Called ARA SET, a new standard was developed aimed at making it easier to identify and categorize rental equipment. Fame Rental, a developer of web-based software solutions to help the management of rental businesses, consulted with the American Rental Association (ARA) to develop the standard.
As reported in the November 2, 2023, announcement, ARA SET provides the following benefits for rental businesses:
- Creates a standard for categorizing assets for equipment rental companies with a logical product category classification system.
- Accurately classifies and organizes equipment inventory.
- Helps enable consistent reporting and industry comparisons.
- Creates streamlined website navigation to ease customer use.
To continue to improve and expand the ARA SET, the ARA will collect anonymized make and model information. The anonymized data will be used by ARA and its partners to standardize the rental product categories and facilitate market reporting and analysis.
Fame Rental is adopting ARA SET into its technology to empower its customers and support this critical industry standard.
Customers of Fame Rental should immediately benefit from the inclusion of ARA SET in all aspects of the company's equipment management and analytics software, explains Fame CEO Joe Lewis. Fame envisions a quick adoption for its customers.
“Similar to when ARA established standard rental industry metrics, ARA SET is now establishing the standard for categorizing assets for equipment rental companies with a logical product category classification system,” says Tony Conant, ARA chief executive officer. “ARA worked with rental industry experts and members, both large and small, to develop this important classification framework.”