As we tread through these post-Covid times, business owners must be able to understand the current paving equipment position and trends this 2021 to make calculated decisions in equipment acquisition. The new policies and regulations in job sites require changes not only in the operation but also in the equipment or machines used. Ideally, the more advanced your technology is, the more that you can cope with the new normal. Data-driven reports and machine-made processes were seen with higher accuracy and efficiency versus if done manually. Not surprisingly, clients favor companies that are already using these advanced methods.
Now that we know how important acquiring new equipment is, the next step would be to strategize when is the best time to do so. According to Equipment Leasing and Finance Association (ELFA) president and CEO Ralph Petta, “8 out of 10 businesses use equipment leasing and financing in obtaining productive assets to grow and operate.” After all the losses from 2020, are you in a position to loan money for new equipment? Will the existing trends in paving equipment create an environment for businesses to upgrade?
In a recent article featured in The Asphalt Pro, they write, “Nearly eight in 10 of U.S. businesses use equipment leasing and financing to acquire the productive assets they need to operate and grow.”