Nominees for first Lowest Cost of Ownership Awards announced
EquipmentWatch, a leader in data, software, and insights for the heavy equipment industry, announced the nominees for the first annual Lowest Cost of Ownership Awards.
The Lowest Cost of Ownership Awards are the industry's only accolade of its kind, based on empirical data regarding the long-term cost of heavy equipment. Nominees are recognized within 15 categories for model series that exhibit the lowest cost of ownership over a five year span.
"There are two superlatives the heavy equipment industry looks at when it comes to optimal purchasing decisions - residual value and total cost of ownership," says Garrett Schemmel, vice president, EquipmentWatch. "Our Highest Retained Value Awards program addressed the former, but until now no one has provided buyers with objective, third-party information regarding true cost of ownership. As the FHWA endorsed and publicly recognized standard for ownership and operating cost data, this new award was a natural extension of our mission to help contractors make informed equipment decisions."
Five year total cost of ownership is calculated according to established Rental Rate Blue Book calculations and methodologies, leveraging EquipmentWatch's industry-leading residual values and utilization benchmarking. These products provide detailed benchmarks and estimates spanning the economic life of over 17,000 models across the spectrum of heavy construction equipment.
EquipmentWatch eagerly anticipates announcing the Lowest Cost of Ownership Award winners at the first annual customer conference, Traction: The Data-Driven Heavy Equipment Conference, taking place November 7-8, 2017 at the Loews Hotel in Atlanta, Ga. Traction is the heavy equipment industry's largest gathering of thought leaders - bringing together construction companies, financial institutions, equipment dealers, and manufacturers for two transformational days that will shape the future of the industry.