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Equipment Rental / NYSE: URI

United Rentals

Incumbent Advantage at Scale

Investment Thesis

Incumbent advantage inside the largest rental operator's closed Load Center since 2018.

14K+
Annual Loads
Top 5
National Rank
$3.0M
Margin Run-Rate
1,500+
Locations
Why We Won
  • Authorized inside closed Load Center ecosystem since 2018—new brokers rarely added
  • Top 5-7 national ranking on pricing/execution metrics—performance-gated access
  • Heavy-haul capability as differentiator on complex, high-value equipment moves
What's Next
  • Increase bid-board coverage from ~58% to 85-90% to capture white space
  • Deploy regional Account Managers (SE, Gulf, TX, Midwest) for branch activation
  • Scale AVRL automation to ~35% for throughput without proportional headcount

"The investment case is not 'can we get in'—it's how fast can we scale share. Owning the incumbent position in a closed ecosystem is the cleanest path to participation."

Timeline

How It Unfolded

2018
Load Center Authorization
Core authorized inside closed LC ecosystem
2023-2024
Top 5-7 Ranking
Consistent top-tier execution on pricing/execution
2025 Baseline
~14,000+ Loads
~$3.0M margin run-rate
2025 Compliance
Branch Activation Enabled
Dual-channel growth path (LC + branch)
Investor Takeaway

Core already operates inside United Rentals’ closed Load Center ecosystem. The question is not ‘can we get in’—it’s ‘how quickly can we scale share’ through branch-level activation, expanded bid-board coverage, and automation that increases throughput without proportional SG&A. In a network where new brokers are rarely added, owning the incumbent is the cleanest path to scale participation.

Incumbent position in closed ecosystems is a durable competitive advantage
Top-tier execution maintains and expands share in performance-ranked systems
Heavy-haul capability creates differentiation in equipment rental freight
"Core has been a reliable partner since 2018. In a network where we're very selective about who we work with, their consistent execution has earned them a top position. That's not easy to achieve."
LC
Load Center Director
United Rentals
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