Rideshare apps created a big business in the U.S. As of 2022, rideshare apps have a market value of more than $95 billion. That business powers more than 1.7 million rideshare drivers on the road in the U.S. With all those drivers, rideshare apps are only the start of the business opportunities. It has also created a new market for rideshare rental cars.
Some rideshare drivers may not have their own car or a car that fits the rideshare-app requirements. They may also be leasing a car where they don’t want to run over their mile limit, or they just don’t want to deal with the extra miles, expense and issues that come with using their own car.
Luckily, there are several rideshare rental car companies, including Lyft Express Drive, KINTO Carshare, Getaround, Avis, Hertz and GIG Carshare, that cater to rideshare drivers. There are also new financing options for rideshare drivers. Companies like Giggle Finance offer loans to freelancers, including rideshare drivers, to help pay for the costs of starting a new business, like financing a car loan. These rideshare vendors need smart, economical ways to help protect their assets and investments. Here are three ways GPS tracking devices can help rideshare vendors:
GPS is an essential feature of rideshare apps. The apps use GPS to track the drivers’ and riders’ locations so they can find each other. But the GPS is connected to the driver’s phone, not the rideshare rental car, which leaves the vehicle unprotected.
The most reliable GPS device for rental vehicles is one tied to the car, so the rideshare vendor and car owner always knows where it is. With a vehicle tracking device, rideshare vendors can track the car, allowing them to see if it is out of state or in another area not designated in the rental agreement. Rideshare rental car companies need real-time location tracking so they can easily find the vehicle in case of fraudulent payments or repossession. On PassTime’s TRAX SI device, you can also find starter-interrupt features to prevent the car from starting if the renter is behind on payments.
Rideshare rental car vendors might have hundreds or thousands of vehicles out on the road at one time. The most reliable GPS solution not only allows them to keep track of their inventory but helps protect against theft.
GPS devices can have several key features to help with asset protection. PassTime’s TRAX device includes real-time location data so they can know where the car is at a moment’s notice. It also provides geo-fencing, which creates a virtual geographic boundary around an area through GPS and triggers a response when the car leaves that area. Plus, with TRAX SI, the starter-interrupt device can prevent the car from starting to keep the car from being stolen.
Other features, like PassTime’s Select GPS device’s tow-and-tamper-detection feature can alert you if someone is trying to remove the GPS device or if the vehicle is being towed. It helps thwart people who are trying to get around the GPS system.
Sometimes the most reliable GPS solution is one that can’t be seen. Encore, PassTime’s 4th-generation battery-powered GPS device is about the size of a deck of cards and can easily be hidden in the car. This upgraded version of Encore offers 150% greater signal capacity, accuracy and performance than the previous generation. With four power modes, it allows you to track assets twice a day. Encore is a great cost-effective solution to affordably track numerous assets.
GPS vehicle tracking devices are essential to helping you keep track of your vehicle inventory, whether it’s on the road or off. But with some GPS tracking devices, you can go above and beyond asset tracking to keep your payments on track. PassTime’s Elite GPS allows rideshare rental car companies to send payment reminders to renters. This vehicle tracking device sends automated payment reminders to customers.
Those reminders can help renters stay on top of payments and reduce the risk of needing to find and repossess cars. But if the payment reminders don’t work, you can use the mobile app to locate the car and expedite the recovery.
When you offer rental cars, your assets are out of sight. The best asset protection is knowing where they are at all times, protecting them from theft, and being able to work with your renters to stay on top of payments.
PassTime offers a variety of GPS solutions that offer convenience, affordability and features to fit your specific needs. Contact us today to speak with a PassTime representative to find the vehicle tracking devices you need.
