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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Understand the latest market trends and future growth opportunities for the Car Rental industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Car Rental research and analysis database.
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