A car rental is a service that rents cars for short periods of time, usually ranging from a few hours to a few weeks. These services normally function in a system of pick-up or drop-off points and provide an extensive range of vehicles. Internet access, advanced technology, increase in Smartphone’s and real-time tracking details are enhancing customers to opt for car rentals. The rental cars are categorized into economy, compact, compact premium, premium and luxury. Consumers are free to choose any car of their choice based on availability of such car at the time of reservation. Before reservation consumer first contact the company for the desire vehicle than supply some information such as; dates of rental and type of car and after this consumer need a valid driving license.
In car rental, there are three phases involved; the first phase involves the grouping of car rental locations into pools which allowing car rental locations within a pool to share a fleet of vehicles. In the second phase involves the types & quantities of vehicle. The final phase involves address of car pick-up and drop-off location.
Car rental services provide advantages like are freedom of movement, comfort, affordability and low cost travelling etc. Some car rental companies provide a GPS navigation system in the car with extra price. There are also some challenges involved in car rental; one of the main challenges is to provide superior customer services like a lack of information on additional payments and excess amount, to waiting for hours in line to get the booked car. The source of this challenge is the associated with the sensitivity of travelers related to the travel experience quality, followed by the increased importance of customer reviews.
There are some software’s for car rental which are: TSD RENTAL, Rental Car Manager, PROVAB, Ibexrentacar, Navotar, Schedulebull, Ecalypse Car, ExpressGo, HireMate, HQ Rental Software, AFG Rent a Car, ASAP Rent Software and Book Rides Online etc. The software have assisted on the parameters like booking easy cab, car rental tracking, inventory management, driver management, real-time reporting, driver-passenger communication, revenue management, e-wallets and security intuitive interface, mobile optimization, fleet management, paperless transactions and location mapping.
In car rental, some new technologies have implemented such as green vehicle, electric vehicle, blackbox and biometrics. Green vehicle is the most cost-effective way to improve energy efficiency and reduce carbon emissions e.g. hybrid car. An electric vehicle is self-contained with a battery, solar panels or an electric generator to convert fuel to electricity. Black box records the location of the final moment using GPS technology. Biometric vehicle access system in cars, matches various behavioral or physiological characteristics to automate access monitoring system.
The impact of information technology has driven the revolution of the car rental services. The growing trend of by the Internet use on the customized travels and bookings will push the use of technology in the industry. This technology up gradations will process the safe, quick, reliable, and easy for consumers. The service providers are also coming up with the marketing strategies for a car rental business by online and offline. Blogs, social media, sponsored content, targeted advertisements; online discounts are involved in market strategies whereas organizing corporate incentives, flyers and newspaper advertisings are some of the offline market strategies.
There are several car rental services at the global level include Enterprise, Hertz, Avis Budget, Europcar, Carzonrent India, Sixt, Al-Futtaim, Localiza, Eco and GlobalCARS. Some of the key companies in India are Myles, Zoom car, ECO Rent a Car, Avis, Let me drive. Other car rental services in India are Ola Rentals, Uber etc.
Global car rental market breaks down in to three regions; US, Europe and the Rest of the World. Avis Budget Group and Hertz are the leading players with majority market share in the U.S. car rental industry. The growing adoption of higher digital technologies in automobiles has enhanced the global car rental market.
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