We all love to go on vacation because it is fun and exciting. Sometimes traveling can be the most exhausting if going via buses and trains.
Traveling becomes more amusing and convenient when you have your car, but this is not always possible, and cab charges may mount up quickly in most places. In this situation, a car rental can be the ideal choice. Whether you’re traveling for business or pleasure, the convenience of renting a car is clearly at your disposal.
An In-Depth Overview of Car Rental
Car rental is nothing but renting or hiring a car from a car rental agency for a specific period, usually from a few hours to a few weeks. Car rental agencies generally have several local branches, mainly near airports or in busy city areas, and are often supplemented by websites that allow online reservations.
Car rentals are primarily for people who need a temporary vehicle, such as those who don’t own a car, out-of-town travelers, or owners of damaged or destroyed vehicles awaiting repairs or insurance coverage.
Car rental companies provide additional items such as insurance, GPS navigation systems, entertainment systems, mobile phones, portable WiFi, and kid safety seats in addition to the basic rental of a vehicle. Car rental services can also fulfill the demands of the self-moving industry by renting trucks, vans, or other types of vehicles.
Is Innovative Digitization Transforming the Car Rentals Industry?
The car rental industry has been transformed by innovative digitization solutions. These solutions have helped to automate the car inspection process, streamline organizational processes, and shift control from the rental company to the customer. Here are some technologies that are reshaping the car rental sector:
Vehicle Inspection with AI
In the era of digital transformation, car rental companies should look to artificial intelligence solutions for car inspections, such as computer vision and AI. These technologies enable rental car companies to check vehicles using mobile phone cameras, which can improve efficiency on both the business and client sides. It’s a growing field, with companies including Click-Ins and Monk, among others, leveraging cameras, computer vision, and AI to improve and simplify many processes.
In January 2023, ProovStation – an AI vehicle inspection firm – announced that it had raised 10.4 million euros to bring an AI-assisted time-saving network of testing stations to used car sales. This AI vehicle inspection technology will enable car owners to obtain the selling price of their vehicle within minutes. Systems like ProovStation’s automobile scanner eliminate human error and provide advanced precise vehicle valuation processes, which can affect manual car inspections.
Digital Payment Solutions
Since rental services will now be available remotely, businesses need to open channels to receive digital payments, such as mobile wallets and e-commerce. Even QR codes and credit or debit cards can be easy ways to pay. Whether the customer is extending the rental period while traveling or requesting a rental from home, digital transaction methods will make the process painless. Users can pay instantly and receive services or upgrades immediately.
Improved security
Instant ID checks and anti-theft systems are two major benefits of digitization. With the ability to check IDs, car rental agencies can do a quick background check on a customer by accessing local or federal records. If this process has to be done manually, it will take a lot of time. At the same time, equipping your fleet with sat-nav (Satellite Navigation) devices adds tracking, safety, and security to your fleet.
Remote Damage Assessment
Inspection of vehicles can be labor-intensive and time-consuming when done manually. Further, it leaves room for customer-service provider conflict, as both try to protect their interests. Fortunately, with remote damage assessments and audits, companies and consumers can adopt a data-driven approach to this process.
Accordingly, the customer can be properly billed for the damage to their vehicle. It also overcomes any concerns that either party may have done fraudulent practices.
This process is even better and more convenient with an automated system like AI. Click-ins have developed an automatic AI-based solution that accurately recognizes and analyzes vehicle damages from images taken from any mobile device in real-time. This technology is based on a combination of AI, 3D modeling, applied mathematics, deep learning, and computer vision, which is capable of analyzing vehicle damages with high precision.
Auto Bill Generation Systems
Many rental companies are using online booking platforms that generate bills manually and ask for extra charges. You can stand out with an advanced car rental application that generates bills automatically. The application will also send payment reminders and follow up on late payments via email.
‘ORIX India’ is the largest B2B Car Rental player in India that provides exceptional opportunities with innovative technology in car rental services for executives and corporate travelers. It caters to automatic bill generation based on GPS tracking at the customer’s app, ensuring complete transparency and reduced TAT of the billing cycle.
Enhanced Customer Experience
Enjoying a frictionless experience with car rental services is appreciating when these services are available at the customer’s fingertips. Remote and app-based technologies help users book their vehicles, upload documents for verification, and get their rides at their doorsteps.
In addition to convenience, it improves accessibility because customers can select between self-service models and contact customer service. Finally, it streamlines the entire leasing process, making it more efficient and customer-focused. As a result, improved customer service will lead to increased profitability and client retention.
Hertz is a vehicle rental provider known for its great accessibility and convenient services, which is why it has become the only vehicle rental service provider for the Australian Government. Under the Whole of Australian Government (WoAG) ‘Vehicle Rental Services’ arrangement, Hertz provides comfortable pick-up service for Australian government travelers at major airports.
Advanced Add-on Connectivity Services
As mobility and connectivity become more affordable, car rental companies will be able to offer it as an add-on service. Therefore, in-car technology such as wireless internet connection and satellite navigation will make traveling easy and fortunate for renters. Furthermore, it allows for telematics integration, which will assure rider and fleet safety even on the road.
Reduced Formalities and Paperwork
Customers no longer have the patience to stand in lines, fill out forms, and wait for their trip, especially in the era of “on-demand” services. Key changes brought about by digitization include shorter waiting periods and near-instant rental services. Rental service providers can digitally verify and retain records of customer details, ID proofs, and other mandatory documents, which can be stored in a cloud-based vault.
Final Thoughts
Technology is upgrading the car rental customer experience. The results say for themselves: businesses like Avis have reported a 20% increase in customer satisfaction ratings after incorporating digital technologies.
While capturing and exploiting real-time data may be a long-term dream for several car rental players, now is the time to incorporate these small but impactful changes in the car rental business. In addition, numerous technologies like AI and automated vehicle damage detection software can boost business growth.
