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!
New Delhi: RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, announced today that Malco Enterprises of Nevada, Inc. (Malco), a leading Car Rental Company in Las Vegas, has selected RateGain to drive business recovery with the world’s first AI-powered revenue management platform – Rev-AI.
The car rental industry today is enjoying a boom amid rising disposable incomes, improved air connectivity across smaller cities, and healthy growth in business and leisure travel. The U.S. market had its best year ever in terms of revenue in 2018, clocking a 4.8% jump in top line to over $30bn. Even more impressive was the fact this record revenue was realized on smaller fleet base, with revenue per unit hitting an all-time high of $1,131 per month.
2020 is a year that the car rental industry would want to forget. The pandemic and the challenges it brought in terms of lockdowns and social distancing had the industry witnessing an unprecedented slump. Fortunately, with the development of the Covid-19 vaccine, demand for car rentals is now gradually picking up.
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