Truck rental companies are on the rise and are becoming increasingly popular. The United States is seeing the highest truck rental growth in the world, as it's expected to reach about a higher valuation in the coming years. With this change in truck rental business trends, there is a whole host of new benefits and pitfalls that come with how companies operate. It's important to know these nuances before embarking on your own truck rental company adventure.
In this post we'll explore some of the most recent trends that you should know about when considering entering into the world of truck rentals for yourself.
Truck rentals have become more popular over the past years as consumers rely more on their vehicle to get them from point A to point B. Truck rentals can help people save money, especially if they're traveling on a low income or trying to save money for something like a move or another type of personal expense.
In-depth research has revealed that one of the most significant recent trends in the industry is the rise of mobile apps which allow customers to book and pay for their rentals with their smartphones, relieving drivers from long lines at terminals and wait times while they're on-duty.
We all know that truck rental business trends show that investment in infrastructure and machinery is up, but what about the people who make money renting trucks to all these businesses? Truck rental businesses have seen a very interesting trend in recent years, and it's one of growth. Truck rental businesses range from small, family-owned enterprises to larger companies that service a region. In general, truck rentals are available for local or regional moves, and long-distance moves involving multiple trucks. Cost factors such as hourly rates, insurance coverage and fuel charges are usually quoted to the customer by way of written or oral quotes.
As you might expect from a type of business that has been around for years, there is no single set of regulations governing truck rental businesses. Regulations vary from one state in the United States to another state as well as by county or city. A business located in one location may not be subject to regulation in other locations where it operates (unless it is an interstate enterprise). Regulations encompass licensing requirements, business practices and environmental issues.
There are regulations in place that apply to vehicles rented out for daily or weekly use. These include state and federal vehicle codes, regulations regarding the specific make and model of the truck being rented, as well as other local rules and ordinances. The greatest number of these regulations are aimed at protecting roadside businesses from consumer fraud (such as renting a vehicle without having valid insurance), but some state laws govern parking in certain areas for truck rentals, and there are also laws prohibiting driving while intoxicated. State laws usually apply to rental companies that lease vehicles from their own fleet or have their own fleet to rent from; some states require truck rental companies to obtain a license in order for them to rent trucks.