Rate-Highway, Inc., a provider of car rental revenue optimization services, and Fleet Consulting Association, Inc. (FCA), a provider of business intelligence and technology for the fleet and car rental, announced a partnership on June 1 to provide car rental companies with business decision support tools, according to a press release.
The partnership integrates Rate-Highway’s RateMonitor Elite car rental rate management system with FCA’s fleet rating system. This collaboration gives vehicle rental agencies the tools to determine the types of vehicles that would be most profitable in the operator’s markets, as well as the best times to sell vehicles.
The system uses market intelligence, current pricing and usage data combined with current resale market data from JD Power and Manheim to optimize fleet mix for rental and sale. Car rental operators can also determine the best time to move a vehicle from the rental fleet to sales, allowing them to maximize revenue on both sides of the car’s lifespan, according to the release.
“Car rental has always been made up of two pieces of a puzzle – one is to set the rental price optimally to generate revenue, and the other is to sell the car at the optimal time to further increase the revenue,” Roger Zakharia, CEO of Fleet Consulting Association, Inc. said in a report.
“Car rental operators can now leverage the power of Rate-Highway’s revenue optimization while simultaneously accessing insightful fleet valuation critical to planning and achieving strong profit margins in real time. “, he continued.
“The pandemic and car shortages over the past two years have really taken a toll on rental car operators,” said Michael Meyer, president and co-founder of Rate-Highway. “This collaboration gives operators the tools to ensure they are in the best position to ensure maximum revenue generation.