we are trying to help companies be more competitive,” concludes Lussier. “Lots of owners are forced to sell their equipment at a loss at auction because they need the cash flow. This gives them a different option. You have to be creative with $40 oil.”