To grow and sustain a business, you must generate new revenue streams. You must also minimize risk. By partnering with Penske Truck Rental, rental agents have added an additional profit stream to their business while enhancing cash flow and boosting their brand.
Becoming a Penske rental agent doesn't require an up-front monetary investment. Instead, it improves a company's bottom line and costs only time or a commitment to succeed, agents said.
For example, Scott Miller of Miller's U.S. 31 Sales, a used powersports dealership in Petoskey, Michigan, embraces a no-debt policy for his business. He chose to become a rental agent because it promised additional revenue without any up-front costs. In 2016, he earned about $37,000 in commission.
"I had zero additional overhead, and I have the space, but it is their inventory. I just put all of that commission into one account," Miller said. "It was huge for me to put that money away."
Zero Investment, Significant Returns
Steve Grebinar of Pak-N-Ship in Boynton Beach, Florida, said deciding to become a rental agent was easy. "I'm not putting in $100,000 and hoping to get a financial return," he said. "There is zero investment, and between the support of Penske and the walk-in business I capture, partnering with Penske makes sense. Not only do I admire the product and love the support, I obviously enjoy the financial benefits."
Stephanie McGathey of Bugs Bee-Ware, a pest control business in Sebring, Florida, values the quality of the equipment Penske provides because it ensures customers will have a good experience, benefitting her overall brand and guaranteeing repeat business. "They are very stringent, and they put quality equipment on the road to prevent a customer from breaking down," she said.
Quality Equipment at the Ready
Rental agents give Penske high marks for both truck maintenance and availability. For example, McGathey never worries about disappointing a customer over not having a truck available. "If you have a reservation, they guarantee you will have that truck," she said. "There are a lot of little things that go on behind the scenes for Penske to fulfill their obligations."
Josh DeMoss of Fenders Honda, a powersports dealership in Ames, Iowa, said it was easy to add Penske truck rentals to his business, and he has valued the extra revenue. "This year, I think we've earned $12,000 to $15,000," he said, adding that during an average week, he rents five to 10 trucks.
DeMoss also said he doesn't have to handle truck maintenance. "If we have any maintenance issues, we call Penske in Des Moines," he said. "They perform the work."
Partnership Brings Added Benefits
To be successful, the rental business requires time and effort, and rental agents see their relationship with Penske as a partnership. "I'm by myself most of the time, but with the Penske partnership, I'm never really by myself," said Scott Craft, general manager at Bill Dye Auto Sales in Lynchburg, Virginia. "They have people at the district office that can help me with anything."
Freeman said Penske thoroughly evaluates potential agents before creating new relationships, which benefits the overall brand. "They are very particular, and that is how they control the quality of the business," he said.
Agents said their relationship with Penske has also helped them increase foot traffic and grow their primary business operations.
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