Equipment theft accounts for a staggering $100 million in losses a year that affects the equipment rental industry with more than 360 pieces of equipment going missing each month, according to the American Rental Association (ARA). Equipment theft is especially harmful as it drains resources and threatens the stability of critical operations nationwide.
The consequences of stolen equipment extend far beyond a single financial loss. Equipment theft drives up insurance rates and rental costs. It also disrupts access to critical machinery, delays vital infrastructure projects, and strains entire industries that rely on timely, efficient operations.
Once the equipment leaves the rental yard or job site with a fraudulent renter or thief, it is rarely recovered. Equipment commonly targeted by thieves, such as backhoes, bulldozers, and loaders, is often sold on the black market or to unsuspecting buyers on popular resell sites.
ARA takes action to cut down on crime
In response to the growing crisis of equipment theft, the ARA and law enforcement are taking urgent action to raise nationwide awareness and drive immediate attention to this critical issue. At a press conference held at Ritchie Bros. Auctioneers’ location in Morris, Illinois, the ARA outlined new theft prevention and recovery programs that will arm equipment rental businesses with resources to identify potential threats and prevent equipment theft.
Law enforcement issued critical guidance on how to quickly and effectively report equipment theft, emphasizing the need for swift action. Rental businesses shared firsthand accounts of theft incidents, underscoring the growing threat and the urgent need for stronger preventative measures.
In addition to raising awareness, the ARA also unveiled Equipment Rental Guard (ERG), a comprehensive security suite designed to arm the rental community with the knowledge, tools, and resources to verify renters, prevent theft and protect assets.
The ERG program includes tools such as training courses, red flag renter text alerts, a national database of problematic renters and stolen equipment, and ID verification. Theft reporting guidance, financial security tools, and free legal assistance are also available through the ERG program.
“Equipment theft is an issue that affects every single one of our equipment rental members, no matter the size of their operation,” says ARA CEO Tony Conant. “We wanted to attack it from every angle with the Equipment Rental Guard program. When used to its fullest potential, our members will be totally prepared to prevent thieves from stealing their equipment.”
“I think it’s incredibly important for all of us to band together [to prevent equipment theft],” says David Skala, manager, B.I. Rental, Homer Glen, Ill. “This problem is so huge that unless every individual who is involved takes action, there’s not going to be any movement forward. I think all the tools that ARA is introducing are absolutely fantastic, and I’m looking forward to implementing them in our store.”
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