Want to start a car rental business? Congratulations. Soon, you will be jumping on the car rental industry bandwagon thathas created a huge buzz in the market with tremendous opportunities and high returns.
The global car rental market is expected to reach approximately USD 124.56 billion by 2022.
It ensures that you have made the right decision and earn rising rewards in the years to come. On the flip side, starting a car rental business is not so rosy. To succeed in the car rental business, you have to deal with the management of bookings, drivers, inventory, cars, driver-passenger communication, work operations, customer support, reporting, and pretty more. All of these eat up a lot of time, which don’t allow you to focus on innovation, competition, and profits.
This is why most of the people with car rental business idea in mind drop the plan before executing it. Don’t fret. The car rental software solution is a great rescuer. It addresses all the challenges and hiccups that come in the process of beginning a car rental business without digging a deep hole in your pocket.
Let’s dive in!
Enable online reservations
The speed is critical to car rental business where standing in the queue before the counter to book a ride has bygone. In the digital age, neither it’s beneficial for the business nor liked by the passengers due to long waiting, inaccuracy, and unnecessary delays.
With online car booking system, the passengers can easily browse the types of cars you provide, thefare, and discount (If any), and then quickly book the rides. Besides, the route followed by the car along with scheduled timing is also informed to the passengers. The intuitive interface and detailed information make the booking process easier, which in turn, engages the passengers and enrich the experience that can also bring repeat business to the rental company.
In this manner, the hassle-free bookings and travel can be managed with little-to-no downtime.
Track where the car is
When the car is theft during a booked ride, then it’s a huge loss to the car rental company, no matter how big their bank balance is. It hurts the bottom line. Especially, in the car rental industry, this problem persists. It can be overcome through car rental solution that facilitates car tracking through GPS integration.
The software continuously tracks the cars’ location according to their booking timings. Not just the car’s location, while its speed can also be detected by the software, which zeroes in the probability of accidents that mostly occur due to the speeding issues.
Fleet management becomes a breeze
The inefficiencies in the business operations that come up with mismanagement of the fleets, improper fleet maintenance, and comparatively high fuel consumption are the part and parcel of the conventional business. The manual process results in dissatisfied customers, increased cost, lower revenue, and poor services.
The rental software with fleet automation enhance the operational efficiency of the business where the fleets are rightly managed with a guarantee the right vehicle type is sent to the passenger that they have booked; ensured that vehicle is running smoothly and have ample of fuel before picking-up the passenger at the right time; confirmed that the vehicle should not run beyond speeding limit, else the driver will be offended with extra fees.
Here the complete business will be in your control and can be managed just by sitting on a couch.
Streamline the driver-passenger communication
Car rental software has not just bid a good-bye to hail a car on the roads, while it has also ended up the unknown long waiting for the driver coming to pick-up the passengersthrough direct communication.Additionally, the number of customer support ticket raised to know the real-time status of the drivers is decreased.
Bridging the gap, the software allows the passengers to stay in connection with the driver from the minute the booking is confirmed by the particular driver. In the event of little delay due to a traffic jam or problem in locating the passenger’s location, the passengers remain informed with the real-time tracking of the driver’s location.
In this way, the constant connection and communication between both parties keep the customers happy.
Real-time reporting is a key
Even the small car rental companies who are in the initial stage of setting up the business, they have to manage the data that’s certain to increase in the future.
With car rental software, it becomes easier to keep a record of bill covers, invoices, vehicle details, duty registers, staff detail, basic fares, passenger’s data, insurance policies, and more. Whenever the data is required, it can be accessed and shared anytime, anywhere.
Improved customer support
Through live chat support or one-click call integration, the software allows the passenger to get connected with the customer support for getting an answer to the query.
Also, keeping FAQs on the portal that comprises the answers to the questions commonly asked by the passengers diminishes the number of customer support tickets raised or calls made by the passengers. It reduces customer support cost.
The surprise fee at the end of the ride always creates conflict in between the drivers and passengers. At the inception, it’s not good for the company reputation as well.
With software, the fair priceis shown to the passenger before they book the ride where the sum of basic fare, taxes, waiting charges, toll fees, rental charges, and other charges involved are displayed. The high level of transparency builds trust in the company and a loyal fan base as well.
When society has gone cashless, then car rental companies have to. The software enables the business to accept the payment from the passengers through the myriad of options such as e-wallets, credit card, PayPal, or others so that passengers can pay the way they want.
The easy-to-pay payment options provided by the software are secure because they use certified payment gateways, which assure the rental company and passengers that their financial information is safe and sound.
Handling the heap of files on the shelves is extremely taxing for the car rental company. When it comes to immediately pick out a file, then it becomes quite a task to search and find out the file for a piece of document. The paper files are also susceptible to damage or stolen.
By using the software, all the documents from invoices and billing to car and passenger details can be digitized that makes storing, accessing, and sharing of the data painless. The data stored in the software is encrypted and require authentication for data access that makes transaction absolutely confident. The paperless transaction also contributes to the environment by reducing the carbon footprint.
All in all, the benefits of taxi booking software or car rental software never let the novice players give up the idea of building a successful car rental company due to the tiresome management that comes with the conventional approach, fear of getting lost in the competition, and a lot of issues that hinders the business growth. Good luck!