Study: US Car Rental Revenue to Top $27B for 2015
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A new study finds that total revenue for the car rental industry in the United States is expected to top $27 billion this year.
According to Auto Rental News, the car rental market is estimated to earn $27.106 billion, an increase of almost $1.1 billion over 2014’s total revenue of $26.009 billion. The number of rental vehicles in service also increased, jumping from 2.07 million in 2014 to 2.18 million in 2015.
In terms of revenue per unit, the report also suggests that the United States average dropped slightly to $1,035, a four-year low.
Auto Rental News Executive Editor Chris Brown released a statement, saying, “This year was marked by one of the largest fleet turnovers in recent history, which put downward pressure on rates and used car values. With this in the rearview mirror, rental fleets seem to be in line with demand, which bodes well for the coming year.”
In terms of the top-earning companies from the study, Enterprise Holdings and its multiple brands finished first, Hertz made the second most revenue in 2015 and Avis Budget Group rounded out the top three. You can find the full list here.
Part of the reason behind the success of the car rental industry has been a new focus on customer service. As revealed in J.D. Power’s 2015 North America Rental Car Study, satisfaction has reached its highest index score since the marketing service began its current studies in 2006.
The study suggests it is millennials driving the numbers up, as the generation is the most satisfied when it comes to rental car service. As the second largest group of renters overall, millennials are a major factor in the industry’s fiscal success in 2015.
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