Improve your car rental business productivity and earn high ROI
Car rental industry is thriving and is predicted to be growing rapidly in the future. If you are part of this flourishing business make the most out of this by integrating car rental software to your business. It allows you to streamline all activities from real-time reporting to back-office tasks.
Defining the factors affecting ROI(200)
Companies reliant on fleet should put benchmarks as a way of measuring business success. Here, are examples of success metrics you need to gauge your car rental company.
Operational cost :
Your profit is an important benchmark. Periodically review the state of operations to find out the areas that need improvement. Any business that is aiming to grow profits-if you are slowing down, look for ways to reorganize your operational cost.
Labor and asset expense :
Analyzing fleet performance over time is an essential priority of a car rental company. You might purchase or lease fleet of cars for a fixed price but the expenses incurred on repair, insurance and maintenance should be managed promptly.
Driver behavior has a strong impact on the economy of your business. Careless driving habits not only results in excessive maintenance cost but also adds up to fuel cost.
Customer satisfaction :
Measuring customer satisfaction is vital for growth of any organization. It provides actionable insight into the services offered. Creating and retaining happy customers help in recommending your brand. A satisfied and loyal customer paves the way to new business opportunities.
Steps to enhance your business
Technology plays an important role in improving performance, enhancing operations of any fleet-dependent company. Car rental software in particular provides tools to streamline workflow, centralize data access and help to improve ROI.
According to the results of 2020 Fleet Technology Trends Survey, 64% of fleets say they use GPS tracking software. Of those who do, 45% have achieved a positive ROI in 11 months or less, and 22% achieved a positive ROI in less than three months.
Let us understand how web-based car rental software can help car rental companies get a better return on investment (ROI).
- A GPS enabled car rental system allows transport managers to choose the shortest path thus resulting in less travel time and fuel cost. They can also identify vehicles that are in good condition but not utilized, thus avoiding new investments.
- The best car rental software helps fleet managers to track key metrics such as tyre pressure, fuel usage, distance travelled and engine hours. This tracking makes it easier for the manager to know vehicle maintenance schedules. Adhering to regular maintenance schedules helps to boost ROI.
- Drivers behaviour data like over speeding, idling and unwanted braking habits can be tracked in real-time with GPS. You can minimize or reduce unnecessary use of company vehicles.
- You can constantly identify your employee working status, any kind of idling time can be avoided.Thus resulting in more productive working hours and a drastic increase in ROI.
- With the live location of fleet any time, you can serve many customers in less time which eventually means more ROI.
Summing up :
Car rental software benefits organizations improvement in productivity, routing, maintenance, customer service and majorly cost savings. Look for the right car rental software that can help you improve your business.
Travelsmate’s customized car rental software will enhance the overall profitability of your car business by raising your ROI.