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!
Revenue management for the car rental industry is a hard ball to crack, with various complex models of operation and polarity in the type of customers across a company’s fleet rental activity. The central differences in the supply-and-demand characteristics further complicate management of revenue in the car rental industry.
In today’s day and age, everything has subtly shifted to the confines of the Internet. The entire online experience has become similar across all channels for almost all the industries, especially, Travel Industry. Whether a person is booking a hotel room or planning to rent a car for that much awaited road trip, the experience is now quite similar.
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.
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.
Dallas: RateGain Technologies announced at the 2021 International Car Rental Show the launch of revAI, the first end-to-end AI-powered demand forecasting and price optimization platform for car rentals to make every forecast profitable.