Why Do Car Rental Businesses Need Fleet Management Software?

Discover how fleet management software can help your car rental business remotely monitor your rented fleet, and track their location and performance. 

Corporate car rentals have become so popular ever since businesses of all sizes have decided to avoid the hassle of owning and maintaining their personal fleet of vehicles. Businesses are becoming savvy about saving operational costs and thus are open to renting cars, vans, and commercial trucks to carry every crucial transportation. 

It’s a golden market for car rental businesses. Do you know that the car rental industry is projected to grow by 3.14% between 2024 and 2028, resulting in a market volume of US$116.00bn in 2028?

Managing a rental car fleet is unlike simple addition or subtraction. Providers have to ensure their fleet is optimally utilised, maintained, and traveled. This is where they need holistic fleet management software that lets businesses optimize vehicle utilization, ensure timely maintenance, and provide a seamless rental experience. 

Here in this blog, we are discussing what value fleet management software for rental businesses holds and how it helps treat their problem statements (like they never existed).

What is Fleet Management Software for Car Rental Businesses?

Car rental fleet management software is a technological solution that helps rental car providers optimally track, manage, and maintain their fleet of cars or vans. At its core, this single software automates key operations of optimally utilising vehicles, ensuring safe driving events, limiting operational spending, and preventing mid-route breakdowns and accidents.

Find out why 700+ small, medium and large businesses automate fleet management with TrackoBit.

Schedule a Free Demo

Fleet Management Challenges That Make Car Rental Businesses Stall 

Car rental businesses face many challenges when they don’t place their investment in fleet management software for rental businesses.

Challenge 1 – No Visibility of Operating Inventory 

It becomes cumbersome to watch where the rented fleet is at the current moment. 

There is no visibility of how many vehicles are actively available to lease out or the locations or routes they are travelling on. 

Challenge 2 – Poor Vehicle Allocation 

Most rental businesses fail to have the proper allocation of their rented vehicles. They often end up giving the same set of vehicles on rent, leading to overutilisation of certain assets and a decrease in their shelf life. Meanwhile, the other vehicles parked idle also hit the downtime.

Challenge 3 – Missed Maintenance and Repair Schedules

Maintenance and repair schedules are often missed as there is no visibility of the operation of the fleet. Keeping track of every vehicle’s maintenance needs manually can be tough if there is no automated platform to do that. As a result, many businesses become victims of unexpected mid-route downtime. 

Challenge 4 – Costs often Shoot through the Roof

Without effective fleet tracking and management software, it can be difficult to know which areas of operations are shelling the most costs. Is it the fuel, the car’s frequent maintenance repair visits, or drivers’ overtime wages? With the software, it’s easy to identify these areas and find a fix to mitigate them.

How Fleet Management Software Streamlines Operations of Car Rental Businesses?

TrackoBit offers a full suite of fleet monitoring and management software that addresses the exact problem that car rental businesses face. 

Here’s how our solutions range intensifies the importance of fleet software in the rental business to help you get past pesky problem statements.

1. Real-time GPS Vehicle Tracking

The single system gives you complete visibility of the entire rented fleet. You can track which ones are currently running, idling, or simply parked. You can check your operational vehicle’s current location with precise lat-long, the route it is currently on, mileage covered, and speed. 

As it provides 360-degree visibility of your rented fleet, you stay assured that your assets aren’t misplaced and are routed around a safe path only. 

2. Better Fuel Management 

Overconsumption of fuel can cause any rental car provider to meltdown. We understand how tough it can be to manage fuel costs when inflation is present. 

The software aids in better fuel management by helping to determine usage and overall consumption patterns. You can track precise levels and know how much money you are spending on buying oil. 

The software works in sync with powerful fuel sensors that help you track the fuel readings. This helps you know, when there is a sudden rise or drop in the fuel tank. Plus, you wouldn’t realise but this one standard solution can help you prevent fuel theft too. 

3. Set Smart Alerts & Reminders

In case your rented vehicle goes outside the designated areas, the software allows you to receive immediate route deviation alerts. Not just that, you can also receive alerts when your rented vehicle is overspeeding, harshly accelerating, or violating traffic rules. 

When you choose TrackoBit, you can have options to enable almost 50+ custom alerts and reminders for any events you like. 

4. Prompt Service & Maintenance Alerts

As a car rental business, you wouldn’t want to extend vehicles that malfunction or break down mid-route. Would you?

When you have consolidated car rental fleet management software, you won’t have to worry about forgetting your servicing trips. Whenever maintenance is due, the system shoots an alert so that you can take your vehicle for servicing in a timely manner. 

Not just that, you can leverage the software to get reminded of the renewal of permits, insurance, or other important documents – whenever they are due. 

As a silver lining!

Having such an auto-reminder lets you preserve your vehicle lifespan and ensure there is no mid-route downtime. It also protects your drivers from falling prey to accidental risks and saves the money you would have to bear on the broken-down vehicle. 

What’s More? The software offers an inbuilt option to file and submit DVIR reports – before starting and ending the trip. Your rented car’s drivers and operators can effortlessly file it to prevent any further chaos.

5. Better Driver Management 

This one-stop software lets you record your drivers’ key documents and details all digitally and centrally. Moreover, the software allows you to voluntarily opt for a driver management system that allows you to livestream your drivers’ in-cabin activities. 

This requires installing dashcams into your every rented car. Over a single interface, you can watch how attentively the drivers are operating the fleet. You will know how often they were drowsy, inebriated, or distracted over their phones. 

When you are able to look into your driver’s driving events, you can put a stop to such frequent reckless driving. Otherwise, who knows when they will end up turning your precious fleet into a giant scarp. 

6. The Concoction of Vehicle Safety Features 

It’s super easy to maximise the safety of your vehicles with exclusive features that are tagged along with our car rental fleet management software:

• Parking Mode

With parking mode on, you can fearlessly park your vehicle anywhere at any hour of the day. You can also opt for an alarm that triggers when the vehicle’s ignition is turned on, is moving, or getting towed.  

• Remote Immobilisation

It’s a nightmare to have thieves breaking into the vehicle with a crowbar. By opting for remote immobilisation, you can make your rented fleet theft-proof. You can simply lock/unlock your rented vehicles remotely without the need for any SMS verification. 

• Battery Disconnection Alert

Battery theft can be a scary event for rented businesses. TrackoBit’s vehicle safety features include the option to install a battery disconnection alarm that goes off when someone maliciously tries to disconnect the battery.

• SOS Button

The SOS button is inherent in all our driver apps. Your rented vehicle operators can use it in case they are stuck in an emergency and need immediate rescue.

7. Comprehensive Data-Led Reports on Every Event

The all-encompassing software for managing fleet churns out up-to-the-minute vehicle performance data collected through OBD sensors. It lets you review your vehicle’s data around its speed, location, distance, and engine performance in the form of comprehensive and actionable reports. 

This helps you better understand your vehicle’s performance, adjust operational expenses, and keep vehicle uptime maximum to extend them for more rental services. 

TrackoBit’s fleet tracking and management software provides you with easy-to-dissect data about every operational and driver behaviour and overall fleet performance so you stay aware of events.

💡Recommended Reads:

What are the benefits of construction fleet management software?

5 Ways to Stop Diesel Theft from Vehicles

How Fuel Cards Help Small Rental Businesses Save Money?

Final Thoughts!

Car rental businesses must be backed with a platform to oversee their rented fleet, watch their live location data and activities, and stay updated about their overall performance and efficiency. That platform is dedicated fleet management software for rental businesses. 

If your rental business hasn’t ventured onto one, it’s time you must. This one platform will help you with real-time vehicle tracking, schedule automated maintenance reminders, watch over fuel patterns, and study analytical data that’s important to optimise your fleet utilisation and reduce its costs. It will even let you watch over your drivers’ performance and help segregate the ones who are reckless while driving.

The rental business market is growing. To enter and stay in this market, you need the best fleet management software, like TrackoBit, which works effortlessly with the market’s leading GPS tracking devices and sensors.