After the successful channelization of ride-sharing business like Uber, Lyft, Cabify, a lot of rental businesses are transitioning to the online marketplace. Most of the millennials think it is better to rent a product than to earn ownership. This provides affordability as well as comfort. Nowadays, this practice is said to be sharing and renting economy.
The car rental industry has grown at a rapid pace with changed gears over the past couple of years. Indeed, the car rental business model is becoming a self-driving concept to flourish the users with on-trend renting practices in the market.
According to a report, the worldwide car rental market is likely to grow at 14% CAGR within 2018-2023. Several top car rental companies like Enterprise, Hertz, Alamo, Avis, Thrifty, and Budget has acquired the US market in recent days. If you want to start a car rental business, the Airbnb model is a great idea for you.
Know about Airbnb:
Airbnb is an online vacation rental marketplace for hosts and travelers to book unique accommodations anywhere in the world. It lets people rent out their properties or rooms to guests on a commission basis. Airbnb works on a peer-peer model. Let’s know about the P2P in a brief.
Peer to Peer Rentals: This is a process of individuals renting a good, service, or property to another individual. The host who owns a product will rent to the guest who requires it. For example, a car owner lends a vehicle for rent to the required customer through a unified platform. Both of them will be benefitted as the owner turns the unused car to make money for a limited period of time and the borrower gets it to fulfill the needs.
P2P car rental marketplace works the same as vacation rental marketplaces like Airbnb. The owners of the homestays connect with the consumers in Airbnb. Likewise, a car rental business plan connects the vehicle owners with the customers who want to take in rent.
How to start your own car rental business?
If you wish to start a business in car rentals, this article will help you in every aspect. To build a website or app from scratch is tedious. It takes a lot of time and resources to set up a website from scratch. It would also cost you a lot by considering the individual cost of each module and the functionality of your website. Instead, several clone scripts that are readily available in the online market with reference to Airbnb. These clone scripts are equipped with all features to generate revenue from your vacation rental business.
You can use the car booking Airbnb clone script to create your own website and start right away your business with a trusted community. You can search through various people in your area renting their cars and extend your criteria on the platform. These parameters facilitate budding entrepreneurs to become a part of this trendy business. Let’s discuss the niche in detail and comprehend every aspect of how to start a car rental business.
Why you should choose the Airbnb clone script?
Airbnb clone script provides a one-stop solution to facilitate your car rental business. You’ll get a plethora of features and functionalities from a readymade turnkey solution. You can easily customize any further additional services and also incorporate your business ideas.
The clone script is readily available in the market to help the entrepreneurs to bring out their customized online vehicle rental platform swiftly. You can also extend your business through our mobile apps also by using the car rental software in the iOS and Android platforms.
Check out the multiple features to grow a profitable car rental business by using the Airbnb clone script.
- Source Code: The entire source code will be yours and you have full control.
- Customizable Platform: A complete customizable platform deployed with open source technologies.
- White Labeled: Give your own brand and logo to your online car rental platform.
- No recurring amount. Hassle-free installation.
- Secure Payment Method
- Ratings and Reviews
- Platform Compatibility
- Easy to maintain the user and owner records by admin
- Multiple Payment Gateway
- Responsive Design
- Cutting Edge Technology
What are the Prerequisites need before starting a car rental business?
Identify your Niche:
One of the preliminary steps to setting up a car rental business is determining the niche. As it is a diversified business, you need to know about specific requirements, focus your audience, and analyze your competitors in the market.
Scope out the competition in the market whether there is any presence of other car rental businesses in your area, how they run, how you will set yourself in the market from them. Choose and follow comprehensive niche guidelines like location, target audience, demography, etc. to determine audience behavior.
Find out a platform:
To start a car rental business, you would need the following assets to proceed with:
- An online platform (website or mobile app)
- A domain name for your website’s address
- Host for your website
Find a stable solution for building a car rental platform. There are numerous advanced Airbnb clone scripts available in the market that helps entrepreneurs in starting up their own car rental business.
Check a niche-specific solution that will help you to bring a spotlight to your car rental website in just a shorter duration of time. This makes you be ahead of other players in the competitive market.
Check the facilities provided by the platform:
Creating a website should not be the sole aim of entrepreneurs. The software should have remarkable facilities to manage, run, and operate an advanced car rental website.
All the things in the software need to be fully automated on your website to provide a convenient option for your customers. For example, car owners can list their cars on the marketplace with several details, marketplace verifies and inspects the car details, approve or decline the listing after verification, the customer collects the car at the specified venue and on time, etc. and many more.
Insights, Google analytics, and enhanced dashboard are few of the most significant admin-related features that need to be checked before using the platform.
How does a car rental business work?
If you are looking to set up a car rental business with an Airbnb clone script, have a look at the workflow. The car owners who rent their car, and the customers, who get the car for rent access their own profile on the platform.
The owner should register the car with the corresponding website or App. The owner lists the car with pictures, videos, and detailed descriptions like car model, transmission type, braking system, etc. Then the App calculates the rent price according to the car’s market value and put in to live after approval of all the required documents.
The customers can book their desired car by filtering from lots of choices on the platform. The users can also check the descriptions, reviews, and ratings before moving to the payment page.
The Admin can manage and monitor the whole scene and acquires fee for renting service, booking of cars listing, cancellation of the booked car, etc.
How does the car rental business make money?
All the revenue streams can be determined after doing complete research. Once you launch a website using the software, you can earn money. The basic revenue generation model includes the commissions earned from the car owners and customers.
Let’s have a look at the monetization method of ‘Turo: A popular P2P car rental App’.
Airbnb clone script is equipped with many possible major revenue channels to generate revenue for your car rental business. However, it mostly consists of a fee that is charged from both the owners and the customers.
Commission fee from the car owners:
The vehicle owners will be charged a commission amount upon every booking by your marketplace platform. For example, when a user chooses and books a car for rental and completes the process by making a payment, the admin will get a share as a commission amount.
Transaction fee from customers:
The users also need to pay a percentage cut of the booking amount as a transaction fee from every confirmed car booking. For example, when a customer books a car for rent, a service fee is charged by the admin.
The rental business had entered the digital world and has taken millions of people into the market with its growing demand. After knowing all the above-mentioned stances, get off the ground in the rental industry and run a consistent and profitable car rental business on your own.