Caterpillar Inc. entered an agreement with Yard Club, a startup company that has developed an online peer-to-peer equipment rental platform that was founded in 2013 to help construction contractors. Cat provided strategic financing to San Francisco-based Yard Club and will launch an online ordering platform in specific metropolitan markets in conjunction with United States and Canadian Caterpillar dealer. The peer-to-peer rental platform will include both Cat and non-Cat branded products.
Phil Kelliher, Cat’s vice president with responsibility for Americas Distribution Services Division, says peer-to-peer technology has already been used in the transportation and lodging industries. He says Yard Club is specifically for the construction equipment industry, and it allows contractors to rent equipment when it’s between jobs.
“The sharing economy is changing the way entire industries operate,” says Colin Evran, founder and CEO of Yard Club. “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.”
Yard Club expects to have dealer and customer fleets installed on the platform and ready for rental by midyear 2015.