Availability and pricing are fundamental to the success of your car share enterprise. Car sharing offers borrowers the freedom to use different cars at the time and on the days that work best for them, at a price that is competitive with other self-drive transport options.
Discovering what works for your cars, your customers and satisfies your investment requirements is one of the exciting aspects of being a car share entrepreneur.
Set your cars up for success
Good products and good customer service are the foundations of any enterprise's success.
Make sure that your cars are clean, reliable, have a great profile with plenty of attractive profile photos and their Serviced Badge. Work towards getting your Trusty Car Badge and build up your good reviews by providing a good service to your Borrowers.
Knowing when Borrowers want to access your vehicles and actively managing those opportunities is key to ensuring your cars are consistently earning you an income.
As a general rule, the more of the time your car is available, the more it can earn. Weekends are the peak times, and holidays like Easter, Christmas and long weekends also see high demand.
If you have vehicles that usually sit idle over the weekends, such as commercial vehicles, utes and vans, this is a prime opportunity to tap into peak demand.
Pricing your cars to satisfy your required returns as well as maximising the amount of time your vehicles are booked is a fundamental of running your car share enterprise. Competitive pricing will make all the difference to the success of your fleet.
As with a hotel, if you don’t rent your car out on a day, that day will pass without any earnings - depending on your own preference, it may be better to rent it at a lower price than to forgo bookings while waiting for a customer who will pay a higher price. If you want to maximise utilisation, set your daily rates at an attractive rate so that your car is booked for as much of the time as possible. Just a few dollars on your daily rate can make a difference, so experiment to find what works for you.
If there are other cars in your area that offer better features with more affordable pricing, they will likely be the more popular choice.
Many owners find their cars are more popular at certain times of the year and are successfully pricing for weekly and seasonal fluctuations - with higher pricing during high-demand periods and substantial discounts during slower times.
Finding the perfect pricing for your cars can be a process of trial and error. Don’t be afraid to experiment.
Attracting repeat customers, who return to borrow your vehicles time and again, will help you scale and grow your enterprise.
This can be as simple as ensuring your cars are kept clean, inside and out, on a regular basis. The addition of useful bits and bobs like phone chargers and holders, jumper leads and rubbish bags help borrowers feel like you’re looking after them.
Allowing for cleaning, maintenance and regular checks of your cars in your processes ensures your cars are ready and available as soon as someone wants to book. If a Borrower has to wait for their car to be ready they’re unlikely to book again.
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