How to choose your long-term car rental software?

Discover how to choose the right long-term car rental software to optimize your vehicle fleet and leasing operations.

The use of long-term vehicle rental software can bring many benefits to the lessor. The best car rental software will allow you to manage your long-term rental business in an optimal and customized way.

Why use long-term vehicle rental software?

We will discuss the benefits that using long-term vehicle rental software can bring you. But first, here is some interesting information about the long-term rental sector.

Key figures of the global car leasing market:

• The market was valued at $107.8 billion in 2023 and is projected to reach $164.3 billion by 2032, growing at a 5% CAGR between 2024 and 2032.
• Electric vehicle (EV) leasing is gaining traction as governments offer incentives to promote clean energy adoption. In December 2023, France launched a social leasing program, allowing low-income individuals to lease EVs for as little as $43 per month with no down payment and six months of free charging.
• Sedans accounted for 30% of the car leasing market in 2023, despite the growing popularity of SUVs and crossovers. Consumers are drawn to improved fuel efficiency and competitive leasing offers from manufacturers.
• Internal Combustion Engine (ICE) vehicles held 73% of the market share in 2023, due to their widespread availability, established refueling infrastructure, and consumer familiarity with conventional engines.
• North America generated $32.5 billion in car leasing revenue in 2023, driven by increasing demand for flexible leasing options in the non-luxury vehicle segment. Companies like Ford and Uber have introduced pilot programs, such as leasing the Mustang Mach-E to Uber drivers in California.
• Automakers and leasing companies are forming strategic partnerships to expand EV leasing. In February 2024, Arval partnered with BYD to strengthen its EV leasing offerings for corporate fleets and individual customers.
• Corporate fleets are increasingly adopting EV leases to align with sustainability goals. Many leasing companies now offer customized fleet solutions, making it easier for businesses to transition to electric vehicles.

Car leasing is booming, fueled by digitalization, the EV transition, and increasing demand for flexible mobility solutions. Given this growth, it is essential for car rental companies and fleet managers to choose a powerful car leasing software that will support them sustainably in the development of their business.

How to compare long-term car rental software?

Here’s how to compare long-term car rental software, with the key features you shouldn’t overlook when choosing your future management solution. Here is what a complete long-term rental software can do for you:

• Precise calculation of the residual value of your vehicle. As soon as you put your vehicle on the road, you know its residual value. You are therefore assured of controlling the profitability of the latter.
• Provision of a long-term quotation tool that allows you to communicate precise estimates to your customers and to forecast the residual value of vehicles according to the terms of the contract (rent, mileage)
• Free choice of invoicing frequency
• Generalised invoicing. If one of your customers has 20 vehicles in leasing at home, you can invoice them all at once using the long-term rental software. You can define invoicing rules specific to each of your customers.
• Possibility of invoicing various services simply by integrating them into the rent (maintenance package for example or maintenance and occasional repairs) or by invoicing them separately
• Possibility of invoicing additional kilometres by the year, by the quarter or even by the month for your customer’s entire fleet
• Mileage sharing for the same customer. For example, if vehicle A of the customer drives 1,000 km less than those included in the contract and vehicle B of the customer drives 1,000 km more, then the customer does not pay any additional km
• Calculation of schedule and rent increase. You can give your client a schedule at the beginning of the rental period over the entire duration of the vehicle leasing contract, which takes into account any rent increases
• Management of direct debits with the edition of a file meeting current banking standards and automatic posting of your entries in the accounts.
• Automatic alerts on maintenance. You have the possibility to configure an automated email sending in order to communicate to each of your customers a listing indicating which vehicles they must have maintained, for what reason and when.
• Management of bridge loans. When a customer’s vehicle is immobilised for one reason or another (breakdown, maintenance, accident), the software allows you to manage the loan of a relay vehicle that takes into account the kilometres driven with it in the leasing contract.
• Analysis and statistics centre. The long-term rental software provides you with complete and detailed analyses to better manage your activity. You can have access to a very large number of indicators. For example, you can calculate the profitability of your vehicles based on the number of kilometres driven and the average age.

A powerful long-term car rental software must provide precise tools to optimize contract management and vehicle profitability. It should allow you to calculate the residual value from the moment the vehicle is put into service, generate accurate quotations, and manage flexible billing (rent payments, additional services, extra or pooled mileage). Automated management of direct debits, maintenance alerts, and bridge loans simplifies vehicle tracking and enhances customer service. Finally, a comprehensive analytics and reporting center should deliver key performance indicators to efficiently manage operations and maximize the profitability of your fleet.

What is the best choice for long-term car rental software?

With the specific requirements of long-term rental and the wide range of software solutions available, making the best choice for your long-term car rental software is essential. That’s why hitech has been developing myrentcar for over 35 years—the leading long-term rental software that also allows you to manage short- and medium-term rentals for all types of vehicles, whether your fleet consists of cars, vans, or trucks. Myrentcar meets all the challenges of the long-term rental industry, offering the essential features needed to manage long-term rental and lease with option to buy. This software has already won over major players in the industry, such as Ayvens, Olinn, and Skandi Lease, who now manage thousands of long-term rental vehicles with this solution.

Choosing myrentcar means choosing a partner that understands your business and can support and guide you in your daily operations. The teams at hitechsoftware, the company behind myrentcar, are available and responsive, ensuring a personalized service tailored to the needs and requirements of your leased vehicle fleet. Join more than 4,000 users across 15+ countries who trust myrentcar to optimize and maximize the profitability of their car leasing operations. Visit the hitech blog for the latest automotive industry news and to learn more about the extensive capabilities of their vehicle rental management software.