Tow trucks aren’t particularly appealing to most people, especially if they’re the ones that need to be towed. For business owners, though, they are a valuable source of revenue as well as a significant capital investment. They’re used for collisions, repossessions, and other situations where a regular pickup won’t suffice.Learn more about us at Minneapolis Towing Company-Tow Truck
When a garage worker had the unfortunate experience of trying to pull a car out of a creek using only bricks, ropes, and manpower, he invented tow trucks in 1916. Depending on the sort of lifting they do, these movers are now divided into many groups. Boom, hook and chain, wheel lift, flatbed, and integrated service vehicles trapped on the lane.
Tow truck prices can vary from the low $10,000s for a reliable used truck to $81,000 for a top-of-the-line brand new truck fresh off the assembly line. In either case, an individual is looking at a significant financial investment, which can be intimidating, particularly in these difficult economic times. Many that are just getting their businesses off the ground may want to consider leasing one to begin with and then buying once the company is up and running and profitable.
The importance of maintenance cannot be overstated. The truck should be kept in the best possible condition at all times as a source of revenue. Having to call a tow truck to pick up another tow truck would decimate sales (not to mention minimise customer appearance).
Another consideration when choosing a truck is the drivers. Almost all jurisdictions require towing business drivers to have a licence in addition to regular resident drivers. State requirements differ, so if a business owner does not already have a licence (which is unlikely), they should research the law and learn what is needed. Many jurisdictions often require the company to be bonded in the event that towed vehicles are damaged. These examples demonstrate that, although the truck is an important investment, it is not the only one.
Tow trucks can make a lot of money, but they can also cost a lot of money, just like any other investment. To avoid being “stuck in the mud” financially, any business based on towing needs careful planning.