A cost-effective future | Part 2
This is the second and final part of a two-part series discussing the need for a new system of cost saving measures in the car rental industry, and how digitisation can help rental providers save money, improve their service and meet the demands of the future.
In our previous piece on cost-effectiveness in the car and vehicle rental market, we overviewed the industry as it stands, and discussed the breadth of typical cost-inefficiencies.
We also focused on cost efficiencies being only viable if those changes work at both operational level and at customer level via a well-understood cost saving strategy using innovative, modern techniques of data collection, customer service, end-user experience and real time fleet management.
Here, we deep dive further into what constitutes value for money, what changes can be implemented by vehicle rental operators to meet the rising demand for digital services, and how to better prioritise what our customers need. We also discuss our vehicle rental platform - Coastr - and how rental software services like ours are making the world of vehicle rentals cheaper, more efficient and more engaging.
What defines cost value?
The question really should be “how does the existing cost of each element of your business bring value?”
Fleet maintenance, for example, will continue to be a non-negotiable factor in your business make up, but can you look at other sectors, such as customer UX, damage reporting or fleet usage efficiencies? Are there outdated parts of your business makeup that seem sluggish, ineffective or unresponsive to change?
Most importantly, if your entire UX, fleet maintenance and data analysis, plus customer relationships and feedback can be brought under one roof, rather than siloed, “value” is then incredibly relative and you earn the value back tenfold in efficiency and time savings.
Efficiency of cost
We truly believe the most effective way to build cost efficiency into your vehicle rental business model, while meeting the demands of a digitally - oriented customer base, is through digitisation and vehicle rental software, such as Coastr.
What are the central components of a software-based vehicle rental platform?
Automated Fleet Scheduling and AI integration
With Coastr, get access to the only Artificial Intelligence (AI) enabled automated scheduling capability in the market that is seamlessly integrated with your bookings and fleet operations.
Save on fleet security
Use telematics technology to get a real-time view of your fleet from your dashboard. This gives you a unique insight to plan vehicle utilisation and maintenance so you can make targeted fleet acquisition decisions, manage disputes on fines and accidents and get insurance that better reflects asset risk profile. This data is then fed into your dashboard in a concise and coherent way for you to better plan your fleet inventory based on the number of cars in use.
Save on secure payments and use dynamic pricing
With Coastr you get access to the latest in security, pre-authorisation, currency conversion and electronic wallet solutions and a secure, end-to-end payment solution. Plus, our software enables you to input pricing rules based on numerous factors such as seasonality and demand. Coastr is powered by Artificial Intelligence to give you dynamic pricing suggestions based on market and competitor trends to increase your profits and lower revenue leakage.
Save on employee costs through digitisation.
Your customer expects a digital solution to their needs. Consider the rise and rise of digital platforms across almost every industry, from subscription “rentals'' on Netflix, to Facebook Marketplace. A digital platform such as Coastr saves on employee costs and data storage and access by focusing both the operations and the customer journey on one easy to maintain, full spectrum vehicle rental platform.
Save costs on insurance, with the power of data analysis on driving behaviour.
Your business is only as effective as the data you gather to make decisions. But through software, you can gather so much more, such as driving behaviour. Using gathered data on how people drive, you can offer savings on fleet insurance costs by recommending adequate packages to customers based on their data. This should improve customer advocacy due to taking stock of evidence based cost-offers, rather than simply offering an insurance “menu”.
Save on maintenance costs - by having an improved platform in place that alerts you when it's time for vehicle servicing.
Digital vehicle rental platforms like Coastr have an all-in-one alert system that perfects fleet management and ties in your maintenance calendar.
Save on dispute claims - with instant damage recording features.
Features such as instant damage reporting means your operational team can immediately react to outgoing costs and fleet adjustment.
Sustainability.
SaaS platforms such as Coastr are intrinsically efficient on resource costs, plus you can use the app to communicate directly with your customers regarding fleet efficiencies, the offer of EV cars or vans, and how your business is changing in the wake of the UK committing to carbon neutrality by 2030.
Encouraging cost efficiencies whilst maintaining operational fidelity is a challenge, but digitisation via platforms such as Coastr offers just that: an efficient, customisable tool where you can make an immediate impact on your operational cost, while improving your customer journey.
Digitise your rental operations with Coastr. Increase fleet utilisation and reduce your costs today.