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Demand for car rentals is up. However, the future of car rental is divided: car rental companies which will grow exponentially and those which will hardly survive. What is the difference? The difference lies in the attention to the needs of the clients they supply and the adoption of car rental software.
The rent-a-car market is back. Having survived the cessation of tourism and the mobility of people as a result of COVID-19, businesses are in a unique position to grow.
According to Statista, sales in the vehicle rental segment are expected to reach US$81.32 billion in 2022. But there's more to it. Revenues are projected to grow at an annual rate (CAGR 2022-2026) of 9.38%, which will translate into an expected market volume of US$116.4 billion by 2026.
The wind is in favor. However, not all car rental companies will grow. This difference will not be in the size or the time they have been in the car rental market. And while many players have already entered and become established, there is still room for more.
The competition is underway. Every company tries to distinguish itself. Strategies to increase bookings include improving service and offering juicy discounts. In order to do so, car rental companies adopt new technologies. Therefore, those who adopt a vehicle rental management system will be better positioned to deal with this scenario.
"By adding a car rental management software, even smaller rental companies can compete with high-level rental companies," says Catriel Aubone of Rently, car rental software. The manager explains that their system helps standardize processes, giving car rental companies a competitive edge. "Rently centralizes operations, creates greater fleet predictability, provides clear financial information and improves customer communication. And all these functions are crucial for car rental”, he adds.
There are many benefits to using car rental Software. By automating processes, leasing companies stop worrying about operational errors like duplication of information, and begin to use this data to generate more competitive strategies. This is why they start to grow regularly and exponentially.
"Since they started using Rently, our customers continue to grow year over year" says Rently's Catriel Aubone. And he explains, "This translates not only into better incomes, but also greater predictability, which is not a small thing in a global environment like this."
The implementation of a car rental solution like Rently improves the customer experience while streamlining the operational work of car rental companies. By integrating payment platforms, billing and major international brokers/portals, it offers a complete, simple and secure experience, while avoiding duplication of information or data entry errors.
In addition, it makes it possible to digitize task management and optimize processes. For example, Rently allows you to track rentals over the long term. In this way it is possible to keep a total billing of both customers and employees. In addition, it simplifies booking contact enabling intelligent contract management. In particular, Rently enables you to maintain consistent communication with clients without having to invest too much time. This is because the platform allows you to schedule an automatic e-mail stream for each reservation.
Rently also gives you an overview of how the company works. In this way, car rental companies can draw reports that allow them to identify how to enhance the customer experience, and have a better perception of their own brand. These reports also assist them in forecasting losses and costs.
For this reason, leasing businesses that are digitized not only maintain it over time, but also recommend it. For example, Manuela James, Hertz's Executive Director, shares her experience by saying, “Your system is able to adapt to our business needs and we see a great future in working together. The new normal requires flexible partners and we have found it with RentlySoft”
In short, car rental companies that take advantage of the contextual market opportunity and add a car rental management system (car rental management software) will have it all to keep growing.
Would you like to add a vehicle rental system? Get in touch with us and start with Rently. We are waiting for you!