With the near fallout of Hertz in 2020, it seems that the times may be changing for rental companies. Less people are owning or driving cars in major urban centers. Uber and Lyft are picking up more people each year and now the introduction of dedicated delivery and transportation pods, the rental industry has a lot of competition on their hands. Now add in subscription cars and their market could be near its end. So how can we help this market? Check out our podcast below for the story.
Rental cars have been around since the automotive boom of the 1920's. But today it seems that their piece of the market is starting to erode. Hertz was the first to hit the wall, with a near bankruptcy in 2020. They have now pulled through, but still have a long way to go before they get back to how it was before.
As long as we have had cars, we have had a need to rent them. With a boom to the aviation industry in the 20's, rental cars were seen as a lucrative market. Soon enough rental companies started to spring up, but mostly in downtown cores. Before long one company would see the benefit to setting up shop closer to the airport, as they are the high users of rental cars.
But today that climate is changing, as new competition has sprung up. From subscription cars, to ride hailing services, this industry is seeing more and more competition. So, how can they evolve to
fight off the newcomers? Those answers and more on this weeks podcast.
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