IResearch: Auto Rental User Insight: Credit free helps the auto rental industry develop rapidly

2022-11-21
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Author:Zhang Yu, Wang Yanrong
Source: iResearch

Introduction:Car lease refers to a form in which the right to use the assets of a car is separated from the ownership. The lessor has the right to own the assets, and the lessee has the right to use the assets. The lessor signs a lease contract with the lessee to exchange the right to use the assets.

automobileLeasing refers to a form in which the right to use the assets of automobiles is separated from the ownership. The lessor has the right to own the assets, and the lessee has the right to use the assets. The lessor signs a lease contract with the lessee to exchange the right to use the assets.

Overview of car rental industry

Operating lease and financing lease are two major forms of car lease

According to the different needs of the lessee, car leasing can be divided into two major forms: operating lease and financing lease. Operating lease is a form of lease in which the lessee obtains the right to use automobile products, while financial lease is a form of lease in which the lessee obtains the ownership of automobiles. According to the lease cycle, operating lease is divided into long-term lease, short-term lease and time-sharing lease. The long-term lease is based on years, and the lease period is generally more than half a year. The short-term lease is based on days, and the lease period generally does not exceed half a year. Further subdivision can be divided into short-term (less than 15 days), medium-term (15-90 days), and long-term (more than 90 days). The time sharing lease cycle is measured in hours, and the cost is generally calculated in hours or distance.

Government, enterprises and individuals are the three main users of car leasing

Car rental users can be divided into three categories: government, enterprise and individual. Government and enterprise vehicles are mainly used in three application scenarios: senior executives' vehicles, business vehicles and employees' vehicles for commuting. Long term lease is mainly used. Personal car rental is mainly used in leisure tourism scenarios, such as self driving tours around cities and vehicles for tourist destinations. Most of them are short-term lease and time-sharing lease.

The number of drivers is higher than the car ownership, and the demand for car rental is large

At the end of 2018, China had 240 million cars, and more than 370 million car drivers. There was a large gap between car drivers and car ownership, and there was a large demand for car rental. In addition, due to the introduction of purchase and travel restriction policies in some regions, it is more difficult for residents to meet their car demand, and car rental will become a new choice.

E-commerce platform iResearch: auto rental user insight: credit free helps the rapid development of auto rental industry

Analysis on the Behavior of Car Rental Users

Leisure tourism is the most frequently used scene for car rental users

B2b iResearch: auto rental user insight: credit free helps the rapid development of auto rental industry

With the improvement of residents' consumption ability, tourism consumption is further upgraded. The free and convenient characteristics of self driving travel meet people's leisurely and comfortable travel experience, making it a very popular tourism mode at present. The survey results show that 68.8% of users rent cars for weekend trips and 65.2% for travel destinations. It can be seen that at present, leisure tourism is the most frequently used scene for car rental users.

The trend of younger car rental users is obvious

E-commerce platform iResearch: auto rental user insight: credit free helps the rapid development of auto rental industry

Young people who pursue high-quality tourism experience are gradually becoming the main body of car rental users. The survey results show that the age of car rental users is mainly between 18 and 35 years old. In 2017, the number of users in this age group accounted for 66.8%, and in 2019, the number of users in this age group increased to 69.8%. The trend of younger car rental users is obvious, and the trend will continue as the demand for cars for young people to travel on weekends, small holidays and other occasions increases.

The online rate of 18-35 year old car rental users has increased year by year

Cross border e-commerce platform iResearch: auto rental user insight: credit free helps the rapid development of auto rental industry

As you moveinternetThe rapid development of,Intelligent mobile phoneThe processing capacity of is becoming more and more powerful. Car rental booking and payment can be completed using mobile phones. The survey results show that among young users aged 18-35, 76.9% of them used online car rental channels in 2017, while the number grew rapidly to 89.6% in 2019. It can be seen that the proportion of 18-35 year old young users using online car rental channels continues to increase, and the online trend is obvious.

Online car rental applet is eye-catching

Cross border e-commerce logistics iResearch: auto rental user insight: credit free helps the rapid development of auto rental industry

Applets do not need to be downloaded and installed, which makes them highly praised. The survey results show that in all car rental booking channels, more than half of the users most often use APP for car rental. Applets are closely followed, and their performance is also very eye-catching, with the user volume accounting for 35.5%, while the proportion of websites is only 3.1%. It can be seen that with the development of mobile Internet, mobile terminals have become the main channel for online car rental booking.

AlipayIt is the preferred payment method for young customers

Cross border e-commerce iResearch: auto rental user insight: credit free helps the rapid development of auto rental industry

Nowadays, online payment software such as Alipay has become a commonly used consumption method. The survey results show that among car rental users of all ages, the number of users who use Alipay as the preferred payment method is the highest, and this proportion is more prominent among young people aged 18-35. On the one hand, it is mainly because Zhima Credit rent free car, which reduces the large amount of funds occupied by users and lowers the threshold of car rental, and is loved by the majority of users. On the other hand, because the credit free mortgage simplifies the original car rental process and effectively reduces the operating cost of the car rental platform, it has been vigorously pursued by the car rental platform.

High repurchase rate of car rental users

The car rental industry has developed rapidly due to the increasing number of self driving tourists, the introduction of purchase and traffic restriction policies in various provinces and the high maintenance fees for self owned vehicles. The interview data shows that in the past year, among the users of the head car rental platform, 80% of the users have rented cars more than twice, and the average annual number of users is about 4. It can be seen that the car rental industry has a high repurchase rate and strong user stickiness.

The Influence of Credit Exemption on Consumer Choice

Credit mortgage free affects the user's payment method。 The survey results show that 93.6% of car rental users choose to use online payment when renting cars, and 92.3% of online payment users will give priority to credit free payment. Among the users who choose offline payment, 94.1% of them are willing to turn to online payment because online payment can use credit mortgage free. It can be seen that when paying for car rental, users will give priority to credit free payment.

Credit pledge free helps to improve the online rate of the car rental industry。 The survey results show that 94.1% of offline car rental users are willing to use online car rental booking channels directly because online payment is creditable and free of charge, which will effectively promote the online rate of the car rental industry.

Credit pledge free effectively improves the order volume of the car rental platform.The interview results showed that the average order turnover of the head car rental platform increased significantly after the access credit was free of delay. In the total number of orders, the use of credit free orders accounted for more than 70%. It can be seen that credit pledge free can effectively improve the order volume of the platform.

Credit pledge free restricts user behavior and improves user performance rate.At present, there is no uniform standard to measure user default in the car rental industry. The user default rate of each car rental platform varies greatly. The user default rate of the head car rental platform ranges from 0.01% to 3%, with the highest percentage of defaults caused by car damage accidents and violations. The interview data shows that the bad debt rate of the head car rental platform has been greatly reduced due to the free delay of access credit. Compared with non exempt users, the proportion of violations and large violations of credit free users has decreased, and the proportion of self handling after large violations (violation penalty exceeding the deposit amount) has increased significantly. Among them, high credit users have stronger self-discipline within the performance rules.

Credit pledge free helps the rapid development of car rental industry

The car rental users are obviously younger, and the online rate continues to increase. APP and applet have become the main car rental booking channels for users, and online payment has become the most commonly used payment method for users. In the current situation of full line development, iResearch believes that credit free mortgage will help the car rental industry develop rapidly. In addition to the impact of the above analysis, credit mortgage free can help the rapid expansion of the existing market scale and promote the healthy and orderly development of the car rental industry. On the one hand, the credit mortgage free can save thousands or even tens of thousands of yuan of deposit, reduce the large amount of funds occupied by users, lower the threshold of car rental, simplify the car rental process, effectively shorten the decision-making time of users, and also activate the young user group of students. On the other hand, credit pledge free helps the car rental platform to improve its risk control capability, reduce the risk of bad debts, and effectively constrain the payment and performance of users, which will effectively promote the healthy and orderly development of the car rental industry.

(The article is an independent opinion of the author and does not represent the position of iResearch. com)
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