Growth in Car Leasing and Future Outlook
Leasing or Rentals of automobiles, as many people think, is not a newfound venture. The first Car Leasing Company was Rent-A-Car Inc. founded by Walter Jacobs in 1918. The industry has never looked back since then and is only expected to grow as urbanization increases and workers and families try to save costs on travel expenses through renting and pooling of vehicles.
Car Leasing Industry: Then and Now
The industry has gone through massive changes from how it was originally structured and used to operate. Earlier, most rental companies used to target tourists who wanted to explore Cities with ease in mobility. Another target audience was lower income level groups who were financially unable to own a Car. As technology improves day by day and services become more integrated with each other, the demand for Car Leasing has shot up exponentially. Low age group level individuals who are unemployed or those who are working in cities other than their hometown tend to prefer renting a Car rather than investing their hard earned income to purchase one. This phenomenon is only expected to grow as the influx of people from rural areas to urban spaces continues at a high pace. As people get more and more dependent on using technology for everyday chores amid increasing standards of living, it would be almost impossible for cities to handle the burden of so many vehicles ply on their roads and this is where Car Leasing can prove to be a gamechanger.
Its just not about Car Leasing Anymore
Contrary to earlier generations, people living in the present days tend to rely more on technology and internet based services than ever before. Everything is available to the consumer at the touch of their screens and this has led Car Leasing companies to up their game by providing extra services and enhancements which makes them more attractive to potential customers.
Some services which leading Car Rental companies provide apart from basic mobility include:
- Bookings through website and mobile apps.
- Using GPS to locate customer and also to monitor Vehicle leased.
- Cashless Paying systems for hassle free payment.
- Online database of drivers and tour guides for easy travelling and sightseeing.
The Future of Car Leasing
We can easily assume that Car Leasing is going to be a massive industry in the coming days as demand for integrated travel and green technologies is increasing worldwide. Self Driving cars, once they become standardized and safe will be used to replace the human drivers who can be inefficient and time consuming compared to AI controlled vehicles. As urbanization reaches all parts of the world with growing demands for rapid mobility, its safe to say that Car Leasing will be a standard way of life in the coming years.