The car rental business is still seen as what is colloquially called in Colombia “the business of moonlighting”. There are few authorised companies that have National Tourism Registry (RNT) to operate legally; most of them are informal businesses whereby people rent their private cars as a way to pay their monthly instalments, due to the devaluation they suffer after buying a vehicle. Companies recognised in the international market, such as Localiza Rent A Car, Avis, Hertz and Budget, amongst others, are creating a presence in the main cities and increasing their fleet sizes, and their services are used especially by foreigners. Local users are starting to compare the benefits of renting a car, owning a car or moving about via public transport, which will open up market development opportunities from 2017.
The potential of the market is strong, therefore large brands such as Localiza Rent A Car, Avis, Hertz, Alamo and Budget will continue to expand in different parts of the country. However, at the same time small car rental businesses will grow formally or informally, as this is an alternative offering low prices and personalised service.
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This industry report originates from Passport, our Travel And Tourism market research database.