Caterpillar is entering into an agreement with Yard Club, a San Francisco-based startup company that has developed an online peer-to-peer equipment rental platform.
Cat has provided strategic financing to Yard Club and will launch the online ordering platform in specific metropolitan markets in conjunction with U.S. and Canadian Caterpillar dealers. The peer-to-peer rental platform will include both Cat products and non-Cat-branded products.
“Peer-to-peer technology has changed other industries like transportation and lodging, and Yard Club has developed an innovative solution initially for the construction equipment industry,” said Phil Kelliher, Caterpillar’s VP with responsibility for Americas Distribution Services Division. “Using this platform, a contractor can rent an excavator that’s in between jobs to another contractor who needs that machine. The Cat dealer will use this tool as another avenue to strengthen customer relationships by increasing the utilization rates of heavy equipment and lowering the total cost of equipment ownership.”
Since its founding in 2013, Yard Club has focused on construction contractors in the San Francisco area. With Caterpillar’s investment, Yard Club will further develop the platform and expand club member coverage.
“The sharing economy is changing the way entire industries operate,” said Colin Evran, founder and CEO of Yard Club. “Our platform is at the forefront of that innovation in the equipment rental industry. Customers can access rental equipment with ease on the web and through mobile devices, while enabling fleet owners to earn income on idle equipment through peer-to-peer rentals. Caterpillar has certainly reinforced its commitment to helping its customers succeed with this relationship.”