Have a Car Rental Startup Idea? 3 Reasons you Need a Car Rental App Like Getaround (Enters the Unicorn Club with a Valuation of $1.5+ Billion)
Are you a car rental startup, entrepreneur or anyone with an idea to build a car rental app? We met with our business analyst and app development consultant to understand if it is really necessary. Turns out there are not 1 but 3 reasons to develop an app for renting cars (inspired by Getaround app). Read this blog to find out these 3 reasons along with some important market statistics as well as why Getaround has been around for so long.
Cars are expensive! Not just buying them, owning a car is really costly. Even maintaining them is not something that everyone can afford.
Most people don’t even need a car every day. They take a bus or a cab or subway to work. Public transport is cheaper and easier especially with the advent of apps like Transit. This is why they don’t own a car.
Whenever they need to do some weekly or monthly errands that require a car, they can just rent it for a few hours or days. Car rentals or peer to peer car sharing is very common nowadays.
To make it even more convenient, best car rental apps like Turo, Getaround, CarShare make this process easier and faster. If you’re a car rental startup or have an idea of peer to peer car share app ideas, this is the time to get an app for it.
We’ll talk about some facts and statistics to make this clearer.
Statistics on Car Rental Marketshare
- According to Statista, the Car Rentals segment amounts to a net revenue of US$59,518m (globally) in 2019.
- This projected to show an annual increase of 3.2%, resulting in a market volume of US$67,463m by 2023.
- The average revenue per user in 2019 amounts to US$236.07.
One of the foremost apps that has taken a big chunk of this pie is the Getaround, top car rental app. Let’s talk a little about Getaround before we see the reasons you need an app like it.
Getaround – Instant Car Rental App
- Getaround was founded on September 9, 2009, and launched to the public on May 24, 2011, in California, U.S.
- It is now active in over 300 cities and has more than 5 million registered users (up till June 2019)
- The company has pioneered in the keyless technology Getaround Connect that powers unlocking through the app, so renters don’t need to rely on exchanging keys with the owner.
Source: Getaround App
- Getaround recently raised $200m in an equity financing round and entered the unicorn club with a whopping $1.5+ billion
Fascinating, isn’t it? We were impressed just like you and had a chat with our business analyst and app development consultant about why the car rental business needs a car sharing app like Getaround.
3 Reasons Your Car Rental Idea or Startup needs to Build a Car Rental App Like Getaround
1. Gain more profits even as a start-up
Imagine someone who owns a car and doesn’t use it too frequently and maintenance has become a costly task for him. Instead of selling the car he can actually make it a source of passive earning.
All he needs to do is put up his car for a peer to peer car rental. Being a businessman, you can find an opportunity here and build an app for just this purpose. You can build a personal car rental app for peer to peer car sharing.
This app will help connect the renters and owners and you can earn from the commission. You do not have to take care of car maintenance. All you need to do make sure of the authenticity of both the parties.
This is how even as a startup if you build a car-sharing app, it becomes a profitable venture.
2. Gain visibility as an entrepreneur
Getaround car rental app is like the Airbnb of cars. Even you can get in the competition if you build an app for car rental services for your business.
Using this app, your customers can rent a car from a private owner or from you directly. In this digital era, an app like this will increase your visibility as compared to your competitors. Using an app for peer-to-peer car-sharing makes the task easier for both the renter and the owner.
As an entrepreneurial venture, Getaround has partnered with Uber to which has helped it to reach out to a wider audience. It also acquired Drivy which helped increase its user base drastically.
So, if you make a car-sharing app like Getaround or Turo, it will definitely help you become more popular in the car rental marketplace.
3. Enhance customer convenience
The core of any business lies in the satisfaction of its customers. If the customers like the service of another provider better than you, then they will prefer them instead of you.
An app will help you to provide customer-service of a higher level. How Getaround works that it makes the person to person car rental easier, safer and faster.
Car sharing and rental apps do provide a range of budgets and a variety of cars to choose from. This helps the user of every kind to get a car of their choice.
Source: Getaround App
When you build a car rental app, make sure that you analyze customer feedback in order to enhance their experience.
If you want to make a successful car rental application, you need to compete with other Getaround alternatives and be better than them.
Car rental or car-sharing business has been there since you had not planned for it, and it will be there even when you retire from your business. The purpose of this article is to tell you how you can make your mark in this marketplace if you build a car rental app.
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This page was last edited on December 24th, 2019, at 4:57 AM.