Car or vehicle rental businesses are emerging to be one of the most preferred startup options. There are several reasons for the growing popularity of the car rental business such as the increase in demand, low-riding cost, hassle-free commuting experience, etc., and the car rental business is fast becoming a worldwide phenomenon. The success stories of some of the top car or vehicle rental business enterprises have paved the way for several entrepreneurs to join the bandwagon of shared mobility.
On the flip side, a successful car rental business needs robust car or vehicle rental software, which is essentially the backbone of the car rental business. While some have the capital investment to develop a bespoke car or vehicle rental script, it is ideal for the new entrants to opt for a reliable car rental clone script. There are several software or application development companies that can offer a typical car rental software, however as a business entrepreneur or software/application development company, you need to have a good understanding of a virtuous and successful business model for a car or vehicle rental business.
There are several peer-to-peer car rental clone scripts like Expedia, LYFT, etc., that offer a platform to easily rent a vehicle that is idly parked by providing a successful business model. To begin with, these car rental clone scripts consist of car or vehicle owners charging a fee to rent their vehicles through a car or vehicle rental platform.
A robust and reliable business model to start a car or vehicle rental business must offer the renters easy access to vehicles and an easy payment mode, and at the same time allow the vehicle owners to easily list their vehicles, manage bookings and payments, and maintain their profile.
Most importantly a good business model should be a revenue-generating one. Here is a step-by-step procedure of how to build a successful and revenue-generating business model for a car or vehicle rental script business!
- Booking Fee Commission – a nominal fee is charged by the car rental platform owner for every booking made through the platform. This is a great form of revenue generation as there is a consistent inflow of cash with each and every booking.
- Banner Advertisement – creating advertisement banners will help generate revenue through every ad view. Therefore, one user will lead to more than one way of revenue generation. Advertisement banners can be relevant and intriguing and therefore enhance the traction of your car rental business.
- On-site Vehicle Promotion – vehicle owners can promote their vehicle listings by paying some extra cash. This is a win-win principle for both the vehicle owners as the on-site vehicle promotion will result in more bookings and the platform owners as they will extra money for each vehicle promotion.
- Subscription Packages – this is mainly for vehicle owners. Yearly or monthly subscriptions are always welcome among vehicle owners as well as renters. At a premium amount, the vehicle owners can subscribe to spares, merchandise, products, secure bookings, and ride-sharing, etc. And the renters can also enjoy certain benefits by subscribing on a yearly or monthly basis, such as prime pick-up and drop services, immediate bookings, etc.
Apart from these revenue-generating tenets, what makes for a successful car rental script is a feature-rich platform. Here are a few crucial features to build a successful car rental script.
- Booking Fee – the booking fee feature in itself has to be transparent; however, it is not necessary for the user to know about the commission that is levied for each booking.
- Listing Fee – listing fee needs to be transparent because hidden costs will make your product unreliable. Unlike renters, car owners need to know the commission charged per listing and other surcharges.
- Types of Users – this feature will allow the admin or the platform owners to view and manage the types of car owners as well the different types of users. This allows for the streamlining of the business enterprise.
- Renter – this customizable feature will display all information about the renter including user profile, personal information, authentication information, ride statistics, renter ratings, etc.
- Owner – based on verification, this feature includes the complete information of the owner and all their vehicles including, license plate, driver’s license, vehicle insurance, service record, mileage, etc.
- Admin – a comprehensive feature that includes all relevant data with regard to all the stakeholders of the car rental business. The admin can view and manage all information with the tap of an icon.
The aforementioned features are not standalone, they work in unison with other features and the overall business model for optimized results. Therefore, while developing a bespoke car rental software or a car rental clone script, it is necessary for the software or application developers to have a comprehensive understanding to design a successful and revenue-generating business model that can grow the car rental business in leaps and bounds. RentCar is an established tech company that can help you start an on-demand car rental business with state-of-the-art car rental software script or car rental clone script for the best car rental business solutions.