The car rental industry has gained huge popularity in recent years. According to the statistics, the global car rental industry reached $149.9 billion in 2020 and is expected to reach $214.04 billion by 2027. Hence, starting a car rental business would be more profitable.
Have an idea about starting a car rental business like Turo? If so, then this blog is right for you.
This article covers everything that you should consider before taking your primary step.
This blog covers you with,
- A short introduction of Turo clone
- How starting a car rental business is beneficial?
- The complete workflow of the car rental business
- Features to be included
- Monetization strategy used in car rental business
- Technologies used
- Build your car rental business with a perfect solution
- How does RentALL Cars be the perfect solution for your car rental business?
What is a Turo clone?
Turo clone is a customizable car rental solution that allows car owners to rent their car and guests can book the car without hassle. It helps entrepreneurs to begin their car rental business journey quickly.
Starting a car rental business like Turo is beneficial?
The revenue in the car rental industry is projected to reach US$30,757m by 2025.
North America accounted for the highest share in terms of revenue in the year 2019.
Turo’s estimated revenue is up to $68.6 million per year.
According to Statista "In total, 6% of U.S. car rental customers say they like Turo. However, in actuality, among the 39% of U.S. respondents who know Turo, 15% of people like the brand."
Hence, statistics proved that starting a car rental business like Turo is beneficial.
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How does the Turo clone work?
- Renters can log in to the platform by using their email address or social media accounts
- Car owners post the listings and add their desired payout method on the platform
- Renters search and book their desired listings.
- Car owners receive the booking request from the renters
- Both renters and car owners can message each other in case of any booking related queries
- Car owners can either accept/decline the request based on their availability
- Once the car owner accepts the request, renters start their trip
- After the trip ends, both car owner and renters can rate each other
Features to be included in Turo clone:
1. Multiple login options:
Offering a simplified sign-up process helps users to log in to the platform with their email address or easily with their Facebook or Google accounts.
2. Advanced search filters:
This feature allows the customers to search based on trip dates, type, price, location, and so on. It helps the customers to find their preferred cars immediately and also makes the process of bookings easier.
Customers can save their favorite listings for future reference with the help of the wishlist option available on the platform.
Customers can communicate easily with the car owners’ in case of any queries with an advanced messaging system.
5. Rate and review:
Customers can share their feedback and opinion based on their trip experience as ratings and reviews.
6. Stripe payment gateway integration:
Customers can make their transaction process safer and also secure with the help of stripe. It is more reliable for the renters when compared to other payment gateways.
1. Manage cars:
Car owners can manage and edit the information like car type, descriptions, name, pricing, photo uploads, and so on.
2. Manage reservations:
Car owners can easily track and manage all the reservations along with required details like renter’s contact information, message history, receipt. There is an option for car owners to view all the upcoming and also previous reservations.
3. Document verification:
Car owners submit all the vehicle-related documents like driving license, insurance. Admin verifies all the documents submitted by car owners and has the right to approve or reject the documents.
4. Seasonal pricing:
Car owners can set different pricing during peak season. It helps the car owners to handle the demands on peak season and increases profitability.
5. Add payout:
Car owners receive their payments for a reservation as a payout. They can add multiple numbers of bank accounts and can set any one of them as default. The payout for a reservation will be transferred directly to the default payouts.
6. Multiple bookings:
Types of bookings available in car rental platforms are Instant booking and Request to book. ‘Instant booking’ allows the customers to book their car instantly. The ‘Request to book’ option allows the customers to send a booking request to the car owners. Car owners can either accept or decline the booking request based on their choice.
Monetization strategy used in Turo clone:
Here’s the way to generate revenue by starting your rental business using Turo clone,
The platform owner charges a certain commission fee for every successful transaction done on the platform. The fee is either in the form of fixed or percentage.
With the evolution of countless technologies, choosing the right technologies becomes more challenging. But, the right tech stack that suits your car rental platform is React and GraphQL.
The primary aim of choosing the right technology is to experience the high performance, increase productivity, revenue, and also be easily scalable.
Ready to build your car rental app with the perfect Turo clone?
If yes, you have taken the right decision. I would strongly suggest you RentALL Cars- Car rental script. It helps entrepreneurs to build their car rental business like Turo within a short interval. RentALL Cars support you right from planning to launching.
Let’s see how RentALL Cars benefits entrepreneurs in setting up their car rental business,
How does RentALL Cars be a perfect solution for your car rental business?
- Easy to customize for all your rental solutions
- Availability of complete source code
- Faster launch to the market
- Easily scalable
- Supports multi-language and multi-currency