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 that the car rental business directly renting 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 stand 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 who connects consumers to product or service providers. The car rental marketplace platform provides lower service cost, enables faster transactions, and 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.
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 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.
Must-have features of car rental marketplace
1. Advanced search filters
Profits define the success of the marketplace. During high-season you can earn better by keeping an appropriate price with respect to the demand to earn considerable profit compensating from the low-season as well.
It is one of the most vital features that helps users to search the rental cars based on their preference, needs like location and also date. This feature makes them convenient to process the bookings faster and easier too.
2. Stripe connect
Guests can make a secure payment through Stripe that helps them complete transactions quickly in a hassle-free manner. Its friendly approach provides more reliability for the users and it is also widely accepted in many countries.
3. Calendar & seasonal pricing
This feature in car rental marketplace platform helps to set pricing for a particular day or season. It can be done by choosing the specific days in the calendar and also setting up the different pricing in the session price. The seasonal pricing option also enables car owners to maximize their revenues at a short interval.
4. Manage cars
This feature helps to edit, view or upload listings according to the car types, descriptions, and also price without hassle so that the customers can able to search, filter according to their convenience. Anyone even without technical skills can easily manage the dashboard in an easier way.
5. Document verification
This is an essential feature that helps to collect and verify all the required documents like driving license, insurance, and also vehicle-related documents. It has been one of the most trusted concerns for both the car owners and also renters which will avoid illegal problems.
6. Internal Messaging
Messaging feature of marketplace platform helps to communicate with car owners and also renters during the booking process. It is also helping the user to track the previous conversations.
7. Manage reservations
It helps to keep track of all reservations and also control the process. With just a click, you can modify any booking details related to the booking date, time and also related to reservations.
Tech stack needed in car rental marketplace development
Technology has the greatest impact on how product works and also how it will perform in the future. The tech stack also influences the scalability of the product.
Choosing the right tech stack will lead you to the successful path in building the car rental marketplace.
Front end interface -ReactJS
If you are building the car renting marketplace with the idea of adding numerous features in the future, then the reusable UI component should be your pick. For that re usability, java script frameworks like ReactJS, Redux and also React Apollo works very well.
React is the front end java script library for making performance-oriented user interfaces and also boosts the primary web page load speed, provides a smooth user experience too.
Back end interface – ExpressJS
What users see as a visual interface is the result of the powerful involvement of back end technologies. Frameworks like expressJS, GraphQL, Sequelize will handle the heavy load easily.
It is a js run time environment that allows you to run an application and it is light, scalable and cross-platform to execute code. It uses an event-driven I/O model which makes it extremely efficient
The data storage platform should be efficient, scalable and also easy to maintain. The main thing you have to be clear is whether it is a non-structured query because of easy use and can also store data.
It is open-source, reliable, compatible with all major hosting providers, cost-effective and also easy to manage. Many online businesses are leveraging the data security and also strong transactional support offered by MySQL to secure online transactions, enhance customer interactions.
I hope you had a better understanding of the peer to peer car rental marketplace development and the features necessary to build car rental marketplace. There is really a huge demand in the car rental market. If you choose the right business model and tech stack to build car rental marketplace, it will help you to scale up the marketplace globally. Still have queries on this? feel free to contact our experts at [email protected].
Thanks for your time reading this one. If you are in a process of building a car rental marketplace for your business, then check out our best car rental script – RentALL Cars to build your business instantly.