In our experience, the business management software systems used by car rental companies play a big part in determining the overall efficiency of those companies. A poorly designed software management system can have a detrimental effect on all areas of a vehicle rental business, in Australia or any other country. But what makes a good software management system, and how can it positively impact your car rental services? The needs of consumers is rapidly changing, and the traditional approach to car rental software no longer meets the needs of modern consumers. Many car rental companies are turning to subscription-based car rental software systems like Loopit to offer more flexible mobility solutions - encompassing both fixed-term and ongoing arrangements.
What is system management software meant to do?
A well-designed car rental or subscription software should support all the activities in which your company engages. It should make it easy for you to provide first-class customer service by reducing the administrative load placed on your sales team and by providing them with the information they need to do their jobs properly. Some of the features you should be considering include:
- Automated invoicing functionality — Modern car rental and subscription software should include automated invoicing functionality so that your sales consultants are not tied up with repetitive tasks when they could be doing something more creative and effective.
- Secure online payment processing — If you are running an online car rental business, you absolutely must be able to provide your customers with a highly secure payment processing option for debit and credit cards and direct bank debits. Choose the right software, and this functionality will be built directly into your management system.
- Automated chasing of late payments — Chasing your customers for late payments is a time consuming and often unpleasant task. Invest in a software management system that handles this task automatically, and you could improve staff morale, cash flow and customer service all at the same time.
- Automated generation of new customer agreements — A management system that generates new agreements automatically will save your sales team a considerable amount of time on a daily basis. This time can more profitably be used to develop relationships with new customers and explore new business opportunities.
- Customer assessment and information — Knowing your customer practices is critical to running an efficient car rental business and reducing instances of arrears and fraud. As the point of sale moves online, being able to perform robust customer assessment processes in real-time is paramount.
- Detailed reports and analysis — Business management software systems designed specifically for car rental companies should include a powerful reporting functionality. The ability to analyse customer behaviour and sales figures at a granular level will enable you to adjust your business practices and services to maximise future profitability. Basic systems that do not include such functionalities may still provide adequate administrative support but they won’t help you to improve the performance of your car rental business over time.
- Integration with existing systems — One of the biggest problems that companies face when investing in new car rental or subscription business software is incompatibility with existing applications. A well-designed management system should be able to integrate seamlessly with your existing CRM and accounting software.
- Data security — This is a key area that must be addressed by software system developers. If you invest in a system that does not comply with the latest data security regulations, you may find that you have wasted your money. You need a system that keeps sensitive customer details safe at all times and is able to handle online payments in a secure and fully compliant manner.
Business management software systems for car rental and subscription companies that deliver on all of the above points can make a huge difference in terms of efficiency and turnover. But for long-term profitability, there’s one more area that car rental and subscription business software should address — the ability to offer your customers new services.
With new markets such as car subscription services opening up in Australia and other countries around the world, forward-thinking car rental business owners, automakers and car dealership owners will want to adopt software management systems that make it easy for them to expand into these new markets. A system that supports rental, subscription, rideshare, micro-mobility and corporate fleet services all in one easy-to-use platform will prove to be an invaluable asset in the future. A system that only supports your current rental business may appear to be a good proposition right now — but if you have to replace it in a couple of years, it could turn out to be a rather expensive oversight.
Loopit: subscription-cased car rental business software for the future
Here at Loopit, we have developed a comprehensive platform that will support your car rental business both now and in the future. With our software management system, you can make efficiency improvements in all areas of your business and expand into new markets quickly and easily. For more information on our all-in-one platform, call 02 8278 9255 right now.