Why Do Rental Vehicle Businesses Need Fleet Management Software

With growing cities, several people resort to rental vehicles instead of buying personal cars. Makes sense, right? Get a personal ride whenever you need without maintenance and owning hassles. Well, with that growing trend, rental vehicle businesses are on the rise as well. 

So, are you a rental vehicle owner and find it difficult to manage your fleet? Using good-quality fleet management software is your best option. Wondering why? Continue reading to get answers! 

Challenges Faced by Rental Vehicle Businesses 

Rental vehicle businesses have to face unique challenges. Most of them arise because business owners do not have control over how people drive their vehicles. Moreover, managing invoices and calculating costs can be tricky. Let us talk about these challenges in detail

• Theft or Damage Risk: There is no telling how people will drive your vehicles. You can also not physically control where people take your vehicles. Therefore, clients might engage in risky driving or pilferage that will lead to massive losses. 

• Calculating Costs: Rental vehicle business owners either calculate cost, duration, or both. Regardless of the parameter, knowing the vehicle’s fuel consumption and overall running costs helps in generating invoices. 

• Maintaining Vehicles: Renting out only well-maintained vehicles is crucial. However, keeping track of maintenance requirements can be tough when a vehicle is driven by numerous drivers. 

• Budget Management: Working with multiple vehicles driven by uncountable people can be tricky for budget management. This is because, without comprehensive data readings and history, it's hard to decipher how much running costs your fleet is incurring. 

Solutions Offered by Fleet Management Systems 

Humans are vulnerable to making mistakes but machines aren’t. This is why suitable fleet management software makes rental vehicle businesses smooth sailing. Here are a few features that make life easier for rental vehicles’ managers:

• Geofences: You can set a distance or geofence forbidden areas.. Therefore, you’ll get alerts if clients drive your vehicle to risky or remote areas. 

• Smart Alerts: Sensors can read risky driving such as overspeeding and harsh braking. Software integration allows you to get alerts every time your vehicle is at risk. 

• Real-Time Tracking: You get to see where your vehicles are in real-time. Even if you suspect theft, you will still be able to track your vehicles at ease. 

• Immobilization: If things get out of hand, you can immobilize your vehicle right where it is. No one can move your vehicle and your asset will be safe. 

• Trip History: Software helps track trip history. This can include distance and places travelled, fuel consumption, and driving analysis. 

• Invoices: Your software will automatically generate invoices according to the time and distance traveled and the revenue algorithm you set on it for yourself. 

• Maintenance: OBD sensors and engine diagnostics alert you when a vehicle is underperforming. Therefore, you’ll never skip any maintenance. 

The Future of Driving is Here 

The future seems to be relying on data and rental assets. After all, everyone is on the move and needs accurate information! 

Use TrackoBit for your rental vehicle business and get the most out of your assets with on-point data collection and analysis. So, what are you waiting for? Get your free trial now!