Jeff Lambert, owner of Diamond Rentals Inc., in Oak Harbor, WA has been in business 28 years and knows something about surviving the ups and downs of the marketplace.
“I guess you can call me frugal,” he remarked. “For big ticket items, I’ve never shied away from buying good used equipment.”
The strategy, he added, allows him to be a bit more competitive and insulates his two stores from paying the higher cost for new Tier 4 equipment.
His conservative approach to business expands to other areas of his inventory where, in his words, he often practices a “wait and see” attitude before adding a new item to the line.
“I did something a bit out of the norm yesterday when a customer wanted a 26-ft narrow scissor lift that I didn’t have. I purchased a new one last night and had it for him this morning. Again, that’s unusual for us. I usually will wait until something is requested three or more times a month before considering adding it to our inventory.”
He admitted this approach can be a Catch 22, causing him to miss out on opportunities, but it has paid off in the long run. This has also helped is his company’s high utilization rate, something he attributes in part to working closely with long-time customers.
Oak Harbor is located on Whidbey Island about two hours north of Seattle. Life on the island is a bit different, allowing Lambert and his staff to develop a closer working relationship with customers than possible in more metropolitan areas.
“If customers have a project forthcoming, ideally we like to work with them to understand their needs and ensure we have the right equipment for them,” he noted. “Of course, this doesn’t happen all the time, but it always helps both of us when we know how they plan to use a piece of equipment. It’s not unusual for me to drive by a property ahead of time to ensure the equipment they want to rent is right for the job.”
None of this, being frugal or having a high utilization rate, is possible without have the right staff in place, Lambert emphasized. Between the Oak Harbor location and a store in Anacortes, 20 miles north, Diamond Rentals employees 15 people.
“We not only have a great staff, but people with the right mix who enjoy working together," he said. "It makes all the difference in both good and more difficult times.”
