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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