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1. CHALLENGE YOUR AUTO RENTAL MANAGEMENT

Take a step back from vehicle rental management. Markets have never changed so fast in the age of digitalization and instant information. Keep an eye out for new technologies and practices in your industry. Pay more attention to the success of your competitors.

Ask yourself these questions: Does my current business model work? Are my results improving or stagnating? What direction are they moving if they are changing? What are my short-term goals? What about the long-term?

Set goals and challenge yourself regularly. Don’t get lost in the routine.

2. GOOD VEHICLE RENTAL MANAGEMENT IS ABOUT NUMBERERS

Vehicle rental management is a great way to use figures. Businesses that are obsessed with numbers often have the best results. You should take the time to analyze all data about your business, including income per customer, average rental duration, booking fluctuations and most rented categories. You can make a vehicle truly profitable, but you must manage its costs and revenues to make a profit. This is true whether the vehicle is in its service life or when it is resold. It is important to know what your turnover was this month, last month and three years ago. You must be cautious when reading the numbers. Luxury Car Hire and Rental Brisbane Melbourne is fond of using vehicle usage as an indicator, but this does not always translate into good profitability.

3. KNOW YOUR FLEET & YOUR CUSTOMERS AT OUR FINGERTIPS

Do not let business opportunities dictate the creation and maintenance of your fleet. Pay attention to your customers. Are your customers satisfied with a used vehicle with 30,000 miles? Why not buy a brand new vehicle?

What price are your customers willing and able to pay for a vehicle? A higher price may be justified if a customer perceives a vehicle to be “quirky” and/or “unique”.

Your fleet’s profitability must be managed. Your best chance to make money with your vehicles is also your greatest threat to losing money.

4. DON’T NEGLECT MARKETING VEHICLE RENTAL MANAGEMENT

Without branding and targeted marketing, your company will be just another vehicle rental company. Highlight what makes you company different and let your customers know. You can attract new customers by highlighting what sets you apart from the rest. A CRM that is focused on renting business can be a great asset in maintaining contact with customers and building loyalty.

5. ESTABLISH PARTNERSHIPS

Is your rental agency near a hotel? You can make a partnership with them: they will refer you to your customers, and you will also recommend them. You can print brochures and make them available at the hotel reception. Even further, you can offer the hotel a discount for high season guests.

6. TRANSPARENT WITH CUSTOMERS

To understand the advice, just visit the social media pages of some of the most reputable vehicle rental companies around the globe. It is important that your client understands the various levels of insurance and procedures in case there is damage or contravention. You can now digitally store your vehicle inventory on a “rentpad” to keep track of the latest damage reports and to make sure that you have current, accurate information.

It is important to be as clear and concise as possible. Otherwise, the vehicle will return to you.

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