Dozr is the world’s largest online marketplace for renting heavy machinery to businesses. It acts as an online rental marketplace for lenders where they can list their equipment on the platform with the equipment details, schedules, and rates. After that, the platform performs an inspection of those entered details. Renters can then choose their desired machinery from the list of equipment shared by trusted leaders on the platform, while the lender reserves the right to accept or reject the request. However, the work of Dozr doesn’t end here. When this proposal is accepted by the lender, the platform helps the stakeholders by providing rental contracts and it also takes care of the payment process while charging some commission.
This was just a brief description of the Dozr business model. Further in this article, we will discuss the company’s business model in detail. Also, we will gain our answers to “How does Dozr work?” and “How does Dozr make money?”
Dozr offers a complete marketplace along with e-commerce solutions for renting heavy equipment online. It comes with the world’s largest fleet of heavy equipment, and according to its results, we can conclude that the company has quite quickly become a contractor’s first choice for online equipment rentals.
Dozr’s eCommerce solutions include WebStore, a portal that allows equipment suppliers and rental houses to digitize their business operations through eCommerce. The company connects contractors and rental companies, ensuring a touchless, hassle-free e-commerce equipment rental experience. It was founded by experienced construction and technology veterans.
Dozr Business Model
Dozr was founded in the year 2015 by Adeel Zaman, Erin Stephenson, Kevin Forestell, and Tim Forestall. These co-founders started the company to fulfill the personal need that they had within their own landscaping business. It is not just an industry disruptor, but an enabler for the entire online equipment rental industry. They have been continuously evolving by coming up with more efficient solutions for both- people looking to rent equipment and companies looking to rent out their equipment online.
The uniqueness of its business process is in the real-time data, pricing, and availability of equipment. Booking equipment or renting it used to take days and a series of phone calls, but now, with a few clicks, you can obtain your desired equipment online too at amazing pricing.
Here is the list of equipment rentals available at Dozr (until now):
There are all four categories of equipment rentals available, namely, compact equipment, heavy earthmoving, lifts & aerial, trucks, and compaction.
- Compact Equipment
- Tracked skid steers
- Wheeled skid steers
- Mini excavators
- Heavy earthmoving
- Wheel loaders
- Rock trucks
- Lifts and aerial
- Scissor lifts
- Articulating boom lift
- Straight-boom lifts
- Towable boom lifts
- Soil compaction smooth drum
- Soil Compaction Pad Foot
- Asphalt Compaction Double Drum
- Pick-up trucks
- Cube trucks
- Trucks with dump bodies
Products by Dozr
Dozr has launched 2 products so far. They are WebStores and Dozr marketplaces. Let’s now discuss these products in detail.
- Build your rental website: Using WebStores, you can create your website or portal and enable online bookings for your customers. You can easily replace your rate card on the website created using a fully customizable WebStore and display your fleets on the webstore with rates. Even if you don’t have your existing website, the webstore by Dozr can stand on its own. If you want to create a standalone web store, you can also consider expert services.
- Take bookings online: With Webstores, you give your customers the ability to rent online. Complete bookings and payments are handled and processed using the portal. It has made e-commerce easy for beginners.
- Take control of your rental counter: It is up to you if you want to approve or decline the rental request. It can be done using SMS, email, or the order management tablet at the rental counter available in your store. You have the final say on all bookings.
- ERP integration
- Collect contracts (generated automatically on the portal), payments, and customer data at the time of booking.
- Availability of an easy-to-use admin portal to control everything about your store.
- Dozr Marketplace
- The Dozr Marketplace allows rental companies to list their equipment on Dozr.com and gain access to thousands of contractors searching for equipment rental. Its work process is discussed down below. Keep reading further.
How does Dozr work?
Dozr makes it easy for you to find the right equipment when you need it and at the lowest prices. It provides a secure place to lend idle equipment to verified members and turn that idle equipment into revenue. At Dozr, you get a full-spectrum service dealing with logistics, payments, and insurance. If you are ever stuck anywhere while operating with Dozr, their equipment The coordinator can help you with that. Also, they ensure a seamless experience for you with Dozr.
In a nutshell, Dozr is a one-stop platform for people who want to lend, rent, sell, or buy heavy machinery for all their equipment needs.
Listing your equipment on Dozr is a very easy and efficient way to connect with local contractors that are looking for heavy equipment online. Dozr Marketplace provides the tools to post equipment, manage prices, and attract contractors for free. To get started, you first have to fill out a form available here. You can even try it and request a demo if you are new to the website.
How are transactions done at Dozr?
To further understand: “How does Dozr work?” Let’s take a look at how the website handles transactions.
To start with it, you must first list your equipment and availability at Dozr, then set the price and sit back. Dozr helps you by ensuring that everything is done the right way. From renting to shipping, Dozr does it all. The company ensures that you get paid within 30 days of the transaction, even if there are problems collecting payment from the user. The payment is guaranteed to eliminate all risks.
How does Dozr make money?
Every equipment rental company has a variety of revenue-generating options. The most common ones are
- Commission: The equipment owner earns a commission on every transaction that takes place on the platform, and the rest is charged by the platform itself.
- Advertising: Equipment owners can use the platform to promote their products. The platform determines the cost of advertising based on the number of clicks/views.
- Featured Listings: Equipment owners can pay a fee to have their listings appear in the featured section.
- Subscriptions (Premium subscriptions): Each platform offers various subscription plans that sellers can purchase to receive additional benefits in addition to their normal platform operations, such as reduced delivery charges, discounts, and so on.
Although, if we specifically mention the revenue model of Dozr, then just tick mark the 1st and 3rd point and forget the rest. However, completely ignoring the 2nd point from the list mentioned above will not be good. Dozr has been adopting various advertising techniques to generate leads in one way or the other. Like the launch of Dozr Hub, where the company shares industry insights, dirt stories podcasts, and more.
Its latest product, WebStore, was unveiled in late 2020. It is the first eCommerce and comprehensive digital solution to ever hit the equipment industry. It enables rental companies to quickly and inexpensively offer an online rental experience to their customers. The WebStore software integration offers many improvements to the current rental website including-
- Digital transaction processing
- Inventory tracking and pricing
- Preferred dynamic pricing for account customers
- Payments by credit card or credit account where accepted.
- Real-time rental requests
- SEO (Search Engine Optimization)
How much does Dozr cost the end-user (renter)?
Dozr is completely free to join, list equipment, and view available machines on the platform. They make money by taking a small percentage of each agreement and then working with both parties to ensure the deal is beneficial to everyone involved.
Who are Dozr’s investors?
According to Crunchbase, Dozr has successfully raised a total funding amount of $35.3 million in over 5 funding rounds. The company is being funded by seven investors. These investors include Builders VC, BaseCamp Equity Partners, Business Development Bank of Canada, Fair Ventures, Juan Carlos Mas, VentureClash, and Ontario Centers of Excellence.
Builders VC and BaseCamp Equity Partners are the most recent investors in the company.
According to research, the global construction equipment rental market will reach $250.4 billion by 2026, growing at a CAGR of 3.8. This information demonstrates the enormous profit potential in the equipment rental market in the coming years. Renting equipment makes financial sense because it saves a significant amount of money over purchasing new equipment and lowers common expenses like labor, maintenance, and operational costs.
The equipment rental industry contributes significantly to the US economy, with current sales of $37.43 billion in 2020-21 and expected revenue of $42.6 billion in 2024. Short-term rental and leasing initiatives are included in this estimate, indicating that overall equipment rental activity is expected to increase.
If you are willing to launch a heavy equipment rental platform similar to Dozr, Ncrypted Technologies has the right solutions developed by our capable and innovative workforce. We offer customized and innovative features as per your requirements to let you launch a thriving equipment rental platform.