Entrepreneurs are showing a huge interest in car rental marketplace development since the demand is phenomenal. But some entrepreneurs are not aware of the end-users needs and also the problems they are facing to build the car rental marketplace platform.
If you are one of them, then this blog post may help you out.
Types of car rental marketplace
There are two types of car rental marketplaces,
1. Car rental business to customers
This type of marketplace is where the car rental business directly rents their own cars to the customers and another is the platform that connects car owners with the person who needs to rent a car.
2. Peer-to-peer car rental
The second model of business is called as peer to peer car rental business. For example, Turo operates in this manner.
In this post, I’m going to share the must-have features that should be available in your peer-to-peer car rental marketplace. These features may help you get more customers by providing a better experience and standing out from the crowd to become a successful marketplace provider.
Peer-to-peer car rental marketplace
It is also known as people car sharing and the process where existing car owners make their vehicles available for others to rent for a short period of time and also earn some money out of it.
It removes an intermediary that connects consumers to product or service providers. The car rental marketplace platform provides lower service costs, enables faster transactions, and is also convenient for both the providers and also users.
Learn more about peer to peer car-sharing business and its benefits to grow your business.
Business model
Choosing the right business model for the car rental marketplace helps in generating good revenue and also business growth.
1. Commission based
In the car rental marketplace, Commission based is one of the widely used business model. The fee will be based on both fixed or percentage of the transaction value to be cut from the amount paid by the renters. The marketplace platform owners can charge a nominal fee for every booking from the car owner and also the renter.
2. Featured listing
Another simplest way to earn revenue is from a featured listing. Car owners who want to get more bookings can brand their listing on the homepage of the platform. It helps them to earn more revenue by highlighting the product in top search results. It attracts most of the users and also helps to drive more bookings.
3. Subscription model
It is an essential business model of the car rental marketplace that makes steady monthly revenue by charging car owners a recurring fee. It is most helpful that allows paying a fixed amount of money on fixed time intervals like a monthly or yearly basis. Subscription is a reliable model that doesn’t charge a commission on car owners for every single rental they are getting. This model will lead to higher revenues and also customer retention in the marketplace.
Conclusion
I hope you had a better understanding of the peer-to-peer car rental marketplace development and the features necessary to build a car rental marketplace. There is really a huge demand in the car rental market.
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