The Internet of things technology is widely being used by car rental and leasing companies in the maintenance and management of fleets. Internet of things is a network of internet connected objects or devices able to collect and exchange data using embedded sensors. Using IoT technology, car leasing companies are able to access odometer and diagnostic trouble codes (DTCs) in real time that facilitates fleet maintenance. This technology is also being used by car rental companies to check fuel level information at the point of car return, eliminating the need for staff to check fuel levels manually. Further, virtual key solutions for locking and unlocking of door help avoid management of large number of physical keys. For example, car rental firm Hertz is implementing IoT technology to provide keyless car rental services and manage its fleet to reduce costs.
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The focus areas for many companies in the automotive equipment rental and leasing manufacturing market has shifted to increasing mergers and acquisitions in the past five years. Large prime contractors are forming joint ventures or buying small or midsized companies to acquire new capabilities, or gain access to new markets. For instance, in June 2017, Europcar announced its plan to acquire Gold car, in around €550 million deal to expand the customer base and capabilities of the company. The acquisition is expected to build Europcar’s capabilities to provide broader transportation services, especially catering to customers who hire cars for holidays. In December 2016, Avis Budget Group acquired France Cars, to expand the company’s presence in the country. Details of the deal were not disclosed
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The automotive equipment rental and leasing industry includes companies involved in renting or leasing trucks and passenger cars without drivers and utility trailers. These establishments operate from a rent-like facility. Some automotive equipment rental and leasing companies offer short-term rental and long-term leases, while others provide both types of services.
The services market, of which the automotive equipment rental and leasing market is a segment consists of the sales of services and related goods earned by entities (organizations, sole traders and partnerships) that provide services. A service can be defined as a transaction between a buyer and a seller without the transfer of any physical goods or commodities. It mainly involves the use of resources, experience, skill, ingenuity, and intelligence.
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The automotive equipment rental and leasing market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider services market, and compares it with other markets.