Car rental businesses are doing pretty well these days, or at least they were before this year and they will again very soon. This is the reason why entrepreneurs are seeing the domain as a great business opportunity. However, a car rental startup requires hefty investment because you will have to start with a small fleet at least. Moreover, you will also have to go the extra mile with vehicle maintenance. This is a responsibility that most business owners fail to pay attention to but not being careful enough can land you in big trouble.
Without fleet maintenance and management, it would be difficult to control the vehicles in your fleet. To add to the woes, the operating costs will rise and there will be a higher risk of accidents. So it makes sense to be careful about routine monitoring and maintenance of every single car in your rental fleet. Here are the key aspects of vehicle management that you need to be aware of.
Fuel Management
Perhaps the most significant aspect of running a car rental business is fuel management because it can help you cut down your expenses in the long run. This becomes all the more important in the current times when the transport industry is struggling with ever-rising fuel prices. The simplest measure to ensure fuel efficiency for your vehicles is by controlling the air pressure of their tires. This is something you will constantly need to monitor for the entire fleet.
Running cars with less air pressure can elevate the fuel consumption, which may eventually burden your business to a considerable extent. On the other hand, ensuring high fuel- efficiency for the fleet can save you a great deal. Additionally, it lowers the overall environmental footprint of your company by reducing carbon emissions.
Vehicle Maintenance
It is equally important to maintain the fleet in the best condition so that you can minimize the risk of mishaps. In fact, this is an obligation of your company as you have to practice a standard of reasonable care for your customers. If a mishap occurs due to a lack of maintenance of the vehicles, the customers may hire knowledgeable car accident attorneys to file a compensation claim against your company. The victims have a rightful claim in such cases and you will have to pay them eventually.
This is the last thing you would want to happen at the startup stage because a lawsuit translates into financial loss and reputational damage. Another reason to invest in vehicle maintenance is that it can save you from major expenses related to broken down vehicles in the long run. Timely maintenance and repairs can prevent expensive damages and even prolong the life of your cars.
Regulatory Standards
When it comes to vehicle management, car rental businesses cannot afford to go slack with regulatory standards. There are certain regulatory compliances that you have to follow in accordance to government standards and regulations. Further, you may need to stay compliant with some industry standards as well. A vehicle management system plays a vital role in maintaining these standards.
It keeps track of all the vehicles in the fleet and brings attention to ones that are not compliant at any point in time. The compliance issues may relate to the age, condition, registration and taxes related to the cars. With timely awareness, you will be able to take immediate actions such as renewing registrations, paying taxes or doing repairs for ones that are non-compliant.
Employee Training And Monitoring
Apart from vehicle management, another aspect that new car rental businesses need to be careful about is employee training and monitoring. Even as you rent the cars to the customers, there will be employees responsible for the upkeep of each vehicle in the fleet. It is essential to provide them adequate training to understand and care for company cars and ensure that they are used properly.
As a part of the employee training, they should be educated to monitor issues such as misfires, torque loss, strange engine sounds and anything else that isn’t normal. A proactive approach towards monitoring and reporting even the smallest issues can help your business maintain the vehicles in top shape.
First-Rate Fleet Management
As a car rental startup, you need to be careful about your fleet because that is what your business operates with. Vehicle management at the initial stage is complex enough but things can get even more challenging as your business grows and new vehicles are added to the fleet. Having a proper process right from the start is important as it gives your company a head start with vehicle management and you will be able to handle your cars efficiently, no matter how large your fleet becomes.