The car rental business is still relatively new in Colombia and was given a significant boost during the time of COVID-19. In particular, car rental services offer good options for companies, as they free up capital and offer an efficient method of providing transport, whilst mitigating the responsibilities of vehicle ownership.
Factors boosting car rentals during the time of the pandemic include people’s avoidance of public transport, alongside their desire to get away to less populated areas. Equally, car share schemes have taken off during this time, enabling the vehicle owners to mitigate their fixed cost expenses and helping those who need access to a vehicle, but do not want the responsibility of owning one.
Retail giant Grupo Éxito and finance specialist Bancolombia announced an alliance through which they entered car rentals. The Autos Éxito service operates under the concept of pay-per-use, as the two companies focus on making the rental and purchase of cars more affordable for Colombian consumers.
Car sharing schemes are also expected to gain further ground in Colombia over the forecast period. The schemes have been adopted in several cities, however, this business model still has several barriers of trust and logistics to overcome.
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Car rental covers the short-term rental of passenger vehicles for self-drive including small vans by both business and leisure users, whether from the airport or downtown locations. Small vans up to one tonne are included. For longer than average rental periods, eg rental of one month, provided the rental is sourced from the short-term rental fleet, this transaction is included. Car rental value covers the price of car hire to the consumer. Ancillary revenues are included, such as the hire of baby car seats, GPS navigation systems, optional roadside assistance services and collision and damage waivers. Volume is provided by the number of car hire transactions, fleet size and number of car rental operators. In underdeveloped markets, car rental companies offer chauffeur-driven cars. Most people prefer these options, due to unfamiliarity with the roads. Euromonitor International includes chauffeur-driven cars in car rental, when they concern car rental companies such as Hertz or Avis, which offer a chauffeur-driven service as an additional option. Car rental covers sales to inbound tourists and domestic tourists. i.e. from a destination point of view (also known as point of supply). For example, if a US citizen books a car rental service in France via the US offices of Hertz, the sales are attributed to Hertz France. The same applies for online sales. Car rental excludes long-term leasing, commercial vehicles, trucks and motorbikes and local car sharing schemes.See All of Our Definitions
This report originates from Passport, our Car Rental research and analysis database.
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