rer rebound - rental equipment...

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100100100ReboundReboundIt was a breakout year for the

majority of RER 100 companies.

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People expected ’04 to improve, but not like this. With an RER 100 increase totaling $1.09 billion, a 12.2-percent year-over-year hike, the RER 100 and the rental industry as a whole exceeded expectations dramatically in 2004.

Looking back at last year’s expectations, few if any RER 100 executives expected as dramatic a breakout year as 2004 turned out to be. For

example, Richard DiMarco of Admar Supply (No. 65) when interviewed for last year’s RER 100 issue, said, “We see 2004 as a modest increase over 2003.” Admar enjoyed the same increase of 12.2 percent as the 100 as a whole, and while that number will not be written up in the Guinness Book of World Records, nor is it tops on the RER 100’s biggest increases, it’s certainly more than modest.

In April of 2004, Walter Berry, CEO of The Berry Cos. (No. 75) told RER: “We haven’t experienced an uptick yet, although we are starting to anticipate it and are ready for it.” With a 21.9 percent rental volume increase for the year, we’d have to say the uptick caught up with the Wichita, Kan.-based Berry Cos. — which has branches in Colorado,

Looking back at last year’s expectations, few if any RER100 executives expected as dramatic a breakout year as 2004 turned out to be.

By Michael Roth, RERAdditional reporting by Brandey Chewning Smith and Erin Chapman, RER

Kansas, and Houston — during the last eight months of the year.

Some of 2004’s increases were spectacular. Caterpillar dealers Stowers Rents increased 42 percent, Holt Cat 38 percent, Canadian Caterpillar dealers Battlefi eld and Finning jumped 34.5 and 32.3 percent respectively, and Southern California Cat dealer Hawthorne Equipment rose 30 percent. Gregory Poole Equipment enjoyed a 28.7-percent increase. Toronto’s Wajax leaped about 25 percent. Heavy earthmoving equipment rental specialist Red Mountain Machinery jumped 29.4 percent in rental volume; general rental company All-Star Rents jumped 25.3 percent; and Topp Portable Air, a heating and air conditioning equipment house, reaped a 25-percent increase. California aerial outfi t California High-Reach climbed 23 percent, as did general rental veteran PDQ Rentals. Bay Area Caterpillar dealer Peterson Rents enjoyed a 22-percent increase, pump manufacturer and rental specialist Thompson Pump rose 20 percent in rental

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Reboundvolume, as did Southern California earthmovers Ecco Equipment and Phoenix-based Sunstate Equipment.

Demand was obviously a big factor in the dramatic rise, but changes and adjustments made by rental companies were key in putting them in the position to be profi table. Three tough years forced rental companies to examine areas of ineffi ciency and make improvements. Many companies planned for the slowdown to continue, improving their operational infrastructure. When business improved, companies were prepared to run more effi ciently because of improvements they had made in computer software, satellite technology and other facets of their operations.

“Non-residential demand improved, but the entire industry just focused on driving better profi ts in their business,” says Gerry Plescia, president and CEO of Hertz Equipment Rental Corp. (No. 3) “Once everybody in the industry became focused on that mindset, then right behavior occurred. Fleet levels aligned with the demand. Once you found that playing fi eld, everybody’s mindset was in the right place, service levels got better, fl eets got tighter, rates got better. People focused on getting better in

the business. Now the economy is getting better. After years of consolidation and euphoria, there was the over-fl eeting and business slowed down. It took two or three years, but people got down in the trenches and started doing the right things in the way they ran their businesses.”

“We were the benefi ciaries of a strong economy, pent-up demand, a growing population, low interest rates and governmental efforts to spur growth,” adds Bill Thompson, CEO of Thompson Pump (No. 41), a manufacturer as well as a rental company. “However, we did infl uence the results. Our willingness to make substantial capital investments in so many phases of the business, ranging from R&D to employee training; from adding key employees to increasing stock levels; from advertising and promotions to better procedures and policies; all of these played a role in meeting and exceeding our targets in 2004.”

When the downturn Plescia refers to began, many RER 100 companies, such as HERC, began re-examining their business models. HERC, for example, took a more diverse

approach, adding to its traditional contractor focus of larger earthmoving and aerial items to include smaller equipment and supplies. “We were never as diversifi ed as we are today,” adds Plescia. “We worked on that for the past three or four years, and now it’s paying dividends for us.”

Industry pace-setter United Rentals also changed its mix by entering into the contractor supply business. And NationsRent (No. 6) changed its way of doing business by changing from a rentals-only philosophy to a full-service model, including taking on several lines as dealer-distributors.

Companies have improved effi ciencies in a variety of ways. For example, Bob Barrows of Wagner Rents (No. 25) says even while reducing inventory, the company was able to improve revenue, in large part because of the development of a central dispatching system for trucking that improved transport utilization. “We’d had too many instances where we weren’t utilizing our own transportation as well as we could,” Barrow says. “Being able to turn around equipment faster, from the time it goes off rent to being back on the ready line, was a great help for us.”

A lot of companies focused on computer software issues in 2004. “We’re always thinking about IT improvements,” says Bob Kendall, CEO of Star Rentals, Seattle (No. 30). “We bill some customers over the Internet now. Some customers want it on e-mail, some by fax, some still want it mailed, but we are zeroing in on ways to do all those functions more effi ciently.”

RER 100 executives were nearly unanimous in reporting improved rental rates within their own companies and in their market areas as a whole. “Rental rates are dramatically better than they were,” says Kendall. “There is some isolated irrational pricing going on, but, for

example, reach forklifts and telescopic booms have improved dramatically. Equipment is going up in price, so rental companies are seeing that they have to get higher rates.”

“We’ve raised rates several times in the past 18 months,” says Jamie Cowin, Cowin Equipment, Birmingham, Ala., (No. 66). “And it is very refreshing to see all of the public companies focusing on rate control efforts and reporting signifi cant improvements. There are still problem areas, of course, but rates are much improved from two to four years ago!”

Most RER 100 companies increased inventory expenditures signifi cantly in 2004 and plan to continue to do so in 2005. United Rentals increased its capital expenditures on fl eet more than 70 percent in 2004 and plans another major increase this year. NES (No. 5) recently announced it invested $180 million into its fl eet over the past 18 months. Ahern Rentals (No. 13) expects to spend $80 million in capex for fl eet. And while smaller RER 100 companies will spend less dramatic amounts, proportionally the increases in fl eet expenditures in 2004 were comparable and many

Most RER 100 companies increased inventory expenditures significantly in 2004 and plan to continue to do so in 2005.

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expect to continue the trend in 2005.This is certainly good news for manufacturers. However

manufacturers have had some other problems that may affect the RER 100’s performance and the industry as a whole. The scarcity and increases in the price of fuel have exacerbated already lengthening lead times because of increased demand for equipment, to the point where some RER 100 executives said they are waiting a year or more for some machines and that their plans for growth are being tempered by the lack of availability of iron.

Thompson is in a unique position to understand issues affecting manufacturers and how they in turn impact rental companies. “We expect costs to rise, once again, in 2005,” he says. “The major factors on the negative side are: higher steel prices; soaring fuel costs; availability of certain materials; rising labor and benefi t costs; and rising interest rates.”

A number of RER 100 executives also expressed concern over an eventual slowdown in the housing market. Owen Cowing, whose Red Mountain Machinery (No. 59) had a record year in volume and profi tability, both because of internal demand and IT and other internal improvements, nevertheless has not avoided noticing issues that could stand in the way of growth.

“Our major concern is the impact interest rates may have on our residential market,” Cowing says. “Being located in three large growth centers of Arizona, Southern California, and Southern Nevada, our major market is housing. With the rising prices of houses coupled with higher interest rates, a slow down in residential construction in inevitable. The other area of economic concern is the shortage of and price of low-hour used equipment. This makes fl eet expansion expensive, and brings new equipment into play more in fl eet expansion considerations.”

While some companies anticipated the turnaround well enough to have planned equipment purchases in advance, to others, the degree of the turnaround has been surprising, leading to the inability to buy as much fl eet as they would like.

The consensus among RER 100 executives is that 2005 will continue the trends of 2004. Some expect growth to be less dramatic, while others think 2005 will be even better, with 2006 following in the same pattern. They express the determination to benefi t from the strong conditions as long as they last and try to be prepared for whatever changes may be on the horizon. RER

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Year Rental Revenue (in billions) % Change

2004 $10,075.6 +12.2

2003 $8.98 +1

2002 $8.86 -6

2001 $9.41 +7

2000 $8.79 +25

1999 $7.01 +59

1998 $4.41 -1

1997 $4.45 —

Topping $10 billion for the fi rst time, the RER 100 in total jumped 12.2 percent year over year, exceeding the expectations of many in the rental industry who predicted more modest revenue increases.

The increase was the best since 2000 when the RER 100 jumped 25 percent, which followed the dramatic consolidation-driven 59-percent increase of 1999.

The 100 Hits $10B

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Company Name (Last year’s rank) 2004 Rental 2004 Total Number Editorial CommentsHeadquarters Volume in Volume in of Outlets Top Officer Millions MillionsWeb site UNITED RENTALS (1) $2,302.2 $3,107.0 730Greenwich, Conn.Wayland Hickswww.unitedrentals.com

RSC EQUIPMENT RENTAL (2) $1,110.0 $1,480.0 467Scottsdale, Ariz.Tom Zornwww.rscrental.com

HERTZ EQUIPMENT RENTAL CORP. (3) $928.0* $1,295.0* 265Park Ridge, N.J.Gerry Plesciawww.hertzequip.com

SUNBELT RENTALS (4) $608.0 $678.0 200Charlotte, N.C.Cliff Millerwww.sunbeltrentals.com

NES RENTALS (5) $494.7 $589.0 131ChicagoAndrew Studdertwww.nesrentals.com

NATIONSRENT (6) $461.0 $590.0 267Fort Lauderdale, Fla.Jeff Putmanwww.nationsrent.com

HOME DEPOT RENTALS (7) $430.0* n/a 1072AtlantaDan McAreaveywww.homedepot.com

MAXIM CRANE (8) $312.0* $331.0 40Bridgeville, Pa. Al Innamorato www.maximcrane.com

The first equipment rental company to top $3 billion in revenue, United is back in the expansion mode, but focusing more on greenfields than acquisitions. Also expanding its presence in the contractor supplies business, opening four of a planned nine distribution warehouses. Top management enhancing internal communication with series of town hall meetings around the country.

Profitability and volume increased as now-chairman Freek Nijdam’s re-organization measures have taken effect, along with increased market demand. Rolled out new brand name of RSC Equipment Rental, unifying all Prime and RSC segments under one banner. Formerly COO, Zorn has taken the reins as CEO. Decentralized more responsibilities to regional level. Utilization of 67 percent, an all-time company high.

Broadening of fleet to include supplies and smaller equipment has enabled HERC to reach a broader segment of customers. CEO Plescia and top managers spent time and resources listening to customers, ensuring company was satisfying needs. Invested heavily in upgrading staff training. Remodeling branches to incorporate inventory changes and opening new branches to expand in key markets.

Huge increase under direction of new CEO Miller, a veteran Sunbelt executive. Boosted rental rates by about 7 percent and utilization grew from 65 percent to about 70, with increased demand. With heavy concentration of locations in Florida, Sunbelt participated in post-hurricane cleanup work and played a major role in pre-Super Bowl preparation in Jacksonville.

Emerged from Chapter 11 in early ’04 and brought in former airline executive Studdert as CEO. Sold hoist division to a group led by founder Kevin Rodgers. Improved profitability and utilization in ’04 and will spend more on capex in 2005. In mid-year, launched marketing and search-engine optimization campaign featuring updated branding, positioning and graphic identity strategy, generating new business leads.

Transition to full-service m.o. continuing. Recently took on Case, Link-Belt and Sullivan-Palatek distributorships in various markets. Invested heavily in customized sales program and has evolved sales approach to include package deals involving rental, sales and service. Particularly strong increase in new and used sales. One of industry’s best management teams has enhanced regional structure.

Opened 1,000th rental branch in December. While still wrestling with lack of experienced rental people at counter level, overall customer service has improved. More rental-experienced leadership on corporate side, despite departure of growth-oriented Joe Dixon. Rental now run by McAreavey, one of rental program’s founders. Larger equipment, more rental-specific tools should beef up inventory.

Emerged from Chapter 11 in January with its debt reduced by more than half, with exit financing to provide liquidity. Strong construction environment should smooth its recovery. Still the largest crane rental company on the continent, also handling aerial work platforms, rough-terrain telescopic forklifts, and provides rigging and engineering.

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*Denotes RER estimate based on regional economic conditions, industry sources and interviews by members of the RER staff. Revenue figures are based on actual reported revenue for North American operations as of April 25, 2005. Location data are as of April 25, 2005. While every effort is made to ensure accuracy and thoroughness, omissions sometimes occur. All figures are in U.S. dollars. In the case of some Canadian companies that reported figures in Canadian dollars, the figure listed is based on the average conversion rate for the year according to the Bank of Canada.

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Rental Revenue (in billions) % Change

2004 $7,001.9 +8.9

2003 $6.43 -0.5

2002 $6.46 -6

2001 $6.89 +6

2000 $6.49 +32

1999 $4.94 +56

1998 $3.16 +36

1997 $2.32 +55

1996 $1.50 +25

1995 $1.20 +20

1994 $998.4 million +25

1993 $799.0 million +11

1992 $718.9 million +1.5

1991 $708.1 million -8

1990 $771.5 million —

For the first time in its history, the top 10 players of the RER 100 were exactly the same, year-over-year, in exactly the same order as well. The top 10 increased by $571.9 million, an 8.9-percent increase over the previous year. The fact that the percentage boost of 8.9 percent was more than 3 percent less than the overall 100’s increase shows that the biggest increases were not posted by the industry’s largest companies. Still four of the industry’s top 10 posted double-digit volume increases — Home Depot, Sunbelt Rentals, Hertz Equipment Rental Corp., and Neff Rental.

Top 10 Tops $7 Billion

HSS RentX 20 Sold off in regional parcels.

LB Smith 26 Was a struggling Volvo distributor until Volvo bought it and sold it off to various distributors.

Atlantic Rentals 67 The major rental player in Canada’s Maritime provinces, United Rentals acquired it in 2004.

Crescent Machinery 81 Never recovered from 2002-2003 bankruptcy. Liquidated its assets in January ’05.

Strongco 96 Canadian distributor divested its rental division.

Where Have You Gone, Joe DiMaggio?Companies listed on last year’s RER 100 that are not listed this year

Company Last Year’s Rank Where Have They Gone?

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Company Name (Last year’s rank) 2004 Rental 2004 Total Number Editorial CommentsHeadquarters Volume in Volume in of Outlets Top Officer Millions MillionsWeb site

NEFF RENTAL (9) $193.0 $248.0 67MiamiJuan Carlos Maswww.neffcorp.com

H&E EQUIPMENT SERVICES (10) $160.0 $478.0 39Baton Rouge, La.John Engquistwww.he-equipment.com

SUNSTATE EQUIPMENT CO. (13) $154.0* n/a 45PhoenixMike Wattswww.sunstateequip.com

AGGREKO NORTH AMERICA (11) $143.0 $197.0 47 HoustonGeorge Walkerwww.aggreko.com

AHERN RENTALS (15) $135.0 $154.0 33Las VegasDon Ahernwww.ahernrentals.com

ALL ERECTION & CRANE RENTAL $125.0* n/a 28CORP. (--)ClevelandNorm Radoswww.allcrane.com

AMECO (12) $124.8 n/a 21Greenville, S.C.Gary Bernardezwww.ameco.com

VOLVO RENTS (19) $120.0 $150.0 60Asheville, N.C.Barry Natwickwww.volvorents.com

After dramatically turning around the company’s fortunes the past few years, company sold to Odyssey Investment Partners for more than twice revenue. CEO Mas and COO Graham Hood, widely credited with quarterbacking the company’s turnaround, will retain a major stake and continue to manage company with increased capital base to build fleet and expand geographically.

Enjoyed strong improvement in 2004 as a result of improved demand and increased efficiencies after rationalizing rental fleet. Profitability and total volume rose significantly, with sales of new and used equipment particularly strong. Recently opened Houston crane branch. Former CEO Gary Bagley now chairman but still involved in advisory capacity.

Big increase for Southwest-based multi-state rental player, both to top and bottom line. Grew by same-store growth and gaining share in existing markets rather than tackling new ones; may add satellite branches in existing metro markets in ’05. Developing prototype branch of the future with IP Telephony, security monitoring cameras, graphic dispatch, GPS asset tracking and more. Always improving efficiencies.

Turnaround in North America market fueled international growth. Aggreko analysts believe short-term rental of power, temperature control and oil-free air will grow at 2 percent above GDP. Concentrating on small events that occur regularly as well as large-scale infrequent events. About 25 percent of company’s revenues come from emergency response situations.

Nearly 40-percent volume increase. Revolutionized company structure by compensating sales staff for higher rates rather than pure volume. Major infusion of capital will enable significant capex spending on fleet. Now manufacturing high-quality, rough terrain forklifts, distributed and rented by Ahern. Eight dedicated repair locations are finding improving returns. Seventy percent of volume is from high-reach.

Group of several companies primarily renting and selling cranes, aerial work platforms and forklifts. Spread out geographically through Midwest, South and Southeast as well as a Canadian branch. Fleet valued by Construction Equipment magazine at $480 million.

Site services and fleet outsourcing are this global company’s primary strength. Becoming increasingly international. Has full-service rental company in Iraq; working on major projects on several continents; and looking at large oil projects in former Soviet republics. Topped 9 million hours without lost-time accident. Implemented a new warehouse management system to enhance ability to manage tool/supply inventory.

Now with 60 franchise rental locations, program is gathering steam with growing backlog of applicants. Disciplined growth process is building a solid foundation. Finding prospective franchisees through industry word-of-mouth, ads in business magazines, and even construction contractors. Volvo fleet well accepted among end users. Comprehensive training programs for owners, back-office staff, sales staff, branch managers.


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FINNING (16) $114.2 $1,172.3 25Edmonton, AlbertaPaul Gour/Harry Hoyerwww.finning.ca

BRIGGS EQUIPMENT (14) $112.5 $400.0 34DallasDavid Bratton/Dennis Romansonwww.briggsequipment.com

RING POWER (27) $105.0* n/a 14Jacksonville, Fla.Randy Ringhaverwww.ringpower.com

G.E. ENERGY RENTALS (17) $97.0* n/a 18AtlantaLuis Ramirezwww.gepower.com

ESSEX CRANE RENTAL CORP. (--) $90.0* n/a 19Buffalo Grove, Ill.Ron Schadwww.essexcrane.com

HOLT CAT RENTAL (18) $76.5 $500.0+ 14San AntonioPeter Holt www.holtcat.com

BATTLEFIELD EQUIPMENT $60.0 $115.0 32 RENTALS (22)Stoney Creek, Ont.Randy Cassonwww.battlefieldequipment.ca

EMPIRE MACHINERY (23) $52.0* n/a 10Mesa, Ariz.Dave Mullaneyempire.cat.com

WAGNER RENTS (21) $49.7* n/a 15DenverBruce Wagnerwww.wagnerequipment.com

Exceptional year for Canadian rental operation, with 32-percent volume growth. Improved efficiencies and new facilities in Cat Rental Store operation coupled with growing economy in Western Canada. Expects thriving decade with new oil sands projects, gas pipelines, 2010 Olympics, a forest industry recovery and more.

One of the leading material handling rental and sales companies in the industry. In operation since 1896, Briggs was one of the first companies to have an ESOP. A pioneer in innovative management and service technician training, and the use of large-scale vehicle tracking of delivery and service vehicles as well as equipment to enhance efficiencies.

One of the industry’s largest Cat dealers, enjoyed steady growth in volume and profitability while growing the size of its fleet. Moving into a 90-acre, 375,000-square-foot new headquarters this month. One of the leading Cat rental dealerships with strong presence in construction, power and aerial markets.

Offers power generation and climate control rentals in the commercial, industrial, utility, oil and gas, and entertainment markets. Offers application engineering, delivery, installation, operation and maintenance for remote, temporary, backup, cooling and peak shaving needs. Benefiting from increased acceptance of rental from utility companies.

With 19 locations, including five service centers, Essex has inventory valued by Construction Equipment at about $350 million. The world’s largest provider of Manitowoc lattice-boom crawler cranes and attachments, supplying construction projects related to power generation, petrochemical refineries, water treatment, bridges, highways, hospital, shipbuilding and commercial construction.

Had huge year as demand increases in Texas and Holt benefits from increased efficiencies. Customer demand has improved, profitability up sharply along expenditures on fleet as company nearly doubled its inventory. Holt locations celebrated 100-year anniversary of Caterpillar track-type tractor.

Has updated rental fleet for past two years and grown fleet numbers significantly in some areas. Customer acceptance of Caterpillar’s compact machines, particularly mini-excavators and skid-steer loaders, has exceeded expectation, especially driving rental. Volume increase of around 35 percent in ’04 with improved utilization of rental assets and higher rental rates.

In addition to the usual line of Caterpillar and aligned construction equipment, Empire has become big in the power rental arena offering electric-power generators, air compressors, and temperature-control products. Offers portable generators up to 1,750 kW and Cat power modules up to 2,000 kW, large water pumps and fuel tanks.

Central dispatching system for trucking helped utilization as this pioneer of Caterpillar’s rental program reduced fleet while growing volume. Improved ability to turn around repairs and get equipment rental-ready. Increasing niche inventory such as trench shoring and growing already large pump inventory. Started up Farmington, N.M., and planning another start-up this year.

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High Jumpers

Company (ranking)

2004 Rental Volume(in millions)

2003 Rental Volume (in millions) % Increase

Stowers Machinery (60) $20.2 $14.2 42.2

Holt Cat (22) $76.5 $55.0 38

Ahern Rentals (13) $135.0 $98.5 37.0

Battlefield Equipment Rentals (23) $60.0 $44.6 34.5

Finning (17) $114.2M $86.4 32.3

Hawthorne Rent-It Service (34) 29.6

Red Mountain Machinery (59) $21.1 $16.3 29.4

Gregory Poole Equipment (46) $26.9 $20.9 28.7

Wajax Ltd. (38) $33.8 $29.2 25.3

All-Star Rents (79) $11.9 $9.5 25.3

Topp Portable Air (92) $8.0 $6.4 25

Ecco Equipment (26) $48.0 $40.0 24

California High Reach (85) $9.6 $7.8 23

PDQ Rentals (85) $9.6 $7.8 23

Peterson Rents (56) $22.0 $18.0 22.2

Berry Cos. (75) $12.8 $12.8 $10.5 21.9

Location Simplex (28) $37.7 $31.3 20.5

Anderson Equipment (41) $30.0 $25.0 20

Thompson Pump (41) $30.0 $25.0 20

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It was a year of major increases for many on the RER 100. Charting only those for whom we had “non-estimated” rental volume numbers for the past two years, 18 companies had increases of 20 percent or more, while an additional 16 had double-digit increases.Here are the top increases in this year’s RER 100:

$35.0 $27.0

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The 2005 RER 100, covering 2004 revenue, has 19 companies with reported or estimated rental revenue of $100 million or more. Last year there were 14, in 2000 there were 12, in 1995 there were four.

RER 100 Fast Fact

34 MAY 2005


ECCO EQUIPMENT (24) $48.0 $51.0 7Santa Ana, Calif.Don Schmidwww.eccoequipment.com

RED-D-ARC WELDERENTALS (24) $40.0 $54.0 35Austell, Ga.Mitch Imielinskiwww.red-d-arc.com

LOCATION SIMPLEX (37) $37.7 $44.0 28MontrealAndre Veronneauwww.simplex.ca

OHIO CAT (30) $37.5* n/a 8Broadview Heights, OhioKenneth Taylorwww.ohiomachinery.com

STAR RENTALS (36) $35.9 $50.9 16 SeattleBob Kendallwww.starrentals.com

CASHMAN EQUIPMENT (33) $35.8* n/a 5Las VegasMary Kaye Cashmanwww.cashmanequipment.com

IMPERIAL CRANE SERVICES (31) $35.3* $40.0* 3Bridgeview, Ill.B. J. Bohne/Lance Bohnewww.imperialcrane.com

HOLT OF CALIFORNIA (29) $35.1* n/a 7Pleasant Grove, Calif.John Johnsonholtca.cat.com

HAWTHORNE RENT-IT SERVICE (41) $35.0 $44.0 14San DiegoTom Hawthornehawthorne.cat.com

KELLY TRACTOR (35) $34.8* n/a 10MiamiJohn Socolwww.kellytractor.com

Big heavy construction equipment is the forte of regional Ecco, with three branches in California, plus Utah, Arizona and Nevada. Particularly strong in rental of Caterpillar equipment, with Volvo, Gradall, Komatsu and others rounding out the fleet.

North America’s leading welding rental specialist. Owned by gas distributor Airgas, specializes in welding and accessories and positioning equipment, from refinery shutdowns to smaller jobs, with up to 200,000-pound positioning capacity. Branching into smaller tools upon request, offers complete welding packages with servicing, troubleshooting and fleet management.

Another big increase for Quebec rental company with more than 50,000 pieces of equipment, chosen for the past five years by CIBC Bank as one of the 50 best-managed private companies in Canada. More than 75 delivery trucks in 28 branches enable company to deliver to anywhere in huge province of Quebec in four hours.

Now 60 years old and covering the entire state of Ohio with a wide-ranging rental inventory including scissors and booms, mortar mixers, pavement breakers, pressure washers, pumps, tool carriers, concrete saws and the whole Caterpillar line. CEO Taylor is third generation of Taylor family to run company.

Bought a lot of new equipment, lowered the age of fleet. Systematically raised rates every quarter for last year and a half. Fourteen percent volume increase especially noteworthy considering unemployment in Washington was worst in U.S. for several years. Sub-normal rainfall aided utilization. Already planning fleet expenditures for ’06 because of long lead times.

Successful Caterpillar dealership strong in construction, marine, generator, and engine rental businesses. One of Nevada’s leading employers.

Leading Midwest crane rental specialist with full line of aerial work platforms, forklifts, specialized rigging, spreader beams, slings and more, with trained and certified riggers and sales engineers to prepare site diagrams, and meet with project design and structural engineers. Has won Specialized Crane and Rigging Association safety award for seven straight years.

Another strong year for northern California Cat dealer as market improves. Opened branch in Yuba City in January, the company’s seventh. Rental rates in area have increased a few percentage points and demand is likely to continue strong into 2006.

Took over Cat dealership for Hawaii in May and is now running four Cat Rental Stores there. Adding its volume to already good increase jumped Hawthorne 30 percent in rental in ’04. With nearly 50 years in rental, long the standard-bearer for the Cat rental program.

In addition to Caterpillar, Kelly represents Link-Belt Cranes, IMT Drilling Rigs, Sullair, Barber-Greene, Wacker, Massey Ferguson, Harlo, Taylor, Eagle Picher and more. Strong in highway and bridge building, water and sewer, land development, housing, aggregate quarries, agriculture, warehousing, seaports, marinas and other markets.

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MUSTANG RENTAL SERVICES (32) $34.1 n/a 8Channelview, TexasLouis Tuckerwww.mustangcat.com

LOUISIANA MACHINERY (34) $34.0* n/a 6 Reserve, La.Jay Dingerwww.louisianamachinery.com

WAJAX LTD. (40) $33.8 $344.6 31Mississauga, OntarioJames Burnswww.wajax.com

NORTHRIDGE EQUIPMENT $33.6* $37.5* 5RENTALS (38)Northridge, Calif. Mike Groffwww.northridgerentals.com

TRICO EQUIPMENT (39) $31.0 $65.0 9Vineland, N.J.Joseph Pustizzi Jr.www.tricoequipment.net

ANDERSON EQUIPMENT CO. (43) $30.0 $150.0 14Bridgeville, Pa.Judy Andersonwww.andersonequip.com

THOMPSON PUMP (43) $30.0 n/a 17Port Orange, Fla.Bill Thompsonwww.thompsonpump.com

MacALLISTER MACHINERY (--) $29.5* n/a 6IndianapolisChuck MacAllisterwww.macallister.com

EQUIPMENT DEPOT (50) $28.0 $109.7 6Waco, TexasDon Moeswww.eqdepot.com

Eight locations cover 35 southeast Texas counties with 350 lines of Caterpillar equipment, plus gensets, water pumps, Load King trailers, NPK hydraulic hammers, Miskin scrapers, Atlas Copco, Multiquip and more. Company was founded in 1952 by three partners including a former Houston mayor.

Recently opened Lake Charles branch. In addition to Cat products, has Sullivan air compressors, Lincoln welders, Genie aerial lifts, Ledwell water trucks, Towmaster trailers, Ditch Witch trenchers, Partner chop saws, Broce brooms, LeeBoy pavers and motor graders, Wacker compaction equipment and more.

Providing huge mining trucks and hydraulic shovels for major oil sands project in Fort McMurray, Alberta, area. One of Canada’s longest standing companies founded in 1858. A multi-line distributor of heavy equipment with industrial components and diesel engine divisions as well. Acquired a JCB distributor in southwestern Ontario. About a 25 percent rental volume increase.

Focused on improving service, adding and improving fleet and modifying and improving IT system all while trying to service customers’ increasing demand as Southern California economy boomed.

Growth was stabilized in 2004 to focus on redesigning processes to improve profitability. With better operating processes and better rate management, achieved the most profitable year in its rental history. Now looking to re-institute a growth model by increasing market share in existing markets and look for opportunities to grow in new markets.

Twenty percent rental volume jump for Pittsburgh-based Komatsu dealership. Added new parts online system. Company now in its 70th year of operation.

Record-breaking year for manufacturer with 17 rental divisions. In addition to 20 percent rental volume growth, had an even bigger jump in sales. Opened Georgia and Maryland branches in ’04, while other recently established branches in Kansas City and Providence hit stride. Moved into much larger Jacksonville facility and is building regional superdepot in Orlando.

Indiana’s Caterpillar dealer began rental services business unit in 1999 and has grown into outstanding rental program. Also features aerial work platforms up to 120 feet, air compressors, welders, carry-deck cranes, ride-on brooms, boom trucks, light towers and tools for compaction and concrete. Dealership celebrating 60 years in business.

Enjoying strong start to 2005 after a strong push at the end of 2004. Offers lift trucks, scissorlifts, telescopic booms, articulated knuckle booms, commercial mowers, tractors, agricultural equipment, haying equipment and attachments. Big increase with integration of acquisition of three Caterpillar Lift Truck locations in previous year.

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MUSTANG RENTAL SERVICES (32) $34.1 n/a 8Channelview, TexasLouis Tuckerwww.mustangcat.com

LOUISIANA MACHINERY (34) $34.0* n/a 6 Reserve, La.Jay Dingerwww.louisianamachinery.com

WAJAX LTD. (40) $33.8 $344.6 31Mississauga, OntarioJames Burnswww.wajax.com

NORTHRIDGE EQUIPMENT $33.6* $37.5* 5RENTALS (38)Northridge, Calif. Mike Groffwww.northridgerentals.com

TRICO EQUIPMENT (39) $31.0 $65.0 9Vineland, N.J.Joseph Pustizzi Jr.www.tricoequipment.net

ANDERSON EQUIPMENT CO. (43) $30.0 $150.0 14Bridgeville, Pa.Judy Andersonwww.andersonequip.com

THOMPSON PUMP (43) $30.0 n/a 17Port Orange, Fla.Bill Thompsonwww.thompsonpump.com

MacALLISTER MACHINERY (--) $29.5* n/a 6IndianapolisChuck MacAllisterwww.macallister.com

EQUIPMENT DEPOT (50) $28.0 $109.7 6Waco, TexasDon Moeswww.eqdepot.com

Eight locations cover 35 southeast Texas counties with 350 lines of Caterpillar equipment, plus gensets, water pumps, Load King trailers, NPK hydraulic hammers, Miskin scrapers, Atlas Copco, Multiquip and more. Company was founded in 1952 by three partners including a former Houston mayor.

Recently opened Lake Charles branch. In addition to Cat products, has Sullivan air compressors, Lincoln welders, Genie aerial lifts, Ledwell water trucks, Towmaster trailers, Ditch Witch trenchers, Partner chop saws, Broce brooms, LeeBoy pavers and motor graders, Wacker compaction equipment and more.

Providing huge mining trucks and hydraulic shovels for major oil sands project in Fort McMurray, Alberta, area. One of Canada’s longest standing companies founded in 1858. A multi-line distributor of heavy equipment with industrial components and diesel engine divisions as well. Acquired a JCB distributor in southwestern Ontario. About a 25 percent rental volume increase.

Focused on improving service, adding and improving fleet and modifying and improving IT system all while trying to service customers’ increasing demand as Southern California economy boomed.

Growth was stabilized in 2004 to focus on redesigning processes to improve profitability. With better operating processes and better rate management, achieved the most profitable year in its rental history. Now looking to re-institute a growth model by increasing market share in existing markets and look for opportunities to grow in new markets.

Twenty percent rental volume jump for Pittsburgh-based Komatsu dealership. Added new parts online system. Company now in its 70th year of operation.

Record-breaking year for manufacturer with 17 rental divisions. In addition to 20 percent rental volume growth, had an even bigger jump in sales. Opened Georgia and Maryland branches in ’04, while other recently established branches in Kansas City and Providence hit stride. Moved into much larger Jacksonville facility and is building regional superdepot in Orlando.

Indiana’s Caterpillar dealer began rental services business unit in 1999 and has grown into outstanding rental program. Also features aerial work platforms up to 120 feet, air compressors, welders, carry-deck cranes, ride-on brooms, boom trucks, light towers and tools for compaction and concrete. Dealership celebrating 60 years in business.

Enjoying strong start to 2005 after a strong push at the end of 2004. Offers lift trucks, scissorlifts, telescopic booms, articulated knuckle booms, commercial mowers, tractors, agricultural equipment, haying equipment and attachments. Big increase with integration of acquisition of three Caterpillar Lift Truck locations in previous year.

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Some growing companies didn’t quite make the RER 100. Others were not listed for lack of reliable information, but probably should be. Here are a few of them.

Rain For Rent, Bakersfield, Calif. – Liquid-handling rental company specializing in pumps, pipe, liquid storage tanks, filtration systems and other highly specialized areas. Would be in the top 25 if listed.

Quinn Shepherd Rental Services – When Quinn, based in Santa Maria, Calif., acquired L.A.-area Cat dealer Shepherd, it became an upper-echelon Caterpillar dealership with a significant rental program.

Buckner Rental Service grew to be the leading petrochemical rental company on the Gulf Coast, with 28 branches from Texas to Florida, based and rooted in south Louisiana’s specialized offshore rental services sector. A few years after selling his company to Neff Rentals, Robert Buckner started again in his home city of Houma, with Barry DeRoche and Travis Bergeron and 10 other partners, with DeRoche and Bergeron playing the major operational roles. Now at six branches, Redfish Rentals is a long way from BRS’ size, but it’s one of the fastest-growing indies around.

Godwin Pumps – Known as a manufacturer of high-quality, automatic, self-priming, and electrical and hydraulic submersible pumps, also has a network of 21 rental locations, renting to highly specialized applications.

Cresco Equipment Rentals – The leading independent rental company in and around the San Francisco Bay Area has made several significant acquisitions in recent years.

Metrolift – An aerial specialist with forklifts and earthmoving items and extensive repair capabilities. Based in Sugar Grove, Ill., only a few years old, it fell slightly short of the RER 100. Another solid Chicago-area independent high-reach specialist Illini Hi-Reach, Lemont, Ill., also came close to making the list.

W.I. Clark – with rental volume of $6 million, narrowly missed being listed and might have been No. 101.

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More Cigars – Companies to Watch

The 100 companies of the RER 100 have 4,400 locations; the top 10 companies have 3,278, or 74.5 percent of them.

RER 100 Fast Fact

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CLAIREMONT EQUIPMENT (47) $27.5 n/a 6San DiegoJerry Zagamiwww.clairemontequipment.com

GREGORY POOLE EQUIPMENT (53) $26.9 $300.0 8Charlotte, N.C.Gregory Poole IIIwww.gregorypoole.com

MODERN GROUP LTD. (42) $26.5 $145.1 21Bristol, Pa.Dave Griffithwww.moderngroup.com

STEPHENSON’S RENTAL SERVICE (51) $26.0 $33.0 21Mississauga, OntarioWillie Swisherwww.stephensons.ca

YANCEY BROS. (49) $25.8* n/a 13Austell, Ga.Tom Tuckerwww.yanceybros.com ART’S RENTAL EQUIPMENT (48) $25.6 $33.8 11Newport, Ky.Ken Arlinghauswww.artsrental.com

BLANCHARD MACHINERY (84) $25.3 n/a 5West Columbia, S.C. Joe Blanchardwww.blanchardmachinery.com

LOCATION HEWITT (59) $24.0* n/a 11Pointe-Claire, QuebecPierre Pontbriandwww.hewitt.ca

SOUTHEASTERN EQUIPMENT (56) $23.2 $116.0 17Cambridge, OhioWilliam L. Bakerwww.southeasternequip.com

WACO SCAFFOLDING $23.1 $81.4 16& EQUIPMENT (45)ClevelandMarty Coughlinwww.wacoscaf.com

Thirteen-percent increase for San Diego-based Komatsu dealer and earthmoving rental specialist, one of the most successful rent-to-rent companies in Komatsu fold. For more than two decades has viewed rental as separate entity and operated it with rental-first mentality. Also handles Dressta, Bomag, Sky Trak, Snorkel, Stihl, Airman and UpRight.

A nearly 30 percent volume increase despite concerns over manufacturer lead times and price increases, rising fuel prices, and steel and tire shortages. Strong demand and improving rental rates made 2004 a good year. Continued demand and the addition of substantial amounts of inventory make the ’05 outlook rosy.

Profitability up significantly over ’03. Facing challenges such as increased medical expenses and long lead times, leading to new programs with OEMs to keep equipment coming. After some key retirements, brought in several new executives, revitalizing leadership. Resulting re-examination of company’s processes has brought positive results.

Continued transformation into contractor-oriented company, concentrating in Toronto market, working to meet market objective of having a branch within 20 minutes of any major area of the city. Using Internet creatively to respond to customer needs more quickly. Volume jump of 18 percent; profitability increase higher. Made significant investment in aerial products to round out inventory.

Has six dedicated Cat Rental Stores and seven additional Yancey rental locations. Also handles Vermeer, Amida, National Crane, Wacker, Multiquip, Miller, Sullair, Kubota and other national brands.

Another nice volume increase for Kentucky-based company, the leading player in Cincinnati market, southern Ohio and northern Kentucky market. Has one of the industry’s best online reservation systems.

Huge year for growing rental services segment of this South Carolina Cat dealer with a strong rental focus.

Strong market helped Quebec Cat dealer play a major role in province’s construction rental scene. Caterpillar dealer for Quebec and western Labrador and Cat lift truck dealer for much of Ontario.

Serves Ohio, Kentucky and Indiana. Has handled Case equipment since the late 1950s and claims to be the largest privately owned Case distributor in the world and the largest Kobelco dealer in the country. Also represents nearly 40 other manufacturers.

Celebrating its 60th anniversary in 2005, Waco slowly built its branch network through dealer acquisitions. The company has grown its distribution network to 15 company-owned branches and more than 100 dealers of Waco products throughout the United States and Caribbean Islands. Waco specifically markets its business to the commercial industry and the concrete market.

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100 Company Name (Last year’s rank) 2004 Rental 2004 Total Number Editorial CommentsHeadquarters Volume in Volume in of Outlets Top Officer Millions MillionsWeb site

SCOTT CONSTRUCTION EQUIPMENT(52) $22.1* $260.0* 10Baton Rouge, La.Scott Cumminswww.scottcompanies.com

PETERSON RENTS (61) $22.0 $47.0 6San Leandro, Calif.Eric Martinwww.petersontractor.com

CONECO EQUIPMENT (55) $21.9* n/a 10Edmonton, AlbertaSam Cosgrovewww.coneco.ca

PUCKETT RENTS (58) $21.8* n/a 9Richland, Miss.Hastings Puckettwww.puckettrents.com

RED MOUNTAIN MACHINERY (66) $21.1 $22.4 3Escondido, Calif.Owen Cowingwww.redmountain.com

STOWERS MACHINERY (70) $20.2 $144.0 6Knoxville, Tenn.Wes Stowersstowers.cat.com

PUERTO RICO WIRE (57) $20.1 $58.3 5San Juan, P.R.Jose Cesterowww.puertoricowire.com

COMPRESORES & EQUIPOS (60) $19.3 $20.5 6San Juan, P.R.Francisco de Armaswww.compresores.com

TEMP-AIR/RUPP INDUSTRIES (61) $19.0 $19.0 12Burnsville, Minn.Dick Brownwww.tempair.com

SAFEWORKS (54) $18.9 $37.7 26Tukwila, Wash. Scott Farrell www.spiderstaging.com

Customer service is the hallmark of this 66-year-old company that serves the agriculture, lawn and garden, construction, logging and rental markets in Louisiana, Texas, Arkansas and Tennessee.

Another strong year for northern California Cat dealer covering 21 counties in and around the San Francisco Bay Area. One of Cat Rentals’ long-running success stories.

Canada’s largest Komatsu dealer profiting considerably from oil work in Alberta and British Columbia. Also strong in Ingersoll-Rand, Blount, Blaw-Knox and more.

Enjoyed high demand, fleet expansion, and an increase in rental rates. Built new facilities. Company has high expectations for 2005 and into 2006. Strong in construction, governmental work and forest products industries, with industrial and marine segment on Mississippi Gulf Coast.

Qualcomm GPS improved service efficiency, improved collections on troubled projects. Grew fleet in 2004 and will continue in ’05. More careful attention to profitability of each product line and better cooperation between branches has improved profitability. Strong demand and rate improvement in early ’05. Added sales, marketing and mechanic staff; has made IT investments; enjoyed 29 percent volume increase.

Good year for Tennessee Caterpillar dealer’s rental program, in volume and profitability, with an explosive 42 percent rental volume increase. Customer demand began to rise last spring and hasn’t slowed down yet.

Celebrating 60 years in business in Puerto Rico’s often-vibrant construction market with wide-ranging inventory of light and heavy equipment.

Celebrating 40 years in business with a wide array of equipment and services. Strong in compressors as name suggests, but has everything from large earthmoving to lifts and supplies. Branch in Dominican Republic doing well also.

Major player in heating and air-conditioning rental markets has recently found success with newly designed pest-control equipment as well. Successful in Latin American markets.

Spider division, which began as a manufacturer more than 55 years ago, now has a rental presence in 25 markets across North America. Power Climber is a manufacturer of suspended scaffold hoists that sells only to dealers to independent equipment rental companies and national multi-location rental houses.

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Volume Per Location (Size Does Matter)

Many factors go into how much volume per location a company grosses. Type of equipment, efficiencies, market characteristics, and size of available properties all are factors. But here are the RER 100’s top volume companies per location.

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Name of Company (rank) Rental Volume(in millions)

California High Reach (85) $9.6

National Lift Truck (87) $9.3

Knickerbocker Russell (98) $7.3

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Name of Company (rank)Volume Per

Location (in millions)

Number of Locations

Imperial Crane Services (32) $11.7* 3

Maxim Crane Works (8) $7.8* 40

Ring Power (19) $7.5 14

Ecco Equipment (26) $6.9 7

Cashman Equipment (31) $7.1* 5

Red Mountain Machinery (59) $7.0 3

American Equipment Rentals (71) $6.85 5

Northridge Equipment Rentals (39) $6.8* 2

Peterson Rents (56) $6.1 3

Ameco (15) $5.9 21

* Asterisk denotes RER estimated revenues.

Single-location companies

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ADMAR SUPPLY CO. (65) $18.4 $30.8 5Rochester, N.Y.Richard DiMarcowww.admarsupply.com

COWIN EQUIPMENT CO. (68) $18.1 n/a 8Birmingham, Ala.James Cowinwww.cowin.com

PATTEN INDUSTRIES (64) $17.6 n/a 7Elmhurst, Ill.Crain Pattenwww.pattenind.com

ROLAND MACHINERY (72) $15.2 $152.9 15Springfield, Ill.Ray Rolandwww.rolandmachinery.com

REBEL RENTS (76) $15.0 n/a 10Temecula, Calif.Rick Clauss

NORTH CENTRAL RENTAL $14.8 n/a 8& LEASING (63)Fargo, N.D.Dan Butlerwww.butler-machinery.com

AMERICAN EQUIPMENT RENTALS (--) $13.7 $16.0 2Providence, R.I.Chris Tribelliwww.aerentals.com

HUGG & HALL EQUIPMENT (74) $13.7 $68.0 6Little Rock, Ark.John Hugg/Robert Hallwww.hugghall.com

HANDY RENT-ALL CENTER (75) $13.5 $17.7 8Wappingers Falls, N.Y.Gene Loiswww.handyrent-all.com

DIAMOND RENTAL (78) $13.5 $15.0 12Salt Lake CityMark Clawsonwww.diamondrental.com

Nice 12-percent increase for upstate New York rental house, which recently opened a branch in Vestal, N.Y. Company has more than 800 lifts in its fleet and has excavators, forklifts, air compressors, compaction, concrete, generators, lasers, welders, pumps, saws and a lot more.

Raised rental rates several times in past 18 months. Enjoyed 15 percent volume increase. Grew fleet as much as company could handle. Ordered equipment well in advance to avoid lead-time issues. Expects continued strong demand through ’05, but leveling off likely. A distributor with rental history going back to 1938. Currently has more than $50 million in inventory.

Thoroughly reviewed equipment profitability, adding to most profitable lines and decreasing under-utilized products. Implemented new computer system and opened branch in Elburn, Ill., last year. Aggressively added staff to rental counters.

Komatsu dealer doing business in Illinois, Missouri, Wisconsin, Indiana and Michigan enjoyed a 10 percent volume increase in ’04. Large rental fleet includes air compressors, compactors, earthmoving equipment, light towers, soil compactors, dump trucks and more. Consistently one of the top Komatsu dealers in the country.

Had a good year, added on to rental fleet. Working on improving rental facilities.

Sold a lot of used fleet because of huge demand for late-model, low-hour equipment, and then couldn’t replace rental inventory because of long lead times. Thus, rental volume decreased, but sales were massive. Rental arm of Dakotas Caterpillar dealer Butler Machinery, celebrating 50 years in business — all family owned.

Owned by partners who worked for company sold to consolidators. They chose to leave and start their own, helped by sympathetic manufacturers. With about 1,000 pieces of aerial equipment, now the largest independent aerial lift dealer in New England. Fleet of Terex, Genie, JLG, MEC and Snorkel, plus various brands of forklifts. An up-and-comer to watch.

With about 120 mechanics, a major force in equipment service. Main product lines are Volvo, Hitachi, Bobcat, SkyTrak, JLG, Genie and Toyota, but inventory includes pumps, generators, saws, welders and more. Arkansas’ leading rental company with large fleet of aerial lifts, excavators, haul trucks, forklifts and more.

Still a general rental player but opened contractor-focused branch with excavators up to 46,000 pounds and other large items and overall shifting more toward contractors. Still has homeowner and tradesmen appeal with some marketing similar to mass merchandisers.

Strong year of growth for Utah’s dominant rental player. Homeowner business remaining steady, with particular growth in the contractor segment. Opened a large branch to serve as a hub with inventory storage space. Having a lot of young, growing customers is a plus, enabling rental business and customer to grow together.

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ADMAR SUPPLY CO. (65) $18.4 $30.8 5Rochester, N.Y.Richard DiMarcowww.admarsupply.com

COWIN EQUIPMENT CO. (68) $18.1 n/a 8Birmingham, Ala.James Cowinwww.cowin.com

PATTEN INDUSTRIES (64) $17.6 n/a 7Elmhurst, Ill.Crain Pattenwww.pattenind.com

ROLAND MACHINERY (72) $15.2 $152.9 15Springfield, Ill.Ray Rolandwww.rolandmachinery.com

REBEL RENTS (76) $15.0 n/a 10Temecula, Calif.Rick Clauss

NORTH CENTRAL RENTAL $14.8 n/a 8& LEASING (63)Fargo, N.D.Dan Butlerwww.butler-machinery.com

AMERICAN EQUIPMENT RENTALS (--) $13.7 $16.0 2Providence, R.I.Chris Tribelliwww.aerentals.com

HUGG & HALL EQUIPMENT (74) $13.7 $68.0 6Little Rock, Ark.John Hugg/Robert Hallwww.hugghall.com

HANDY RENT-ALL CENTER (75) $13.5 $17.7 8Wappingers Falls, N.Y.Gene Loiswww.handyrent-all.com

DIAMOND RENTAL (78) $13.5 $15.0 12Salt Lake CityMark Clawsonwww.diamondrental.com

Nice 12-percent increase for upstate New York rental house, which recently opened a branch in Vestal, N.Y. Company has more than 800 lifts in its fleet and has excavators, forklifts, air compressors, compaction, concrete, generators, lasers, welders, pumps, saws and a lot more.

Raised rental rates several times in past 18 months. Enjoyed 15 percent volume increase. Grew fleet as much as company could handle. Ordered equipment well in advance to avoid lead-time issues. Expects continued strong demand through ’05, but leveling off likely. A distributor with rental history going back to 1938. Currently has more than $50 million in inventory.

Thoroughly reviewed equipment profitability, adding to most profitable lines and decreasing under-utilized products. Implemented new computer system and opened branch in Elburn, Ill., last year. Aggressively added staff to rental counters.

Komatsu dealer doing business in Illinois, Missouri, Wisconsin, Indiana and Michigan enjoyed a 10 percent volume increase in ’04. Large rental fleet includes air compressors, compactors, earthmoving equipment, light towers, soil compactors, dump trucks and more. Consistently one of the top Komatsu dealers in the country.

Had a good year, added on to rental fleet. Working on improving rental facilities.

Sold a lot of used fleet because of huge demand for late-model, low-hour equipment, and then couldn’t replace rental inventory because of long lead times. Thus, rental volume decreased, but sales were massive. Rental arm of Dakotas Caterpillar dealer Butler Machinery, celebrating 50 years in business — all family owned.

Owned by partners who worked for company sold to consolidators. They chose to leave and start their own, helped by sympathetic manufacturers. With about 1,000 pieces of aerial equipment, now the largest independent aerial lift dealer in New England. Fleet of Terex, Genie, JLG, MEC and Snorkel, plus various brands of forklifts. An up-and-comer to watch.

With about 120 mechanics, a major force in equipment service. Main product lines are Volvo, Hitachi, Bobcat, SkyTrak, JLG, Genie and Toyota, but inventory includes pumps, generators, saws, welders and more. Arkansas’ leading rental company with large fleet of aerial lifts, excavators, haul trucks, forklifts and more.

Still a general rental player but opened contractor-focused branch with excavators up to 46,000 pounds and other large items and overall shifting more toward contractors. Still has homeowner and tradesmen appeal with some marketing similar to mass merchandisers.

Strong year of growth for Utah’s dominant rental player. Homeowner business remaining steady, with particular growth in the contractor segment. Opened a large branch to serve as a hub with inventory storage space. Having a lot of young, growing customers is a plus, enabling rental business and customer to grow together.

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BERRY COMPANIES (80) $12.8 $149.1 21Wichita, Kan.Walter Berrywww.berrycompaniesinc.com

CAPITAL RENTALS (--) $12.3 $19.6 7Sterling, Va.Brian Vaughanwww.capitalrentals.com

ROMCO EQUIPMENT CO. (--) $12.1 $112.6 8DallasRobert Mullinswww.romco.com

MIDLANTIC MACHINERY (71) $12.0 $90.0 7Hatfield, Pa.Jim McKeeverwww.midlanticmachinery.com

ALL STAR RENTS (83) $11.9 $13.3 10Fairfield, Calif.Ken deVrieswww.allstarrents.com

MIDWEST AERIALS & EQUIPMENT (77) $11.5 $16.3 3St. LouisDaniel Tumminello www.midwestaerials.com

LYNN LADDER & SCAFFOLDING (79) $11.2 $46.7 11Lynn, Mass.Frank Koughanwww.lynnladder.com

UNITED SCAFFOLDING $10.5 $45.4 8an XServ Co. (--)Baton Rouge, La.Mike Appling Jr.www.unitedscaffold.com

A TOOL SHED (85) $9.9* $9.9* 8Campbell, Calif.Larry Pedersenwww.atoolshed.com RENTALMAX (82) $9.8 $10.7 10Wheaton, Ill.Terry Hagywww.rentalmax.com

Twenty-two percent rental volume growth while profitability more than doubled, achieved with only a 5-percent inventory growth. Decided to change IT system from in-house system to third-party provider. Added Platte City, Kan., branch in ’04. Main product lines are Bobcat, Komatsu and Yale forktrucks.

Headquarters in Maryland, with most branches in northern Virginia with Washington, D.C., being primary trading area. A general rental company with a wide range of equipment and tools.

Heavy equipment company, dealer for Volvo, Hitachi, Ingersoll-Rand, Waldon, Finlay and Gomaco. Has strong presence in most of Texas’ major markets.

In business since 1941 and the oldest continuous Komatsu dealer in the U.S. Has seven locations in eastern Pennsylvania, Delaware and Maryland, big in Bomag compaction machinery and Stanley-LaBounty demolition tools. Has solid range of construction equipment in rental inventory.

Strong demand in northern California led to 25 percent rental volume jump. Rental rates have risen significantly. Has efficient order-reservation system online. Wide-ranging inventory, with four concrete plants.

Aerial company with strong sales staff, fleet management capability, and an entrepreneurial dedication and passion to succeed. One of the nation’s leading aerial rental specialists with more than 1,400 units. Founded by former M.J. Struckel sales manager who wouldn’t take no for an answer after being turned down by lenders 47 times.

With rental centers primarily in New England, plus Pennsylvania and North Carolina, this manufacturer and renter of scaffolding and ladder products enjoyed a 10 percent total volume and 3 percent rental volume increase in 2004.

Has branches in Texas, Arkansas, Alabama and Louisiana, primarily serving industrial and petrochemical markets.

Celebrating 60 years as a family business, the leading independent general rental company in Northern California south of the Bay Area, serving contractors and homeowners.

With 10 branches, the most widespread chain in the Chicagoland area, with more than 1,000 different types of equipment and tools, a general rental company with a one-stop shop business model.

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BERRY COMPANIES (80) $12.8 $149.1 21Wichita, Kan.Walter Berrywww.berrycompaniesinc.com

CAPITAL RENTALS (--) $12.3 $19.6 7Sterling, Va.Brian Vaughanwww.capitalrentals.com

ROMCO EQUIPMENT CO. (--) $12.1 $112.6 8DallasRobert Mullinswww.romco.com

MIDLANTIC MACHINERY (71) $12.0 $90.0 7Hatfield, Pa.Jim McKeeverwww.midlanticmachinery.com

ALL STAR RENTS (83) $11.9 $13.3 10Fairfield, Calif.Ken deVrieswww.allstarrents.com

MIDWEST AERIALS & EQUIPMENT (77) $11.5 $16.3 3St. LouisDaniel Tumminello www.midwestaerials.com

LYNN LADDER & SCAFFOLDING (79) $11.2 $46.7 11Lynn, Mass.Frank Koughanwww.lynnladder.com

UNITED SCAFFOLDING $10.5 $45.4 8an XServ Co. (--)Baton Rouge, La.Mike Appling Jr.www.unitedscaffold.com

A TOOL SHED (85) $9.9* $9.9* 8Campbell, Calif.Larry Pedersenwww.atoolshed.com RENTALMAX (82) $9.8 $10.7 10Wheaton, Ill.Terry Hagywww.rentalmax.com

Twenty-two percent rental volume growth while profitability more than doubled, achieved with only a 5-percent inventory growth. Decided to change IT system from in-house system to third-party provider. Added Platte City, Kan., branch in ’04. Main product lines are Bobcat, Komatsu and Yale forktrucks.

Headquarters in Maryland, with most branches in northern Virginia with Washington, D.C., being primary trading area. A general rental company with a wide range of equipment and tools.

Heavy equipment company, dealer for Volvo, Hitachi, Ingersoll-Rand, Waldon, Finlay and Gomaco. Has strong presence in most of Texas’ major markets.

In business since 1941 and the oldest continuous Komatsu dealer in the U.S. Has seven locations in eastern Pennsylvania, Delaware and Maryland, big in Bomag compaction machinery and Stanley-LaBounty demolition tools. Has solid range of construction equipment in rental inventory.

Strong demand in northern California led to 25 percent rental volume jump. Rental rates have risen significantly. Has efficient order-reservation system online. Wide-ranging inventory, with four concrete plants.

Aerial company with strong sales staff, fleet management capability, and an entrepreneurial dedication and passion to succeed. One of the nation’s leading aerial rental specialists with more than 1,400 units. Founded by former M.J. Struckel sales manager who wouldn’t take no for an answer after being turned down by lenders 47 times.

With rental centers primarily in New England, plus Pennsylvania and North Carolina, this manufacturer and renter of scaffolding and ladder products enjoyed a 10 percent total volume and 3 percent rental volume increase in 2004.

Has branches in Texas, Arkansas, Alabama and Louisiana, primarily serving industrial and petrochemical markets.

Celebrating 60 years as a family business, the leading independent general rental company in Northern California south of the Bay Area, serving contractors and homeowners.

With 10 branches, the most widespread chain in the Chicagoland area, with more than 1,000 different types of equipment and tools, a general rental company with a one-stop shop business model.

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RER recently held its fi rst online RER 100 Roundtable, featuring the participation of executives from seven RER 100 companies. The event, sponsored by JLG Inc., also featured the participation of JLG senior vice president of sales, marketing and product support Craig Paylor. Participants included Mike Kneeland, executive vice president of operations, United Rentals (No. 1); Charles Snyder, executive vice president of fl eet and asset management for NationsRent (No. 6); Mike Watts, CEO, Sunstate Equipment (No. 11); Don Ahern, CEO, Ahern Rentals (No. 13); Barry Natwick, CEO, Volvo Rents (No. 16); Willie Swisher, CEO, Stephenson’s Rental Services (No. 48); and Mark Clawson, CEO, Diamond Rental (No. 73). The event, moderated by RER editor Michael Roth, can be listened to in its entirety at www.rermag.com.

In the following pages, you can read excerpts from the RER 100 Roundtable.

RER: How has the rental industry changed in recent years and how is it likely to change in the years to come, particularly in terms of customers’ expectations?

Snyder: From my observation, it seems like there’s a lot less forward planning than there used to be in the old days. We used to have conversations with customers weeks, if not months, in advance of their needs. And we planned for that. It seems to have transitioned more into an “I want it now” kind of mentality and [the rental company is] expected to have it now. We’ve had to adjust our fl eet levels and our inventory levels and our response rates to accommodate that.

Kneeland: When you look over the past 25 years, customers have changed dramatically. Typically you saw construction companies that were really focused within a certain market area. As their markets fl uctuate, they’ve been forced to go outside their geographical territories to fi nd work, and with this new means of communication that are available and technology available to contractors, we’re fi nding them more and more portable.

In 1997, 17 percent of equipment was rented. In 2004,

the estimate is around 35 percent of the equipment is now rented and industry sources say that by 2010, 50 percent will be rented. There’s a shift from ownership to renting and shifting from ownership as far as having it on your balance sheet and relying on equipment that’s portable across different areas of the country.

Swisher: That’s one of the reasons why contractors are willing to shift away from ownership and go to rentals, because they can do less planning, they can become less reliant on forecasting and just be able to pick up the phone to one of our companies and say, “I want the equipment today” and most of us have the ability to respond to that. That will continue to fuel the growth away from ownership.

Watts: All of us have experienced a roll-up of certain segments of the industry. We’ve seen the electrical and HVAC-type contractors roll up. They are going back to relationships and service, but it did push the concept of some of them choosing to use their own rental contracts and expecting us to basically accept that. And at the same time, the rental industry in general allowed those individuals or those companies to drive more openness to negotiation, as it relates to pricing and rental rate structures than what we ever had before.

Ahern: [The customers] understand our business better than ever and they are becoming more sophisticated in their negotiations. We’re fi nding it increasingly hard to negotiate a margin into our rental rates, as they become smarter and as they fully consolidate and use their purchasing power.

Clawson: Even for homeowners, the expectations have really changed as to equipment in recent years. People might have a somewhat unrealistic expectation that for the long-term, the industry can always have a brand new piece of equipment for them when they rent it, that it’s never going to be something that’s been out and working for a year or two. That’s an effect of the changes over the past fi ve to 10 years in our own industry. RER

Fueling Rental Growth

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CALIFORNIA HIGH REACH (90) $9.6 $10.5 1Modesto, Calif.Roy Airington

PDQ RENTALS (90) $9.6 $12.9 2Santa Fe Springs, Calif.Dennis Turnerwww.pdqrentals.com

NATIONAL LIFT TRUCK (86) $9.3 $19.0 1Franklin Park, Ill.Jim Dietzwww.nlt.com

CLM EQUIPMENT (86) $8.9* $30.0* 4East Broussard, La.Floyd Degueyterwww.clmequipment.com

CATE EQUIPMENT CO. (86) $8.8* $42.0* 6Salt Lake CityPerry Pardoewww.cateequipment.com

ELLEN EQUIPMENT (93) $8.7 $9.9 4Aurora, Colo.Steve Carlsonwww.ellenequipment.com

RIVER VALLEY EQUIPMENT (95) $8.1* $17.3* 2Edmonton, Alberta Bud Nowicki www.rivervalleyequip.com

TOPP PORTABLE AIR (98) $8.0 $12.5 9Aston, Pa.Daniel Toppwww.etopp.com

T-K-O EQUIPMENT CO. (86) $7.9 $14.6 3Grand Prairie, TexasWilburn Smith/Marlin Smithwww.tkoequipment.com

ROAD MACHINERY LLC (92) $7.8* $88.0* 9 PhoenixChuck Paugh www.roadmachinery.com

LIFTING GEAR HIRE CORP. (--) $7.7 $10.7 7Bridgeview, Ill.Pat Fiscelliwww.lgh-usa.com

Huge 23 percent rental volume jump for northern California aerial specialist. Market roughly divided between Central Valley, Sacramento and the Bay Area. Work slowed down this past winter with excessive rain, but the sun shines in spring and summer.

Twenty-three percent volume increase for southern California general rental company that has everything from hand tools up to 150-foot booms. A family-owned business since the 1950s and one of the constant dominant players on the ever-changing vibrant SoCal rental scene. Thirty-three-percent jump in total volume, with boost from sales of Komatsu equipment.

Company has 1,500 machines, including aerials and forktrucks up to 150,000 pounds, and 20-ton industrial cranes. Works with haul-for-hire and storage businesses owned by parent company. Hired college students in summer as marketers, seeking new accounts, developing leads for newly created marketing department to follow up on. Major increases in rental, sales, parts and service. Sixteen percent rental volume boost.

Heavy equipment specialist along the Gulf Coast, representing Case, Kobelco, Kawasaki and others. Carry-deck cranes, crawler manlifts, wheel and skid-steer loaders, brooms, lube trailers and more are part of CLM inventory.

More than 60-year-old company with branches in Utah, Nevada, Idaho and Wyoming, with a wide-ranging construction inventory.

With branches in Colorado and New Mexico, representing Case, Link-Belt, Stanley, Sullair and more.

Increased inventory to keep up with strong demand, a big year for Alberta-based heavy-construction equipment specialist.

A 25 percent rental revenue increase for this specialist in portable air conditioning, temporary heating and large-area dehumidification applications for construction, special events, industrial and military applications.

Its bread is buttered on the heavy side, used Caterpillar equipment particularly, such as dozers, scrapers, excavators, compactors, wheel loaders, motor graders, recyclers, water wagons and off-road trucks. Has branches in New Braunfels, Texas, and Tulsa, Okla.

Celebrating its 50-year anniversary. Has branches in Arizona, New Mexico, Texas, California and Sonora, Mexico. Komatsu is its primary line, but also represents Atlas Copco, Bomag and others. Mitsui acquired primary ownership of the dealership from Komatsu last month.

Niche player owned by British company, which put the word “hire” into name. More than 20,000 certified hoisting, lifting, pulling, jacking and rigging items in extensive inventory.

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http://www.etopp.com

Low Tech High Tech

“It’s inevitable that we’ll see our industry lean more to possi-bly using PDAs and things like that to order, but a simple tele-phone and a voice on the other end still has a lot of weight.” — Barry Natwick, Volvo Rents

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The RER 100 Roundtable looks at technology.RER: How are customers’ expectations changing on the technological level?

Swisher: We do see customers becoming more interested (in electronic services), not so much the users out in the fi eld or the site superintendents, but the more sophisticated buyer who has a central buying mandate. So we have spent a signifi cant amount of time and energy in looking at how we can leverage ourselves into our customer base. Some of that is by simplifying the billing process for them, as well as working on integrated back-offi ce functionality with our customer, so that they have easier access to their information and become more reliant on using us because it has streamlined their operations as well.

Kneeland: It really comes down to the accounting services, supporting the back offi ce, accounts payable, billing, and there’s project control, budgets for a specifi c project, that is very useful to our customers. It’s not always focused on the main offi ce, but it’s also on projects. Project managers have responsibility for the profi tability of their project.

Natwick: It’s inevitable that we’ll see our industry lean more to possibly using PDAs and things like that to order, but a simple telephone and a voice on the other end still has a lot of weight. But more on the back end, the electronic billing, the accuracy and speed, getting the machine off-rent, is probably where more of that would come into play.

Snyder: We’re seeing a lot of our customers expect us to do more with respect to giving them information after the [rental] so they can better analyze what they’ve been doing with us, in terms of volume and transactions and locations.

Watts: The more we examined it, we realized [the need is for] simple bits of information: Does somebody have an account open? What is their balance? Are they on credit hold? What else do they have on rent? We have a staff in the credit department that is in at all hours and can cover any of those areas. We decided to go low-tech in this regard. Instead of buying computers for everybody in the fi eld, we just had somebody already sitting at a computer on a red line to receive an 800 phone call. Our guys get the information they need in a very timely manner. RER

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*Denotes RER estimate based on regional economic conditions, industry sources and interviews by members of the RER staff. Revenue fi gures are based on actual reported revenue for North American operations as of April 25, 2005. Location data are as of April 25, 2005. While every effort is made to ensure accuracy and thoroughness, omissions sometimes occur. All fi gures are in U.S. dollars. In the case of some Canadian companies that reported fi gures in Canadian dollars, the fi gure listed is based on the average conversion rate for the year according to the Bank of Canada.

Company Name (Last year’s rank) 2004 Rental 2004 Total Number Editorial CommentsHeadquarters Volume in Volume in of Outlets Top Offi cer Millions MillionsWeb site

COASTLINE EQUIPMENT (--) $7.4 $72.0 5Long Beach, Calif.Del Hoslerwww.coastlineequipment.com

A&G ASSOCIATES (94) $7.4 n/a 13Leonminster, Mass.Roger Gamache taylorrentalcenter.com

KNICKERBOCKER RUSSELL CO. (100) $7.3 $18.1 1PittsburghHoward Creesewww.knickerbockerrussell.com

BINDER MACHINERY (97) $7.2 n/a 2South Plainfi eld, N.J.Robert Binderwww.bindermachinery.com

PIONEER EQUIPMENT RENTAL (99) $6.4 $8.2 7Ponca City, Okla.John & Larry Redwinewww.pioneerrental.net

Primarily known as a Deere dealership in Southern California, covering Central Coast areas as well, with a crane dealership in Sacramento. Handles Hitachi, Euclid, Stanley-LaBounty, Wacker, Liebherr and Trail King.

Flat year for homeowner oriented company, affected by the continuing expansion of big-box rental departments and other small local companies that never rented before and now specialize in niches. Will focus in ’05 on developing more niches to offset the competition in core rental business.

Hefty 18 percent rental volume increase for this perennial RER 100 listee, which had the most profi table year in its history in ’04. One of the largest single-location companies in the industry.

Although this Komatsu dealer has downplayed rent-to-rent in favor of rent-to-sell and traditional dealership activities, still enjoyed a rental volume increase. Found rent-to-rent more diffi cult with higher cost of doing business in New York/New Jersey area. Had record sales in ’04, even better with 40-percent increase in fi rst part of ’05.

Concentrates in small, rural markets with Denton, Texas, and Laughton, Okla., being the company’s largest market areas. Wide range of inventory with a lot of aerials and earthmoving pieces.

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RER: Let’s take a look at marketing. Historically the outside salesman has been the primary marketing driver of the rental business. Is the landscape changing in favor of radio and television and print ads and Internet marketing or does it still come down to the salesman heading to jobsites and going face to face with the customer?

Natwick: From our operations at Volvo, the relationship is still key. The salesman is going to be the number one draw. In certain markets, there is some effectiveness with radio. Television is quite expensive. But what Don Ahern called “belly-to-belly” communications is still the main way for us to do our business.

Snyder: Marketing, in my view, kind of drives the brand and that’s name recognition. From a customer

perspective, some sense of respect and confi dence that you’re going to deliver on your promise. But that’s the smaller piece of your spend, and it’s the relationship that really drives the share of customer spend.

Watts: Some of us have tried different media in the past, including us with radio. But we feel personal contact works the best. We do think that group involvement-type programs, whether it be a NASCAR event or a sporting event [is effective], but we try to do that post-transaction. That’s to thank people for business, as opposed to using it for a marketing tool to draw them in the door. Once you succumb to that, they simply have their hand out.

Ahern: I view a salesman’s compensation as a marketing cost. I put pretty close to all my dollars into the salesmen’s pockets to drive our company. We do a few events and we do that also in a “thank-you” fashion. But we compensate salesmen based on the rental rate they get, and every month our salesmen are compensated for getting higher rates. RER

The Sales DriverThoughts on Marketing from the RER 100 Roundtable

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ReboundReboundRebound100Alphabetical List With Rank

A Tool Shed 83A&G Associates 97Admar Supply Co. 65Aggreko North America 12Ahern Rentals 13All Erection & Crane Rental Corp. 14All Star Rents 79

AMECO 15American Equipment Rentals 71Anderson Equipment Co. 41Art’s Rental Equipment 50Battlefi eld Equipment Rentals 23Berry Companies 75Binder Machinery 99

Blanchard Machinery 51Briggs Equipment 18California High Reach 85Capital Rentals 76Cashman Equipment 31Cate Equipment 89Clairemont Equipment 45CLM Equipment 88Coastline Equipment 96Compresores & Equipos 62Coneco Equipment 57Cowin Equipment Co. 66Diamond Rental 73Ecco Equipment 26Ellen Equipment 90Empire Machinery 24Equipment Depot 44Essex Crane Rental Corp. 21Finning 17G.E. Energy Rentals 20Gregory Poole Equipment 46H&E Equipment Services 10Handy Rent-All Center 73Hawthorne Rent-It Services 34Hertz Equipment Rental Corp. 3Holt Cat Rental 22Holt of California 33Home Depot Rentals 7Hugg & Hall Equipment 72Imperial Crane Services 32Kelly Tractor 35Knickerbocker Russell Co. 98Lifting Gear Hire Corp. 95Location Hewitt 52Location Simplex 28Louisiana Machinery 37Lynn Ladder & Scaffolding 81

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MacAllister Machinery 43Maxim Crane 8Midlantic Machinery 78Midwest Aerials & Equipment 80Modern Equipment 47Mustang Rental Services 36National Lift Truck 87NationsRent 6Neff Rentals 9NES Rentals 5North Central Rental & Leasing 70Northridge Equipment Rentals 39Ohio Cat 29Patten Industries 67PDQ Rentals 85Peterson Rents 56Pioneer Equipment Rental 100Puckett Rents 58Puerto Rico Wire 61Rebel Rents 69Red Mountain Machinery 59Red-D-Arc Welderentals 27Rentalmax 84Ring Power 19River Valley Equipment 91Road Machinery 94Roland Machinery 68Romco Equipment 77RSC Equipment Rental 2Safeworks 64Scott Construction Equipment 55Southeastern Equipment 53Star Rentals 30Stephenson’s Rental Services 48Stowers Machinery 60Sunbelt Rentals 4Sunstate Equipment Co. 11Temp-Air/Rupp Industries 63Thompson Pump 41T-K-O Equipment 93Topp Portable Air 92Trico Equipment 40United Rentals 1United Scaffolding 82

Volvo Rents 16Waco Scaffolding & Equipment 54Wagner Rents 25Wajax Ltd. 38Yancey Bros. 49

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