Caterpillar in the US will provide funding to Yard Club, a company that has developed an online peer-to-peer equipment rental platform.
Yard Club, founded two years ago in San Francisco, has so far concentrated on construction contractors in its local area.
But with Caterpillar’s investment the platform, which will include Cat and non-Cat products, will now be launched in a number of metropolitan areas.
Phil Kelliher, Caterpillar’s vice president with responsibility for the Americas Distribution Services division, said: “Using this platform, a contractor can rent an excavator that’s in between jobs to another contractor who needs that machine.
“The Cat dealer will use this tool as another avenue to strengthen customer relationships by increasing utilisation rates and lower the total cost of ownership.”
Colin Evran, chief executive, Yard Club, said: “The sharing economy is changing the way entire industries operate.”
“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.
“Caterpillar has certainly reinforced its commitment to helping its customers succeed with this relationship.”