At first glance, the RER 100 looks quite similar to last year's list. With a few exceptions, most of the same companies are listed and the revenues are not too dramatically different, although roughly twice as many companies posted lower revenues in 2002 than they did the previous year.
But looking a little closer at the state of the rental industry we see that we may be entering one of the most dynamic periods in the industry's history with as much potential for change as at any time in the past. Just look at the top 10 and you can see the possibility of significant changes in 2003. As one company, NationsRent (No. 6 on the RER 100), prepares to emerge from Chapter 11 — and by the time you read this its emergence may be imminent or have already occurred — others are staring the possibility of bankruptcy right in the face. National Equipment Services (No. 5) and Maxim Crane Works (No. 7) are seeking to negotiate significant restructuring of their debt in order to avoid bankruptcy filings.
Rebel Rents (No. 54) has had to adjust to life under bankruptcy protection, as has the company formerly listed as Powerlift, now known as Southern California Material Handling, No. 85. And Crescent Machinery, No. 57, recently had its reorganization plan approved by a bankruptcy judge and was expected to emerge from Chapter 11 protection earlier this month.
Conversely, some companies are growing dramatically. Home Depot Rentals (No. 8) is continuing its upward assent, possibly adding as many as 400 rental departments in 2003 and 2004. Other companies are contracting, closing branches, rationalizing fleet and downsizing staff as revenues drop.
The heady days of rapid consolidation and expansion that the industry breathlessly witnessed from 1997-2000 are now a distant memory. Yet the days of rapid change are not. New rental companies and start-ups are coming into play, many the former owners of companies that sold to those consolidators as their non-compete clauses expire. Former employees of those that sold as well as former employees of national rental companies have also started their own businesses, such as new RER 100 listee St. Louis-based Midwest Aerials & Equipment, No. 83.
While some see the entry of many new players as negative — some have said such startups are the result of manufacturers giving too easy terms to startups as a means to ensure themselves of a channel to market their own equipment — others see them as a positive, pumping fresh blood and energy into an industry where many of its most innovative entrepreneurs have sold out to consolidators.
The trend of manufacturers getting directly involved in rentals to bring their own products closer to the channel and to take advantage of what is still a growing segment continues, with the continuing growth of Caterpillar as possibly the world's largest rental player. Volvo Rents is creating a fast-growing franchise program worldwide with more than 20 branches already open in the United States and more than 40 franchisees signed up. Twenty-four Caterpillar dealers are listed in this year's RER 100, and there are more than 40 dealers of Cat, Komatsu, Deere and Case combined. Other manufacturers are known to be considering more direct rental involvement, and, according to rental industry consultant Dan Kaplan of Morristown, N.J.-based Daniel Kaplan Associates, even small equipment and tool manufacturers are considering measures to bring their products more directly to the rental channel.
And what about the possibility of major national player buying major national player, or consolidator buying consolidator? In recent years we've seen the dramatic merger of United Rentals and U.S. Rentals creating the industry's largest company; the then-third- and fourth-largest companies Prime and Rental Service Corp., both acquired by Atlas Copco and then merged into one unit; last year's acquisition of Brambles by National Equipment Services, two top 10 companies, and United's 2001 effort to acquire Neff. And major players ICM Equipment and Head & Engquist last year merged to create this year's No. 9 company H&E Equipment Services. It seems inevitable that with so many major players struggling — over-leveraged almost like third world nations with foreign debts they can never hope to pay off — that they are unlikely to survive in their current form. Some may restructure their debt, some may be forced into Chapter 11 bankruptcy protection, and some may merge or be acquired.
So will we see mergers or acquisitions within this year's top 10? Who knows what conversations are taking place even as I write these lines, and time will tell what dramatic realignments are pending.
But the more immediate concern on the minds of RER 100 executives is not what is taking place in the boardrooms of national rental companies or what shape next year's top 10 will take. The far larger issue on everybody's minds is what is going on at the job sites of North America, specifically what kind of business conditions will they face after two very tough years during which supply significantly outpaced demand, leading to a crowded and competitive rental marketplace, frighteningly low rental rates, and the drop in nonresidential construction that has exacerbated the choking debts and drops in rental volume that have everybody concerned.
For most owners of rental companies, survival is the most pressing concern. Companies are being severely tested by a downturn that has persisted more deeply and longer than business owners and economists alike predicted. Non-residential construction — the bread-and-butter of most of the medium- to large-size rental businesses that make up the RER 100 — has reached double-digit percentage levels two years running. And a supply-demand imbalance — in simple terms, too much equipment chasing too few jobs — has compelled rental companies to drop rates in favor of acceptable utilization. The customer, in such an environment, is easily tempted to forget value and service in favor of the low rates being dangled before his eyes.
Another hurdle for many rental companies is the unprecedented number of states facing severe budget shortages and therefore not being able to fund projects, particularly road construction, for which federal funds are available. The inability of many states to match the federal funds puts much work on the back burner, affecting many rental companies whether or not they specialize in highway construction. And further margin pressure is applied by spiraling employee costs, including insurance and workers compensation payments.
In a nutshell, few expected the current downturn to last as long as it has and many rental people consider it comparable or worse than the recession of the early 1990s.
“It is worse in our market,” says Rich DiMarco Jr. of Admar Supply Co., No. 60. Some of the contractors in our area are down 30 percent. It didn't affect us in the '90s because the lift market was growing, but now there's a saturation point. Now with rate reductions you can have more equipment out but less revenue coming in.”
However, Don Ahern, of Ahern Rentals, No. 15, has a different take. “The downturn of the early '90s was one of construction volume,” he says. “But I think that this one in the '00s is more because our industry has saturated the market. I see a lot of stats that indicate that housing starts are up and construction is high. The overall factor is supply and demand, that's the key. The law of supply and demand is the first thing I learned in Economics 101 and nothing I've learned since sums it all up better.”
Roger Johnson of Temp-Air, Burnside, Minn., No. 52, says the highs and lows have been more dramatic this time around than in the '90s, but others contend that lower interest rates in the '00s have softened the effect of the downturn.
Whatever the difference, the recession of the early '00s has taken its toll on the RER 100 and had a dramatic impact on the way everybody does business. While many RER 100 companies believe the economy has reached bottom and sense a brighter outlook and therefore increased demand from their customers over the coming year, the downturn and how to respond to it is on everybody's mind in 2003 and will affect every decision, large or small.
What Goes Up….
After four years of upwards of 30 percent increase year over year, seven years of at least 20 percent boosts, eight years of double digit jumps, the Top Ten tailed off to a 6 percent increase for 2001's revenue. The year 2002 marked the first revenue decline for the Top 10 of the RER 100 since 1991, a span of 11 years.
Hitting Targets
Freek Nijdam, Rental Service Corp.'s CEO, isn't concerned about financial predictions. He is focused on managing business through the downturn and finding ways to improve performance.
RER: How would you describe the current economic situation in the rental industry?
NIJDAM: After the extreme growth that we had in the 1990s when rental was growing with double digit numbers, which was unlike any we had ever seen before in the construction industry, we came to a downward trend and the construction industry reacted far too late, which means that the amount of supply is not in tune with demand. That's where we are now.
How has your company reacted to that?
Two weeks after my arrival, I cancelled $75 million worth of equipment on order. Adding more fleet in a time when construction is going down doesn't help.
Now you're disposing of assets to bring costs down?
We started to try to bring, as much as possible, the equipment that we have in line with demand. Not having the equipment idle is a big cost savings. And of course we have to look at each individual store. In some cases, the stores have too much equipment and when local managers or district managers get desperate, they can kill that local market in a couple of weeks. And then to get the prices back will take a long time and that will only come when the construction industry is booming again.
Companies need utilization and at the same time the pricing is so low. I know you are concerned about rates; what can you do to improve them?
Well, this is our responsibility and we are pushing to get a fair rate whenever possible in this gloomy environment. The famous rule of multiplying by three, from daily to weekly to monthly, should be abandoned. It works if you have a high daily and you multiply by three, then again by three, then again by three, but if you have a low monthly and you divide by three, then again by three, and again by three, then you are making unnecessary price concessions. I understand that big projects will always be at low rates because everybody focuses on that and wants to be in on the prestige project. This is normal and I don't blame anybody for that. But for other jobs, we should try and charge more and charge for the extras.
We have charges such as environmental fees that should be passed on to the customer. It's not just that we want to charge, but these items cost us money. So we have to recover the costs more creatively.
Do your sales people, inside and outside, need training in selling quality and value?
We conducted a big training program for our sales people. One part was teaching salespeople to become more efficient and the other was to teach them to sell the value of our company to the customer. That means better rates also.
I have a lot of theories on rates. The first problem we have is that nobody knows the value of our product. If you say, “I'm going to rent a backhoe for $1,500 a month,” you don't know the relationship between the equipment and its cost. I challenge you to tell me what it costs us to rent that backhoe for the month. When you sell a product, there is a reference to the price, to the cost. When a car salesman sells you a car, whatever incentive they may offer, you know that the production cost of that car is lower because they are not so desperate that they are selling cars below the cost of the car. Maybe the margin is not as high as it should be, that we don't know, but for sure you know that when you buy that car, the production cost is lower than the price.
But in rental we often don't know. It's the same in the airline industry. Do we know the price of an airline seat between Phoenix and New York? For sure, $95 from San Francisco to London does not cover the cost and yet the offer is there. This is incremental revenue, they want to fill a couple of seats and they sell the rest for more. But this is the problem we have. Our salespeople, managers and even myself, we don't know if $1,500 for the backhoe is a good price or a bad price. When I sell a compressor, I know that the cost of the compressor is X and if I sell it for Y, I sell it above cost. But with rental, people don't know, so that means we can't defend the rates based on the cost.
All companies these days are downsizing. How are you able to maintain the level of service that you need?
When you are downsizing, you always have to realize that if you have 1,000 people, and now you have cut 100 people and have 900, you can't do everything the same way. So you have to change the process or you offer worse service to your customer, and we are a service industry. For us, the number one concern must be that the customer is served better.
So how can that work? I always come back to the question of unavailable fleet, that is, fleet in the shop. When I came to RSC, it was 28 percent unavailable, now it is 18 percent and the improvement occurred because we concentrated on this point. Now, I may be able to serve the customer well with 28 percent not available, but with 10 percent more fleet, I can serve the customer better and I have saved 10 percent.
The biggest cost for any rental company is that of owning equipment. All the other costs are smaller. So if you want to reduce costs, what do you do? You stop buying pencils? That doesn't help you very much. You need to go to the biggest cost and try to slice 5 to 10 percent off of that. So, that is also a very important thing to look at. How much fleet do you need in a particular area? Only the local guy can judge how much fleet he needs, based on the size of his market.
Are you looking at shop efficiencies and that sort of thing?
We are studying the flow in the shops and trying to get better administration, better flow, more efficiency. And less down fleet. How to order the parts, how to stock the parts, which type of equipment are we going to repair, which unit do I need to send to the specialist.
Do you have any particular goals or plans for RSC this year?
The number one goal is to get better every quarter. In the shop we have put up benchmarks, a number of non-financial targets. It comes to efficiency, to flow, to down fleet, how many calls you are losing, how many orders you are getting. We have five or six benchmarks for every shop to get better.
If you walk in a shop and 9 percent of the equipment is down, you have to say, ok, what's a good number. A good number is 96 percent rental-ready, but if we're at 9.4 unavailable, why don't we set the goal to be at 7 percent within a month? I don't have to make a revolution, I only have to improve a little. If I can get to 7 after one month, why not 6 at the end of two?
Based on your history and knowledge of the economy where do you think the economy is going over the next year or two?
I'll try to take it from a more practical side. If you are taking the attitude that tomorrow is better, you normally don't do anything to improve. If you take the attitude that tomorrow is worse, you might start to make some improvements. So it is better to take the attitude that tomorrow is worse.
You read in the paper, “The second half will be better.” And then businessmen say, “Ok, let's wait until then, everything will be better.” You may have noticed that since 2001, every half-year is projected to be better according to experts. Or “the first quarter of next year will be better!” And what happens? It gets worse. So it's better to take the necessary steps to improve your company. If you think, “There will be a boom and everything will be fine again,” it doesn't work. That's not my way of thinking.
It's better to ask: What can we do to make things better?
A Not Unexpected Decline
The 2003 RER 100, covering 2002 rental revenue, totaled $8,860.4 billion, about a 6 percent drop from last year's total. It was the first decrease of total RER 100 revenue since 1998. Still it was the second highest revenue total in the RER 100's history.
Next Up: Volvo
One of the most compelling stories of a manufacturer finding its way into the rental channel has been Volvo, which is creating a fast-growing network of Volvo Rents franchises. RER recently visited with Michael Farley, president of rental businesses for Volvo.
RER: How many Volvo Rents centers do you expect to have by the end of 2003?
FARLEY: We have more than 40 stores that are under contract to open in 2003 that are in some phase of construction, in addition to the 25 already existing stores. Our target is to do about 79 total store openings by the end of the year. At that point we'll slow it down because I don't want to get ahead of ourselves. It's important to get the right quality players. What's really nice is that we're able to be very selective now.
We'll open eight stores this year in Spain and Portugal. Ireland is going along very well as is Italy. We made a commitment to hire an international person to focus in on Capetown, South Africa, and Australia. I don't think we'll see any stores in those places this year, there's a lot of legal issues and computer systems and so forth that have to be developed but by the beginning of the first quarter of 2004, we should have some locations in those places as well.
Are you pleased with the programs' development?
Our fleet purchasing section does really well for us, the deals keep getting better and better for our franchisees. Our computer system, the Texada system, does really well for us. Volvo has committed $600 million to this program over the next three years. We increased our compact sales by 50 percent in North America last year, based on just these stores, so that's a huge increase for Volvo. They're very pleased with the number of machines that are being sold.
Our standard rental franchise is running about 13 percent higher on revenue than we anticipated, and is averaging about 11 percent higher dollar utilization than we expected. It's driving that entrepreneur back to the market, and letting them find their niches.
Once you sign a franchisee, does it take a couple of months to get a store up and running?
In some cases it's quicker. Believe it or not, one of the problems we are having is flags. Volvo puts three flags up, but some communities don't allow flags up. We never thought about that, but some communities are particular about their zoning. So we have zoning issues that come into play where we have to make some adjustments, but that's no different than in any other business.
Can a franchisee buy the equipment he wants?
The franchisee has complete control over purchasing his fleet. But we spend a lot of time with them making sure that they understand that if they want to buy an 85-foot boom, what the return on that 85-foot boom is and would they rather put their money somewhere else? That's where we spend a fair amount of time.
Is rental experience required to be a franchisee?
It's pretty much one of our pre-requisites. You have to have rental experience. I don't want to have to teach you the rental business. You need to know that it's a 6 in the morning to 8 o'clock deal, six, seven days a week kind of business. So we're only going after people that have rental backgrounds.
What about experience with Volvo equipment?
Not required. Most of the rental lines are relatively new anyway, such as the backhoe loader, the telehandler, the skid-steer loader and compaction equipment. So even our dealers are new to those lines. Our sales on mini-excavators have just skyrocketed. Volvo is known for the cabs on our machines, that's what they do best, and so they really pay attention to the operator. Our add-on sales to its franchisees, particularly the mini-excavators, has been just phenomenal, we're very pleased with that and that's why we achieved that 50 percent increase in sales on the compact side.
I'm glad to know you're not trying to grow too fast.
Volvo is conservative, they like steady. By their culture, they are very committed to build the right product, to make sure we've got it built properly, that's the mandate from Leif Johanssen, to build the product, the Volvo Rents product, along with the resources, don't get ahead of ourselves and don't build it too fast. It's more important that we build something that we manage in the proper way.
Who goes to help the franchisees when they have trouble?
At a minimum once a month, we have a franchise operations person in the store. He has a financial analysis of each store's finances, he has a review of all the fleets, all the utilization numbers. We just have a specialist to help the franchisees with sales and sales blitzes and training sales people and how to manage sales forces, we're adding that resource to the team. But the operations people are in a minimum of once a month. On the new starts, we try and go in every two weeks, one is more of an operational facility, the other is once we get the monthly numbers go back in, sit down, talk about it, we work on promotional items, we look at ways to help them advertise.
In the various markets you've opened up, what's been the response, in some cases there may be more rental stores than needed. Are people finding their niche?
They are. The real heart of our program is that these are local owners. They are already in the community as a person who has lived there most of their life, or someone who has a rental business there.
Rentals International
Rentals is becoming more and more of a global business, and while the RER 100 ranking is based on rental volume in North America, a number of rental companies have major international presences. The following chart shows some of the international strength of RER 100 companies.
Testing Your Strength
The RER 100's top player for the fifth consecutive year, United Rentals is settling into the role of an established organization. In this RER interview, president John Milne discusses the beginning of 2003, rental rates, the economy, acquisitions and more.
RER: How did United do in the first quarter of 2003?
MILNE: Overall the business performed well in the quarter, pretty much in line with what we expected, although we were a bit weaker on the bottom line than we had hoped. On the negative side, we faced some cost pressures that were not anticipated, notably fuel expense, insurance and benefits. We had anticipated some cost increases, but these costs were higher in the quarter than we expected.
On the positive side, rental rates did better than we expected. They were lower, by 2.3 percent year over year, but we had anticipated as much as 100 to 200 basis points more. In fact, rental rates were up in the first quarter compared to the fourth quarter. So this is a positive trend, which is sustainable, and it indicates that we are doing better at managing rates. Things we could control we did well at such as rental rates, but some that we couldn't control such as insurance claims, hit us harder than we expected.
Highway spending was weak, not because of the weather, but because states were curtailing bidding. Highway spending was down about 10 percent year over year. We had hoped we had seen most of decline in state spending in 2002, when many of the states where we do business were already cutting back because of lower tax revenue. In 2002 there were some severe cutbacks on the state level, but as we rolled into this year we are seeing continued deterioration, and that means more of a decline than we had expected in our traffic safety business.
Since you are committed to aging fleet, won't that translate into higher maintenance costs?
We're planning for repairs and maintenance to be up $10 million year over year in 2003 because of aging of fleet. In the first quarter, we were up $1.8 million, consistent with achieving $10 million increase in maintenance spending for the year. It allows us to age the fleet from 36 months in December 2002 to 42 months at the end of this year.
We spent $102.5 million to buy replacement equipment in the first quarter, and our total program is to spend about $300 million for the year, so we're about a third into annual spending.
You've been developing a merchandising program. How successful is it to this point?
We have seen positive growth in that area. We implemented the new program in all our stores and we are still getting through old stock. We're still comfortable that we can take it up 20 percent this year. When we look at the performance of stores that were the earliest to be re-set with new stock, we're seeing growth rates of up to 100 percent, so that gives us confidence that there is a huge demand, and that our customers see us as offering a value added service.
Customers like the idea of a single point of contact, someone who is on the job site frequently. We can drop ship to a distribution point or deliver directly to job sites. Because a lot of our customers are geographically dispersed in terms of job sites, it's difficult to control the level of merchandise spread throughout their organization. So we can provide merchandise throughout their job sites, and our URdata system allows them to track all their merchandise, so at any given moment, they can find out how much they've spent.
For a moment let me ask you to be an economic pundit and predict the economy over the next year or two.
Next year is hard to predict. Give me a 12-months time frame after recovery begins and I will tell you we'll see strong growth characteristics not only after the 12-month period, but during that period. I expect growth in excess of 15 percent on a unit volume basis, and some pricing growth, not huge but at least 1 to 2 percent as we come out of a weak non-residential construction period. Every percent of pricing translates to 15 cents per share in added earnings; every 1 percent of volume growth equates to about 7 cents per share. So if we see a 15 percent unit growth, our earning power can be in excess of $2 a share. That's the business model rental companies have always gone by; private companies have used this business model for years.
It's a cyclical industry, and down times test the strength of companies. Those that don't have the right business model or capital structure will be hurt. Good private and public companies that plan for good times and weaker times and look throughout their organizations and fine-tune areas that require improvement can see a huge growth to the bottom line.
We don't feel business is getting worse from a demand level and time utilization has actually improved a little bit. Pricing has been stable or improving sequentially. We feel we're bumping along the bottom of the cycle. Maybe some things could hit from left field that we're not aware of, but we don't see the likelihood of the business going down further. The recovery could begin in six months, in 18 months, or in 24, we just don't know. I'd love to see a bull non-residential construction market, but like other intelligently managed public or private companies, we'll manage through it.
With quite a few companies going through some difficult times, would United be interested in making acquisitions? And do you expect to see more mergers and consolidations among the big players?
We always pay attention to the competitive landscape, but right now we're not in a posture where we're aggressively looking at those as opportunities. We're in the business of deploying capital — that which the banks give us, that our shareholders give us, and the business gives us. One way is by investing in more fleet, which is the best return for our dollar. Another is through acquisitions that we can get for an attractive and compelling price that could add value to the business. Right now we want to maintain a conservative posture on our balance sheet, and would focus on opportunities that would not deteriorate our credit. If those stars aligned, we'd look at those opportunities as they might present themselves.
Many of the industry players have over-leveraged their balanced sheet and will have to change. Some might have to reorganize through Chapter 11 or through a merger and some will look to downsize and reorganize into more efficient organizational structures. Some may just liquidate, although that is not as likely an option for most.
Also are you looking at any additional inventory markets, such as the temporary power market or other niches?
We always explore possibilities, but our primary focus is our core product line. I don't see a big investment in new product lines in the near term. We look at what every manufacturer offers, and at how they would integrate with our existing distribution network. We look at our network and the best way to serve customers. That's, why merchandizing made sense, it was an opportunity that through our existing distribution channel we were able to provide a value-added service that enhanced our customer relationships.
History Repeats Itself?
Business, like life and history, goes in cycles. If the current cycle is a repetition of the early '90s, as it seems to be in many respects, the industry is probably going through the bottom of the cycle right now and poised for substantial growth over the next few years.
The 2002 RER 100 was about a 6 percent drop from 2001, similar to the 7 percent drop the 100 experienced from 1990 to 1991. The following year was statistically negligible with a tiny increase, followed by increases of 12 and 26 percent respectively. Even larger increases were to follow.
100 Alphabetical List With Rank
Greenwich, Conn.
Brad Jacobs
www.unitedrentals.com
Scottsdale, Ariz.
Freek Nijdam
www.rentalservice.com
Park Ridge, N.J.
Gerry Plescia
www.hertzequip.com
Charlotte, N.C.
Bruce Dressel
www.sunbeltrentals.com
Evanston, Ill.
Joseph Gullion
www.n-e-s.com
Fort Lauderdale, Fla.
D. Clark Ogle
www.nationsrent.com
Jeff Fenton
Pittsburgh
www.maximcrane.com
Atlanta
Joe Dixon
www.homedepot.com
Salt Lake City/Baton Rouge, La.
Gary Bagley/John Engquist
www.icmeq.com/www.engquist.com
Miami
Juan Carlos Mas
www.neffcorp.com
New Iberia, La.
George Walker
www.aggreko.com
Phoenix
Mike Watts
www.sunstateequip.com
Greenville, S.C.
Gary Bernardez
www.ameco.com
Dallas
Homer Denning
www.briggsequipment.com
Las Vegas
Don Ahern
www.ahernrentals.com
Atlanta
Luis Ramirez
www.gepower.com
Vancouver, B.C.
Doug Whitehead
www.finning.ca
Denver
Lister Fielding
www.rentx.com
Camp Hill, Pa.
Rick Jordan
www.lbsmith.com
Seattle
John Harnish
www.ncmachinery.com
San Antonio
Dave Harris
www.holtcat.com
Denver
Bruce Wagner
www.wagnerequipment.com
Randy Casson
Stony Creek, Ont.
www.battlefieldequipment.ca
Phoenix
Jim Lowry
www.empire.cat.com
St. Albert, Alberta
Barry Weaver
www.skyreachequipment.com
Tampa, Fla.
Lance Ringhaver
www.ringhaver.com
Grand Rapids, Mich.
Jim Behrenwald
www.aisequip.com/ais_rental.html
Santa Ana, Calif.
Don Schmid
www.eccoequipment.com
San Diego
Tom Hawthorne
www.hawthorne.cc
Moline, Ill.
Jim Earnshaw
www.nortrax.com
Seattle
Bob Kendall
www.starrentals.com
Reserve, La.
Jay Dinger
www.louisianamachinery.com
Vineland, N.J.
Joseph Pustizzi Jr.
www.tricoequipment.net
Northridge, Calif.
Howard Groff
www.northridgerentals.com
Channelview, Texas
Louis Tucker
www.mustangcat.com
Bridgeville, Pa.
Judy Anderson
www.andersonequip.com
Miami
John Socol
www.kellytractor.com
Bristol, Pa.
David Griffith
www.moderngroup.com
Cleveland
Marty Coughlin
www.wacoscaf.com
Mississauga, Ont.
Neil Manning
www.wajax.com
Charlotte, N.C.
Gregory Poole III
www.gregorypoole.com
Montreal
Andre Veronneau
www.simplex.ca
Las Vegas
Mary Cashman
www.cashmanequipment.com
Bridgeview, Ill.
John Bohne
www.imperialcrane.com
Fargo, N.D.
Dan Butler
www.butler-machinery.com
Waco, Texas
Don Moes
www.eqdepot.com
San Diego
Jerry Zagami
www.clairemontequipment.com
Tukwila, Wash.
Dave Voeller
www.spiderstaging.com
Newport, Ky.
Ken Arlinghaus
www.artsrental.com
Broadview Heights, Ohio
Kenneth Taylor
www.ohiomachinery.com
Mississauga, Ontario
Willie Swisher
www.stephensons.ca
Burnsville, Minn.
Eric Estergren
www.temp-air.com
Edmonton, Alberta
Sam Cosgrove
www.coneco.ca
Temecula, Calif.
John Hoham
www.rebelrents.com
San Juan, Puerto Rico
Jose Cestero
www.puertoricowire.com
Toa Baja, Puerto Rico
Francisco de Armas
www.compresores.com
Fort Worth, Texas
Eric Anderson
www.crescentmachinery.com
Elmhurst, Ill.
Crain Patten
www.pattenindustries.com
Columbus, Ohio
Peter Holt
www.holtag.com
Rochester, N.Y.
Richard DiMarco
www.admarsupply.com
San Leandro, Calif.
Eric Martin
www.petersonpower.com
Chandler, Ariz.
Owen Cowing
www.redmountain.com
Birmingham, Ala.
James Cowin
www.cowin.com
Cambridge, Ohio
William Baker Sr.
www.southeasternequip.com
Woodstock, New Brunswick
Heath Alexander
www.atlanticrentals.com
Whittier, Calif.
Bill Shepherd III
www.shepherdrentals.com
Knoxville, Tenn.
Wes Stowers
www.stowerscat.com
Pleasant Grove, Calif.
John Johnson
www.holtca.cat.com
Dallas
Michael Detzler
www.thenewcontinental.com
Springfield, Ill.
Ray Roland
www.rolandmachinery.com
Lexington, Ky.
Marvin Clark
www.whayne.cat.com
Little Rock, Ark.
John Hugg/Robert Hall
www.hugghall.com
Wappingers Falls, N.Y.
Gene Lois
www.handyrent-all.com
Phoenix
Michael Boze
www.roadmachinery.com
East Broussard, La.
Kurt Degueyter
www.clmequipment.com
Baton Rouge, La.
Jack Fendrick
www.scottcompanies.com
Hatfield, Pa.
Jim McKeever
www.furnival.com
Salt Lake City
Mark Clawson
www.diamondrental.com
Lynn, Mass.
Frank Koughan
www.lynnladder.com
Eugene, Ore.
Rodger Spears
www.papemachinery.com
Wichita, Kan.
Walter Berry
www.berrycompaniesinc.com
South Plainfield, N.J.
Robert Binder
www.bindermachinery.com
St. Louis
Daniel Tumminello
www.midwestaerials.com
Campbell, Calif.
Larry Pedersen
www.atoolshed.com
MATERIAL HANDLING (88)
Pico Rivera, Calif.
Fernando Arrellano
Wheaton, Ill.
Terry Hagy
www.rentalmax.com
Fairfield, Calif.
Ken deVries
www.allstarrents.com
Richland, Miss.
Hastings Puckett
www.puckettrents.com
Grand Prairie, Texas
Marlin Smith
www.tkoequipment.com
Aurora, Colo.
Dave Ellen
www.ellenequipment.com
South Plainfield, N.J.
Matt Rocca
www.garequipment.com
Salt Lake City
Perry Pardoe
www.cateequipment.com
Franklin Park, Ill.
Jim Dietz
www.nlt.com
Santa Fe Springs, Calif.
Dennis Turner
www.pdqrentals.com
Leonminster, Mass.
Roger Gamache
www.taylor-rental-ma.com
Vancouver, Wash.
Dean McLain
www.westernpower.com
West Chicago, Ill.
Steve Martines
Pittsburgh
Howard Creese
ww.knickerbockerrussell.com
Wallingford, Conn.
Doug Hansen
www.wiclark.com
Morris, Ill.
Larry Snook
