The car rental industry is exceptionally booming as tourism is expanding worldwide. A lot of people find it convenient to rent a car instead of using an Uber or a regular cab as it's much more costly and time-consuming. If you own a car rental business or in any way related to the automobile industry, then you must invest in a car rental software.
Gone are the days when people used to search for rental companies numbers via yellow pages and inquire about the availability of any car. Moreover, it usually took a few days for booking confirmation. However, this process can now be done in only a few clicks.
Car rental software makes your life easier and boosts your car rental business like never before. From improving your fleet management to booking cars online, car-sharing, leasing, and much more - all of this can be done with ease.
Enterprise car rental software offers a complete relief along with robust customer experience. Passengers and clients can conveniently choose their most preferred and required car type using filter options. Clients can go through all the details upon the software and then live chat with customer service staff for further inquiry. With that, let's discuss the latest trends in car rental software these days.
1) Online Channel Management
One of the top trends in car rental software is online channel management. You can conveniently improve your customer experience with automated bookings. With a responsive website and easy-to-use tools, your customers can easily make car bookings directly from your website. Customers can select the pickup and return dates with locations, select through multiple vehicles and prices, and finally checkout with confirmation. They can also check in online to expedite the process of renting cars.
For instance, the Renteon car rental platform offers an intuitive and easy-to-use interface. Hence, users can easily learn navigating around the platform without having to go through a long learning curve.
Regardless of whether you are a car rental business owner or a customer, the software offers premium benefits for both. Every business must incorporate it to smoothen their client dealings and agreements.
2) Powerful Reporting Tools
Car rental software allows you to boost your business and take it to the next level by tracking top performance indicators about online reservations and fleet management. You can feasibly create your customized reports with booking reporting, financial performance, fleet availability, and cash drawer reports.
The software assists you in delivering key insights and drive a clearer picture of the business. You can easily analyze what indicators are driving the most results in your business. Moreover, the platform optimizes your daily car dealings and helps in decision-making for the business. Acknowledgment is everything. Thus, when you know the proper details about which sector is bringing you the most profit and not, then you can make more profound decisions about your business.
3) Premium Scalability
The scalability and availability of vehicles are one of the essential factors in any car rental business. You may maintain a brilliant website and have an amazing customer care staff. However, if you don't meet the customer's demand, then nothing else really matters. It's fundamental to have premium scalability to ensure maximum customer service.
A car rental system enables you to have premium scalability from startup to enterprise-level rent a car company. A customer can search through almost 5 to 10000 vehicles in fleet via the car rental platform. This latest trend shows the company's reliability and authenticity. Multiple kinds of vehicle availability can scale up your business like never before as it helps to build a brand image in the minds of consumers. Utilizing business process management systems may also be essential to improve processes. To choose which one suits your business needs, you can check out a comparison of BPM tools to gain better knowledge of each product.
4) Easy Contract Management
Car rental software enables you to maintain rental agreements. With this, you can go completely paperless and get customized rental agreements within a few minutes. Make the entire agreement process easier for customers and yourself by enabling them to register and sign in digitally wherever they are.
This way, everything remains organized with proper agreements. Even when there is a new client or an existing one, whenever they call again all you need to do is put their name onto the database, and all the agreements history will appear on the screen.
Car rental solutions help owners to keep track of any damage that occurs. You can take pictures of your vehicle before and after the rental agreement and upload them onto your website or application. Just in case if there is any damage, you will have legal proof with pictures that the damage was done after the rental agreement. The agreement helps to maintain reliability with a long-lasting relationship between you and other parties.
5) Advanced Accounting Functions
Regardless of which industry sector you deal with, accounting and finance processes are one of the most tedious jobs. In a rental car business, a lot of tasks are happening simultaneously, such as bookings, agreements, cold calling, drop-offs, and much more.
In between all the hassles, it is highly important to ensure that all the billing and invoicing is done accurately and properly. A lot of billing is done on a credit basis or after the rental service. It's fundamental to keep an accurate track of all the clients, the cars they are using, number of hours they use the car, and the total invoice.
A car rental software optimizes your accounting functions with reliable invoicing and billing tools. You can quickly make bills and print them via excel sheets or even send them directly through email documents. The software can assist you in maintaining proper bill accounts of accounts receivable, cash receivable, accounts payable, and so on.
There are even built-in templates available on software that you use by customizing them to your specific business needs. Once you have the software, your accounting functions will begin much smoother and easier to conduct.
According to the Zion Market Research report, the car rental market is expected to reach a $125.6 billion market by 2022, with a CAGR of around 13.55% between 2019-2022. The industry and business are booming exceptionally. Thus, it's essential to make technology a part of it and simplify things for both the customers and the owners. Regardless of which category you fall into, incorporate a car rental software into your business to improve customer experience and boost your overall business growth.
Car rental services are booming at a high rate as they provide flexibility and ease to the customer by providing a vehicle that meets their current demand. With increased traffic issues and congestion problems, people usually prefer renting a car for the meantime instead of owning one.
If you are looking to streamline your car rental business operations, then opting for a car rental software is totally the way to go. Choose a software that best suits your needs. With that, it’s crucial to identify your specific business needs to determine which features are crucial for your workflows.
You can try out Renteon, which has a per-usage basis so you only pay per booking day. This already gives you access to unlimited users, vehicles, channels and updates, among others.