How IoT Can Empower Car-Sharing Companies
Car sharing companies provide all the freedoms of owning a car, without the high costs involved. They leverage factors like economies of scale to offer membership subscriptions or pay-as-you-drive plans which are usually cheaper than owning a vehicle outright.
However their business models are far from perfect, with various challenges coming into focus over the last decade. Soaring fuel prices and high maintenance costs have eaten into their margins, while competition from ride-sharing companies and traditional car rental businesses poses hurdles to gaining a larger market share.
Car sharing companies are also inundated with an overwhelming number of booking requests they may not be equipped to handle. Without a seamless platform to accurately track location and availability of vehicles, user experience suffers and customers may be less willing to purchase long-term subscriptions.
To properly optimise their business models to maximise profits. Overdrive IoT’s Car Sharing Solution provides an affordable end-to-end fleet management that supports businesses in maximizing their vehicle utilisation, reducing operational costs, and improving customer experience.
With large overheads and tight margins, it’s important for car sharing companies to properly optimise their business models to maximise profits. Overdrive IoT’s Car Sharing Solution provides end-to-end fleet management that supports businesses in maximising their vehicle utilisation, reducing operational costs, and improving customer experience.
Increased Utilisation
Overdrive uses vehicle GPS trackers in Singapore to collect real-time data about the vehicular activity. This information can then be analysed to gain actionable insights into your fleet utilisation. Car-sharing providers can use the generated reports to identify peak periods, vehicles that have higher turnover rates, and the most optimal locations for their services. These trends can then lead to better decision-making, greater efficiency, and drive growth.
The technology that powers Overdrive also makes it possible for any firmware or hardware devices already installed in your vehicles to gather the data and transmit it to our solution platform for more granular analysis. Our data-driven approach gives a competitive edge to businesses while giving them more control over their operations.
Learn More: The Importance Of Car Tracking Devices For Rental Companies
Reducing Costs
Maintenance and fuel costs make up a significant portion of the expenses behind running a successful car sharing business. To protect their most valuable assets, car sharing providers can tap on Overdrive’s management tools to view reports on vehicle usage, maintenance history, and fuel consumption.
Car trackers in Singapore and other firmware devices can identify vehicles which show excessive fuel consumption. These vehicles can then be flagged and investigated to locate the source of the wastage. Maintenance schedules can also be more robustly managed to keep vehicles in optimal conditions for driving, which can lower costs. Intelligently planned maintenance can also minimise vehicle downtimes to boost your overall profitability.
Improving Customer Experience
Overdrive IoT’s Car Sharing Solution comes with the ability to manage vehicle bookings, handle reservation requests, and monitor risky driving behaviour to keep your assets and customers safe. In tandem, these benefits work to improve the overall customer experience via a seamless platform that is flexible and versatile enough to work on any smart device.
In a rapidly changing landscape, it’s also important for car-sharing companies to keep up with the latest industry developments. Overdrive’s commitment to continual innovation and evolution can help businesses stay ahead of the competition and future-proof their business models.
Overdrive’s fleet management solution is designed with the needs of car-sharing companies in mind and simplifies complex tasks involving asset management and bookings. It gives you the tools to focus on the big picture and scale up your business.
To find out more about our products and services, reach out to us via our Contact Us page and let us know your questions. Our support team will be glad to assist you in any way they can.
