Within the new digital panorama, what superior applied sciences make sense for non-major automotive rental operators to begin utilizing?

That is an important questions provided that choosing the right know-how instruments might help enhance the shopper expertise and improve loyalty.

On the 2023 Worldwide Automotive Rental Present, a panel of rental software program consultants mentioned new cloud computing, linked gadgets, and telematics applied sciences, and the way they help techniques round cellular apps, self-checkout/check-in, phone-as-a-key, and placement.

Rental operators who select to disregard these new know-how instruments may very well be hurting the expansion and success of their companies sooner or later.

“If you happen to ignore all the brand new applied sciences on the market, you’ll keep the place you’re and gained’t evolve or develop,” stated Naomi Virgo, managing director of RENTALL Automobile Rental Options, a automotive rental software program firm comprised of Thermeon, Bluebird, and Navotar. “The know-how packages might help companies turn into extra environment friendly and run higher to assist improve their income.

“However I feel the most important price of ignoring the brand new applied sciences is that your opponents will take that step earlier than you do and can reap the rewards the applied sciences deliver,” Virgo stated. “And that’s going to offer your opponents a bonus over you.”

Easy methods to Begin Adopting New Expertise

For Virgo, she has seen a lot of RENTALL’s rental automotive purchasers really feel overwhelmed by the variety of new applied sciences flooding the market. Decisions fluctuate broadly from telematics to fee utilization kind instruments to direct evaluation instruments. 

“Lots of our rental automotive purchasers have operated for a very long time with out these new applied sciences,” she stated. “There’s a variety of uncertainty. Can these applied sciences improve our income? What’s the worth to investing in these new applied sciences?”

Since technological selections abound, rental operators ought to begin by figuring out their enterprise ache factors — or pinpointing issues they’re attempting to unravel.

“It comes all the way down to understanding what you are promoting,” Virgo stated. “If opinions out of your prospects are necessary to what you are promoting, take into account a know-how resolution that helps handle that space. Or if worth is necessary, select a know-how that assists in that.”

After figuring out a enterprise ache level, operators can handle it with a brand new know-how service. Virgo really useful attempting one new software at a time.

“You don’t must implement all of them without delay,” she stated. “Our prospects will see the worth that one know-how service brings after which attempt one other new software. Decide to that one new know-how service, roll it out, see the advantages, after which begin exploring different ones that would help you in different areas of what you are promoting.”

The preliminary worth of the know-how instruments additionally might be intimidating for brand new rental purchasers.

“It’s not simply understanding what it’ll price me to implement this new know-how software,” stated Colm Brady, CEO of RentalMatics, a telematics and mobility supplier for rental firms. “It’s that preliminary worth in opposition to what the software may obtain for you — the worth it’s including when it comes to potential car injury or car theft and operational efficiencies. It’s understanding the true worth that these instruments may deliver to what you are promoting.”

When able to implement a brand new know-how software, Virgo recommended speaking to a different rental firm already working the know-how.

“It’s useful to have the ability to ask these questions in regards to the particular know-how,” she stated. “You’ll be able to ask questions on real-life conditions and the way the service has been useful to that rental firm.”

Common, Precious Expertise Companies

Amongst RentalMatics’ automotive rental purchasers, the one function that’s used probably the most is “the place’s my automotive?”

“Our greatest use function permits rental automotive operators to rapidly find their automobiles,” Brady stated. “Some rental workers waste time each day strolling up and down the lot in search of single automobiles. With this know-how function, they’ll simply kind within the car’s license plate quantity after which stroll straight to that car with out losing time. It may be seen as a small worth, however once you multiply the time saved over a month-to-month interval, it builds extra effectivity into what you are promoting.”

Brady has seen extra rental automotive firms utilizing telematics.

“Rental automotive purchasers have gotten extra conscious of what telematics know-how can deliver when it comes to effectivity for working their companies,” he stated.

When requested about what know-how has been creating probably the most worth to RENTALL’s purchasers, Virgo responded that it relies on the shopper.

“There’s no one-size-fits-all know-how resolution for all rental firms,” she stated. “It relies on the place the rental firm is attempting to place itself out there and what ache factors that they’re attempting to repair.”

Future Expertise Potential

With all the brand new technological developments of the previous few years, extra shall be developed quickly.

“I hope there’s extra uptake for these applied sciences as a result of we actually do see how a lot they assist when rental firms put them into apply,” Virgo stated.

New know-how instruments are offering extra alternatives for rental firms to maneuver towards a automotive sharing mannequin. Such instruments permit prospects to go on to their rental automobiles.

“For a rental location, it may very well be simpler to offer the shopper the automotive key by way of a cellular app,” Virgo stated. “You don’t have to fret about prospects dropping automotive keys anymore and also you don’t have to satisfy them and greet them on the counter. However the problem is most prospects aren’t unlocking their vehicles at dwelling with their telephones but and aren’t acquainted with the know-how. There’s uncertainty about taking these applied sciences in that area.”

Brady stated he’s excited to see the following variations of merchandise like telematics.

“A product like telematics is just beginning,” he stated. “We’re always developing with new use instances. With the ability to monitor your automobiles is simply the place to begin of a telematics resolution. We’ve got not too long ago filed a patent pending concerning hail injury and the right way to establish automobiles which have been by way of hailstorms. All the longer term know-how options come from direct interplay with our rental prospects.”