Having served the car rental market for the past three years, GetSet Car Rentals realised that innovation was crucial for future growth. The Australian-based rental company realised that consumers were looking for more affordable and flexible ways of getting behind the wheel - with car subscription emerging as a popular solution between car rental and ownership.
This led GetSet to explore the potential of car subscription to provide a future-facing business model for modern consumers that would go beyond the typical rental offering and with more flexibility and digital touchpoints. GetSet engaged Loopit as their technology partner to launch a bespoke car subscription product into the market as seamlessly and efficiently as possible. Within two weeks of engaging with Loopit, GetSet Car Rentals was able to successfully launch their omnichannel car subscription service with an all-new website, and immediately acquire their first paying subscribers.
The Loopit team of automotive experts provided consultancy services that advised GetSet Car Rentals on how they should build upon their existing car rental business and utilise their existing fleet to create a subscription experience to reach new market segments in the car rental space. Loopit supported GetSet on the fundamental principles of car subscription such as setting up unique subscription plans suited to their target market, and advising on the development of an all-new website experience.
With a thorough understanding of car subscription, GetSet Car Rentals identified a target market to double down on with their new subscription service. This set the foundations for Loopit and GetSet to establish a pricing and subscription plan strategy that would align with the goals of GetSet’s future-facing business model.
Partnering with Loopit allowed GetSet Car Rentals to launch their car subscription service without the complexity and inefficiencies of attempting to implement several separate software platforms in an ad hoc manner to manage their subscription offering. Instead, Loopit provided GetSet with its purpose-built car subscription management and billing platform, offering a single source of truth and robust configurability to launch an offering that suited their requirements.
GetSet understood that in order to scale their car subscription service, it needed to incorporate customer-facing self-service facilities. Loopit provided GetSet with an embedded solution that would allow them to seamlessly manage their inventory listings and monitor new customers. By connecting its consumer-facing website with Loopit’s subscription management platform, GetSet was able to implement a single source of truth for fleet data, including photos, vehicle information and pricing in a few clicks.
Having identified their target customer segments, GetSet had a thorough understanding of the type of subscription plans they wanted to offer. Partnering with Loopit provided GetSet the ability to configure every aspect of their subscription plan offering to strategically position their fleet in line with their revenue goals, including minimum term, establishment fee and usage fee rates.
As with all car rental companies, mitigating risk with robust customer assessment and fraud prevention is crucial. With Loopit, GetSet was able to automate the customer assessment process without sacrificing customer conversion with integrated identity verification and credit assessment. Loopit offers the ability to verify a drivers licence or passport in real-time without the need to upload documentation, then performs an instant credit assessment to determine the customer risk profile and associate that with a pre-configured security deposit amount. For GetSet, this meant that they could focus on scaling their business, knowing they were backed by industry-leading KYC management.
Working with Loopit, GetSet commissioned a new dedicated car subscription website to be developed that was fully-integrated with their Loopit subscription platform. GetSet was able to leverage Loopit’s existing suite of car subscription website templates and embedded point of sale to deliver a purpose-built website experience in only two weeks — allowing them to seamlessly launch their car subscription service with:
Since partnering with Loopit, GetSet was able to achieve a 337% growth rate in just five months. The rental-turned subscription company showed the impact of leveraging the capabilities of a technology partner like Loopit, in quickly launching their car subscription service to market. GetSet Car Rentals looks to grow their car subscription service in the future, adding more vehicles to their fleet and ensuring their customers are being offered affordable and flexible means of car ownership.
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