Thinking to Launch a Car Rental Marketplace? Features to Consider
Congratulations on sticking to one of the high rewarding mobility business ideas. Kickstarting the journey with a car rental marketplace will help you enter the mobility market without getting into much of a typical business struggle. Let us understand the rental cars marketplace and what it takes to plan and execute the idea.
- A brief overview: Business Model
- Generating Revenue: Insights
- Must-to-have features
- Ground-level Challenges
- Why Choose Jugnoo?
A brief overview: Business model of a peer to peer car rental marketplace
The collaboration-based marketplace for car rental involves the active participation of car owners and car renters. Car owners can enlist their cars on a specific platform where all the vehicle details (colour, model, transmission) can be documented in the car rental marketplace.
The marketplace car rental works as a platform where the car renters can check the availability of the cars with their mentioned details.
Hence, it is an innovative and modest way to rent out cars from anywhere for any specific period of time. Instead of letting a car stay idle for a long period, it is smart to make money from the car rental marketplace. It is a win-win situation for both car renters as well as car owners.
Generating Revenue: Insights of Peer to Peer Car Rental Marketplace
The marketplace rental cars generate revenue through a commission model. Every time a vehicle rents out, the marketplace charges a decent amount of commission. Though this nominal fee depends on the vehicle to vehicle, it acts as an ongoing revenue generation channel for all.
Apart from this, the rental cars marketplace also generates revenue from banner ads, on-site car promotion.
The competitive marketplace for car rental is emerging as a clear cut winner in the market, owing to its asset-light and easy to manage features. If you are willing to go ahead with the typical business model and start generating a better ROI for your business, now is the time to get started.
So, if you are preparing your mind to execute the business idea of launching the rental cars marketplace, here is the list of must-to-have features in your peer-to-peer car rental business.
Let us get started!
Must-to-have features in your Peer to Peer Car Rental Marketplace
Below are the listed and essential features that should be in your rental cars marketplace.
We have categorised the features into three segments- features for admin, car owners, and car renters.
Features for admin ( Website Owner)
Streamlined Workflow: From showcasing the availability to managing the inventory of vehicles in the car rental marketplace, the admin panel should automate the processes.
Marking the geofencing: Territorial mapping of the most popular drop-offs and pick-ups should be kept in documentation to ensure a seamless customer experience.
Automated Payment Channel: Another must-have feature in the admin panel is supporting the automated digital payment and setting a fixed commission model with every successful booking.
Third-party integration: The flexibility and scalability of marketplace rental cars is a must that can support easy third party integration.
Data-packed reports: Analytical vision offered at the admin panel can help a business make the desired decisions by interpreting the opportunities.
Features for Car owners
Car listing management: The rental cars marketplace should be open for unlimited car listings and quick management.
Quick Communication: An easy communication with the car renters can help solve the first-level doubts at the inception stage. This will help in establishing a healthy relationship with the customers.
Detailed documentation: Car owners can easily get a complete list of transactions with detailed information. It helps in getting the clarity of the business performance at every level. It also helps in adding the much-required transparency.
Complete Tracking: Again, staying connected with the platform helps make sure that you can get the complete tracking of the transactions.
Features for Car Rentals
Seamless Verification: Going ahead with seamless verification of customers through the car rental marketplace helps in communalising the customers swiftly.
Advance search filters: An intelligent search filter such as car type, car availability helps the customers to get what they are looking for quickly.
Concise Navigation: The precise navigation makes it easier for the car rental party to reach the destination easily. It will help in giving the right mapping.
Rating and Reviews: The feature to quickly rate the experience helps establish a long-lasting relationship with the services.
Ground-level Challenges faced by owners of car rental companies
Certain types of challenges are primarily faced by car rental companies that can hamper the success and spirit of entrepreneurship. If you are not sure about how to tackle them and make the best out of them, read on the next piece of the blog.
Managing the inventory
Getting a quick and transparent inventory availability and then making a swift decision on how to go ahead in the operational decisions needs a high level of attention and focus. If you plan to launch a car rental marketplace, there is no looking back to spend time finding the right solution.
Collecting the payments
When you need to go ahead with digital business, you can not compromise with the payment cycle. It is hard to maintain a small payment cycle covering all the inclusions and exclusions. Also, chasing the rentals for payment and vehicle is next level.
Why Choose Jugnoo?
You might find multiple software available in the market that can help you in a smart launch of your business with a car rental marketplace, but if you are looking for all the exclusive features in one place, don’t forget to connect with Jugnoo.
For information about the process and the feature-rich software, feel free to get in touch with us at the earliest.