ASSET MANAGEMENT
Confidence among equipment managers is up slightly, according to the Equipment Manager Confidence Index, published by Construction Equipment. The Q3 2022 Index is 95, up from the previous quarter’s reading of 87, but remains below its year-ago level of 105.
The Index measures equipment manager confidence on a scale of 0 to 200, with 200 indicating full confidence that the next month will be “better.”
Confidence rose along with an uptick in expectations that the economy will be healthier in upcoming months.
The Equipment Management Confidence Index is published and available to the entire industry at ConstructionEquipment.com. Other data trends are available only to members of the Index group.
Additional insights available to members:
- Overall economy health
- Current fleet health: now v. last year
- Future fleet health: now v. next year
- Equipment acquisition: better or worse to buy new
- Equipment disposition: better or worse time to sell used
- External rental: better or worse time to rent
- Peer to peer rental: better or worse time to generate revenue
- Planned maintenance: spend more or less than last year
- Rebuilds: more or less likely than last year
In addition to the Confidence Index, members of the platform also provide opinions on trends within asset management, including acquisition expectations, rental plans, and maintenance. In the third quarter, for example, managers had a more positive outlook on renting externally over the next few weeks. With the free access, managers can see how the trend is unfolding and compare themselves to others in the platform.
Equipment end users can have access to these insights for free. Others, such as manufacturers or dealers, may gain access to the data as observers by registering here. The next Index computation occurs at the end of December. Equipment managers can join the group anytime this month in order to provide opinions and access quarter-over-quarter trends. Baromitr’s visualization features also allow members to analyze performance and compare how they are doing relative to others in the group.
The data-driven Index is powered by Baromitr, a scalable, peer-benchmarking platform. The Equipment Manager Confidence Index is a custom algorithm that combines multiple inputs to calculate a score from 0 to 200. The higher it is, the more confident equipment managers are.
About the Author
Rod Sutton
Sutton has served as the editorial lead of Construction Equipment magazine and ConstructionEquipment.com since 2001.
Our mission is to help managers of heavy equipment and trucks to improve their performance in acquiring and managing their fleets. One way we do that is with our Executive Institute, where experts share information and ideas that will enable equipment managers to accurately manage equipment costs so that they can deliver the optimum financial benefits to their organizations.
We also have a laser focus on product development, performance, and technology; as well as equipment acquisition, disposal, and maintenance. Our exclusive Field Tests take earthmoving equipment and truck into the field for professional evaluations.
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