Volvo Rents announced the acquisition of FRED Rents, a two-location construction equipment rental company with stores in Madison and Neenah, Wisconsin.
Jeffrey Corcoran, who co-founded FRED Rents in 2002 recently commented on the acquisition. “Volvo Rents is a solutions-based company that provides services that solve immediate issues when people are dealing with capital availability and downsizing of owned fleet due to economic reasons,” he said. “I am confident that our customers are in great hands.”
According to the American Rental Association, the continued annual growth in rental revenue is forecasted to reach a total of $53.1 billion by 2016. There is a real opportunity for us to gain further market penetration by aggressively selling the value of equipment rental at this point in the economic recovery.
The industry is beginning to see a “secular shift” in North America as customers – including contractors, construction businesses and homeowners – recognize the advantages of the fixed cost of renting, which covers maintenance, storage, delivery and more.
In addition to Volvo Rents’ expanding line of Volvo compact equipment – such as backhoe and skid steer loaders, compact wheel loaders, compact excavators and compaction equipment – the rental center carries a comprehensive line of essential equipment and tools for the construction, commercial, industrial and homeowner markets. The focus is on daily, weekly and monthly rentals.