Car Rentals - US - June 2015
"Car rental revenues have been increasing steadily and are expected to continue growing through 2020 as consolidation in the market drives up prices and as travel participation/expenditures rise. New technologies and service model adjustments should help companies maintain sales growth, as should improved loyalty offerings and more streamlined rental processes. There’s a noteworthy desire among many consumers to rent from companies that use innovative technologies, promote convenience, offer transparent pricing models, and meet their unique, individual needs. Green vehicles and luxury offerings are also increasingly capturing the interest of renters, who want to simultaneously boost their perception of themselves while feeling like they are saving some money."
- Lindsey Rogers, Consumer Research Analyst
This report discusses the following key topics:
- Relatively few are members of a car rental loyalty program
- Renters are not confident in their choices
- Pain points lead to dissatisfied customers
For the purposes of this report, car rentals are defined as rentals and car sharing of light-duty passenger vehicles, including, but not limited to, midsize/large vehicles, SUVs, light-duty pickups, and hybrid/alternative power vehicles. The report does not cover vehicle leases. The market size is limited to US car rental operations.
The car rental industry is far from commoditized; most companies cannot compete successfully on price alone and must pay some thought to their customer service and process. Customers want to work with companies that are convenient, use new technologies, offer price transparency, and encourage fun – a few of the reasons why car-sharing services have become so popular. Likewise, they want to work with companies that remove pain points rather than just provide alleviation. This requires that companies be forward looking and anticipate customer needs. It also requires that companies work to build meaningful relationships with their customers – even those that only rent once a year – that go beyond offering discounts and promotions.
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