Searching for tips to scale your car rental business? You’ve come to the right place.
We know what you’re thinking — establishing a car rental business in this multi-billion global car rental industry shouldn’t be too difficult, right? Not.
A 2022 Ibisworld study has revealed that the United States alone has over 15,577 vehicle rental businesses. Other major factors, such as fleet size, locations, and fluctuating customer demand, all together, make scalability for car rentals a little difficult. That’s why top-tier car rental management is more important than ever today to gain a competitive edge.
On that note, this blog post explores the five best ways to scale your car rental business successfully. But first, let’s understand whether it’s worth the effort.
What Is A Car Rental Business? Is It Profitable?
Car rentals, as the name suggests, rent out vehicles temporarily to customers (for a day, week, or month). Their rental catalogue usually varies from small cars to luxury vehicles to specialty cars, such as delivery vans or semi-trucks.
In today’s age, where customers prefer easy and temporary access without the long-term financial burden, this multi-billion industry is expected to further grow at a staggering 3.8% CAGR throughout 2022-2027.
Read more about “Is Car Rental Business Profitable” here.
5 Best Ways To Expand Your Rental Business in 2022
Ready to scale your car rental business? Here are some of the best tips and tactics to help you create a fool-proof expansion strategy –
1. Keep Track Of Your Business Data
Underestimating the impact of data isn’t advised for businesses with high-scaling goals. Every solid car rental system (or any business, in that sense) prioritizes keeping a record of the numbers to analyze any results and track progress.
Besides, the data can help control the vehicle’s service and operational costs, help your business calculate monthly turnovers, increase profits, etc.
2. Find & Fill Any Gaps In Your Existing Management System
In today’s high-paced market, staying in tune with recent market trends is key to scaling your car rental business with ease. Find out what’s lacking, or the discrepancies in your existing system and fix those gaps.
The end goal should be to be 10x more active and flexible. RENTALL offers a 100% cloud-based ecosystem that allows you to stay active and handle your fleet anytime, anywhere.
3. Invest in Top-Tier Rental Management Software
Juggling between client bookings while handling everyday operations often gets difficult.
RENTALL helps you manage all your rental bookings, vehicle maintenance costs, broker connections, billing, etc. on the go at highly competitive pricing.
Click here to explore RENTALL software plans and upgrade your business today.
4. Research Your Customer Needs
It’s easy to scale your car rental business when you know your customers like the back of your hand. What type of cars do they prefer to rent? Moreover, what costs can the average person afford?
Use the data to set different rates that your customers would find feasible. RENTALL’s ‘Limitless Rates’ feature allows you to build as many rates as needed for every location. Check out RENTALL’s Limitless Rates feature and much more here.
5. Market Your Brand
Last but not least, branding and targeted marketing are key to scaling quickly and sustainably. Stand out from the competition, advertise your business USPs and give your targeted prospects a strong reason to call you.
In short, the next time they’re planning to rent a luxury SUV for their weekend getaways, they should know who to go to.
Built to turn the every day rental business challenges obsolete, RENTALL software offers a myriad of features to scale your car rental business. Getting your numbers up in this competitive market calls for a much-needed management upgrade.
To get started, request a demo from RENTALL for your car rental business here.