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Carmen Stinson - Feb 19, 2019

How to find savings by managing your Rental Car Program

Many times managing your own car can be an added expense which you don’t need. A lot of you may not even use your car as much as it uses your resources. Servicing, filling gas and maintaining the car are all an important part of your expenditure on a regular basis if you own a car. However, if you or your company get the luxury of renting a car every time it is needed, it would not only help you save a ton of money, but would also be apt for your demands and corporate travel. But the question is, how is that possible?

The easiest way to save money and have a car that you need is to benefit from a rental car program. This makes sure that you don’t need to invest any money on a day to day basis on a car. In fact, you can rent one as per your requirements and needs. But, is renting really a good idea?

Renting a car is a fairly new concept, however, it is extremely convenient for people who don’t usually require a car or for companies that require a better method of corporate travel management and don’t need a constant mode of transport for longer periods of time. It is definitely not as expensive as buying your own or even having to maintain your own.

Being a part of a Rental Car Program can bring endless corporate travel perks for you and your company, it helps you save money every time you are renting a car, you can earn credits and also be part of reward programs.

In order to maximize your savings, you need to do the following: 

  1.  You need to create a sensible policy and a set daily rate which your employees or other users of the service do not exceed. It would also be beneficial for your company if you rent a car with insurance as this would not only help you keep away from legal troubles, but also ensure your and your employee’s safety.

  2.  Decide on a corporate rate with a dependable vendor. You can create a list of the location your company and employees most frequently travel to. This would also help build a loyalty program which has quite a few benefits.

  3. Partner with a corporate travel management company which would save you from the trouble of renting a car and would, in fact, make your business travel convenient. It would also give rise to reward programs and new openings of booking channels.  

  4. It also proves beneficial for your company if there are certain employees or agents deployed to work in the area of managing your company’s business travel. These individuals should be trained and knowledgeable. They should be aware of the various ways that a car rental program can be managed and can be an aid to maximization of profits and savings.  

Remember, these are the best ways to find savings in your rental car program.

Just always consider the following facts in your process.

  • Payment with rental programs is easier because a set method of payment can be used. You can filter and finalize the car that you want to use and then all rents can be paid directly from the company’s card. This keeps you away from the hassle of going to banks or rental locations to make payments.

  • You can use online booking tool services and corporate travel policy retraining to have the maximum amount of benefits. Also, prefer using insured cars to reduce and prevent losses.

  • Ground transportation signifies 8-12% of the total corporate travel spend. However, if you avail reward programs and the benefits of online booking tools, your business travel can be done with negotiated car rental agreements. This would help your company save 10-30% of its expenses spent on ground transportation.

  • Being aware of statistics on your usage is important to keep account of your corporate travel expense. Use expense management systems and take guidance from travel management companies. Be aware of the expense recorded explicitly and implicitly.

  • Some car rental programs inform you of pre-set rental rates, so you’ll know exactly what you’ll pay for every rental in advance. You can also sometimes get loyalty benefits such as coverage and billing solutions for all your transportation needs, which also allows you to budget for renting a car and knowing the rate in advance.

Lastly, always ensure that the vehicle you are using has not been previously damaged.

Having the right agency can save you up to 30% on your overall travel budget while keeping your employees happy.

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About the Author

Carmen Stinson
Director, Global Corporate Travel Sales & Operations
Carmen is a seasoned hospitality professional with over 19 years of management, from the hotel industry to the corporate travel arena. She is dedicated to high-level customer relations, while an expert in financial management, and operations. Carmen passion for traveling matches her professional experience.
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