Cost recovery data tool gets an update and upgrade
EquipmentWatch, a provider of data, software and insights for the heavy equipment industry, has just launched an update to its Cost Recovery product. It is the largest update in the product’s history. Go here for information on EquipmentWatch.
The EquipmentWatch Cost Recovery product (also known as the Rental Rate Blue Book) is the industry standard for ownership & operating costs. For over 50 years its mission has been to simplify the reimbursement process in extra work situations by providing charge rates for equipment that are accurate and realistic.
Government fleet managers can use the Cost Recovery product for equipment administration. Potential government fleet users include: highway and transportation departments, public works and municipal utility fleets, parks and recreation and other public sector fleets.
With the latest update, users will also see major upgrades to the product, that are now available online. Important features available through the update are listed below.
More Accurate Rates for All Models
For the first time ever, analysts have updated the rates for all 17,000+ models covered by the Cost Recovery product during a single update. Historically, only half of the models could be updated during each update in January and July. But improvements to EquipmentWatch data collection and the quality assurance process now allow analysts to update 100 percent of the models, twice a year. This means that all user fleet rates will now reflect the latest cost data in the market, including fuel prices, mechanic’s wage, cost of money, and more.
Thousands of New Models Added
The July release represents the largest update in history in terms of model coverage. Analysts have added over 3,260 new models and over 36 new subtypes. The most notable change will be the addition of model specific lift and access equipment (online only). You can now search for your specific lift model, including the Skyjack SJIII 3219 or the Toyota 8FGU25, instead of relying on a configuration that best approximates your machine.
A Commitment to Constant Improvement
EquipmentWatch has come to recognize that sometimes six months is too long to wait to add new models to the Cost Recovery product. Going forward, EquipmentWatch will be adding new models throughout the year, ensuring that the product is constantly improving.
The Cost Recovery product enables users to clearly understand how hourly rates are allocated across an asset’s ownership and operating costs to better manage the equipment lifecycle in fleets. It helps subscribers avoid costly negotiation by specifying the industry standard equipment charge rates for extra work before the project begins.
EquipmentWatch is a trusted source for heavy equipment data and intelligence. EquipmentWatch produces database information products for the construction equipment industry. The firm provides heavy construction research and serves more than 15,000 professional, high-volume users of construction and lift-truck data. The firm’s products are used as tools in decisions surrounding the purchase, valuation, operation, and disposal of equipment.
For nearly 50 years, EquipmentWatch has served contractors, equipment manufacturers, dealers, rental companies, lenders and insurers, and government agencies involved in heavy civil construction.