Navigating the intricacies of the car rental industry can be complex, especially when fine-tuning revenue streams. AI and ML bring about a smarter car rental service with more margins to be earned. Imagine during a big city event, your car rental prices adjusting in real-time to match high demand. That's the beauty of AI!
Given the debilitating scenario of Covid-19, the volatility across all markets has gone up multifold. So, for any business to thrive in unpredictable markets, it became essential to do away with ‘assumptions’ and rely on machine learning forecasting methods.
As the car rental industry looks set to gear up for the next few years, here are 5 lessons from 2021 that every car rental business must be mindful of.
In the quest for improved fleet utilization (fleet efficiency) and Revenue Per Day (RPD), car rental companies are trying out multiple tactics and solutions to maximize two of the most important KPIs in the car rental industry.
The travel and transportation industry has historically been slow to innovate. Many players in the industry, especially car-rental companies, rely on customer service and employee loyalty, rather than digital tools, to generate business value.