United Rentals Inc., a large construction equipment rental company in 47 states and Canada, began installing LoJack tracking devices on its equipment in 1999. Since that time, more than 4,000 pieces of United Rentals equipment, those with the highest theft incidence, ranging from light towers to heavy-duty dump trucks, have been equipped with LoJack.
"United Rentals is a pioneer in asset tracking. We are one of the first companies to embrace securing our assets wirelessly," said Grace Crickette, vice president risk management.
"We take a very pro-active stance in safeguarding our property, and we have seen a difference in our bottom line, in our insurance premiums, as well as in ensuring that our materials are on the job. Because most of our LoJack-equipped property has been recovered in less than 24 hours, there is less damage. That means that the units can be put back to work more rapidly," she said.
With more than 500,000 individual equipment items in its inventory, and more than 600 types of equipment ranging from heavy equipment to hand tools, United Rentals sought a system that would help to ensure that, if stolen, its equipment would be returned. At the same time, the customers would benefit from the decrease in insurance liability.
The policy with United Rentals and most commercial rental firms is that companies renting or leasing equipment are responsible for the equipment while it is in their possession.
Should the equipment be stolen, the company or individual that is renting the equipment, as well as their insurance company, must reimburse the rental company.
By equipping its construction equipment with LoJack tracking devices, United Rentals found a way to benefit its customers and itself, as well as the insurance industry, by eliminating the need to replace the costly equipment.
A diverse array of United Rentals equipment, stolen from active job sites all around the country, has been recovered because the company protected its equipment with LoJack.
"United Rentals is covering more and more of its fleet with LoJack. Since installing the LoJack tracking units, police around the country have been able to recover almost $1 million in stolen assets. Our recovery rate of stolen units more than doubled from 1999 to 2000 because we have equipped so many lease and rental units with LoJack tracking devices," said Crickette.
Commenting on the issue of commercial theft, LoJack President and COO Joseph F. Abely stated, "Theft of equipment is a tremendous concern for a company such as United Rentals, as is their commitment to their customers.
"When we introduced our new LoJack tracking units for construction and equipment, United Rentals realized the value of being able to safeguard their property in a cost-effective manner, while also ensuring that their valuable customers have access to their equipment with adequate insurance coverage," he said.
"The devices have eliminated the investigative burden for the company, and to a significant degree, the police. Not only does it help us recover our LoJack secured equipment, they have also led police to caches of stolen equipment that have been hidden in the same location as the LoJack equipped equipment," Todd Ehrlich, director, corporate security for United Rentals said.
For more information, visit www.unitedrentals.com.
