Two years ago, many in the railcar leasing market were understandably concerned about how the pandemic would affect lease rates, railcar demand and pricing. After an initial slowdown, pent-up demand and spikes in the scrap and steel markets produced healthy growth for the lease markets.
While certain sectors are still experiencing challenges, the marketplace has improved dramatically, with railcar lease rates well above 2019 levels. This growth has been thanks, in part, to innovative railcar leasing and repair companies digitizing their leasing agreement process to meet market demands, improve reporting and analytics, and enhance the customer experience.
A digital transformation is happening in the railcar leasing process, and is not only helping companies meet customers and shippers where they are now, but it is also preparing their business for the future. Railcar companies can transform their operational processes into a digitized system, which can help them to operate more efficiently and generate more revenue.
Customer-centric digital innovations
Amid an ongoing uncertain market, shippers continue to value flexibility for their railcar needs. Railcar leasing companies provide that flexibility through rapid response times throughout the digital leasing agreement process. These digital solutions allow shippers to access railcar availability, quotes and contracts remotely.
Tank container and railcar availability is now at your customer’s fingertips and can be accessed by any computer, tablet or smartphone — day or night. Railcar tracking and tracing allow up-to-the-minute wireless data on railcars in transit. Estimated arrival times, stock control and fleet management solutions give shippers access to the information they need.
Likewise, a digitized quotation process allows accelerated response times and more accurate and tailored quotes for customers. These simple yet effective changes to the agreement process and customer-facing systems create a faster and more efficient onboarding procedure.
Benefits of digital railcar leasing agreements
As the industry continues to innovate its systems, it’s become clear that the benefits of a digital railcar leasing process don’t end with the agreement itself. Railcar lessors are evolving their business with a whole host of digital solutions.
Workflow efficiencies such as in-house maintenance workshops, digital messaging between wagon keepers, and deeper analytical capabilities are changing railcar lease management processes across the industry. Train monitoring systems provide essential details of fleet management, such as location, rail speed and engine health. These solutions can provide safer shipments, streamline operating costs, and substantially boost reporting capabilities that can ultimately improve the business.
How Notarize can help digitize railcar leasing agreements
There is nothing quite like the convenience of executing railcar lease agreements remotely for an industry that is always on the move. Using an online tool like Notarize, railcar lessors can operate more efficiently.
Notarize is an online notarization platform that allows railcar leasing companies to sign and notarize agreements 24 hours a day, seven days a week. Electronic documents can be uploaded to the platform and legally signed and notarized within minutes, from anywhere. Using a digital platform like Notarize, railcar companies can experience a more convenient, secure way to execute railcar leasing agreements. Schedule a demo to learn more about how Notarize can help.