“There can be no doubt that the transportation sector is the most critical sector of our economy” –  Robert Brady

Transit industry is globally  known and treated as one of the major market sectors. It has a direct influence on our day-to-day routines, work life, and our economy as well. Since being alongside human history till the origin, it is being considered as one among the stable industry. As the population rises, the demand has exploded, this has set the scene for many business entrepreneurs to join up, inspired very few to define their own unique business path. Rent and ride or in another way the car rental business is one of many kinds of transit services, which is more convenient and flexible, allowing the users to satisfy their commuting needs by themselves.

Car Rental Industry Statistics and Market Size Overview

The global car rental market is experiencing a steep acceleration and growth in terms of consumers as well as revenue. In fact, it secured a total of  $74,149.3m in terms of revenue back in 2016. Moreover, experts predict the global car rental market to grow at a CAGR of 17.52% during the period 2018-2022.

When we consider the car rental market in the US alone, the total number of consumers have crossed  75.14 million just 12 months prior to spring 2017. This figure shows the huge potential of this business. Things in countries like India are not different as well. Car rental market in India is advancing rapidly at a rate of around 12% and is expected to be worth around USD 15 billion within next 5 years.

Steps to get Started with your Car Rental Business

There are some steps or guidelines one should follow to make a fortune out of car rental business. Below given some standard ideas for you to step into this specific market.

  • Perform intense market research and analysis
  • Have clarity on the type of car rental business (daily hire or contract hire)
  • Introduce a Unique Selling Proposition (USP)
  • Register your car rental business
  • Choose the right business plan that suits your goals
  • Get resources (cars), insure the same
  • Determine your location and operating hours
  • Market your rental car business

Put your Car Rental Business in Motion with an Efficient Car Renting Platform

Unlike old times, starting a business is different as for now. The great digital transformation has put forward a set of new norms and standards for businesses. Businesses now not only have to focus on conventional practices but also have to adopt advanced digital strategies. More than half of the population have proven digital presence, thus and so the relevancy of an online car rental platform remains unquestioned.

Getting started with developing a car rental portal

Developing a car rental software from the scratch is not the easiest task to finish. It takes great effort, time and resources to succeed. One should gather a great deal of knowledge about the business models, revenue generation streams and user types to get the desired outcome. The process itself is a pain but guess what! It worth it.

Business Models –  Most of the successful car rental businesses follows a particular business model, where they optimize the already available cars instead of buying new ones. And the car rental platform earns a specific percentage of money from each successful business.

Revenue StreamsThere are fundamentally three kinds of revenue models. Commission from booking is the most familiar among all. The website owner will get a certain amount of money for each successful booking. Another way around is the Banner ads and Sponsored listings. This focus on car owners who are willing to pay extra for an improved visibility. Besides, the subscription packages are a good option to earn some money.

User Types- A car rental business merges three entities. Car renters, owners, and admin. A successful online platform should consider the perspectives of all three and must satisfy the needs of all.

Key Features of Car Rental Marketplaces

Some standard features or a specific set of attributes are explained below. These are inevitable factors, which are crucial for the proper functioning of an auto rental system. Moreover, their contribution to the user-experience is remarkable as well.

Listing Option for Car Owners

Since being one of the three elements of a car rental business, car owners should be given priority. The options to list their vehicle is necessary as the business solely relies on the same. They must give necessary information and further they can list their vehicle.

Proper Categorization and Advanced Search Options

List the cars in right categories by considering the pre-defined criteria. This will aid users to find out their favorite ride. Moreover, this will improve the total customer satisfaction. Users should be given the privilege to choose the ride by categories, prices, and so much more.

A powerful Admin Panel

A solid admin dashboard is a necessity for car rental businesses. It helps them streamline the admin-side operations, allows them to take control of all ongoing processes. Thus get more clarity about what is happening on the platform.

Feedback and Reviews

Feedback is crucial for businesses. Not just for the car rental but for any. It shares an opportunity for users to express their opinions and expectations regarding the business. It is a great way to understand the customer expectations and behavior as well.

Secure Payments

In this age of digital crimes and piracies, to deliver a genuine payment method which is reliable and secure is a necessity. Payment gateways like Paypal, Zazpay etc should be integrated. Moreover, include Wallet feature to promote cashless transactions.

Other Aspects to Keep an Eye on

Apart from the aforementioned features, there are many possible opportunities for you to innovate. You can integrate a multitude of other features like language settings to ensure flexibility, currency conversions, fuel options for car owners, calendar options and so much more. Besides, one can provide the car specifications to facilitate customers to choose the right vehicle for a convenience transit.

Agriya’s Car Rental Script- Set up a Premium Vehicle Renting Platform from the Get-go

Developing a software from the scratch can be a tiring process at times. In fact, great risk is involved in this process. Money, effort, resources; it takes all these three factors to succeed. This is why Agriya, a pioneer in delivering cutting-edge software solutions has devoted themselves in developing an incredible car rental script, which is ideal for entry-level businesses to deploy a complete rent and ride portal right away.

Get hands on this powerful software script- Quickly deploy your customized car rental platform.

Bottomline

The rent and ride business is not a novel concept, It has begun back in 1916 and has evolved and grown to this point of modernity. Today, with an excessive number of businesses emerging from the horizon, you should need to be best,  have the best abilities and tools to succeed in this race. However, with a traceable amount of innovation, commitment and a better grasp of how it works and how it going to be in future, one can make the best of their car rental business.

Car rental script