What do Silicon Valley tech entrepreneurs and car rental companies have in common? They both have mastered the art of pivoting – The term is defined as starting something, determining it's not working due to shifting conditions of the industry, and then leveraging aspects of what did work in that effort. Lately, car rental companies are facing some serious needs to pivot due to three major issues facing the industry:
- Millennials are no longer purchasing vehicles like their parents and grandparents did. Statistics show that only one out of four even have drivers’ licenses. For whatever socioeconomic reason, be it the economy, improvements in public transportation, or the shift toward ride sharing, millennials no longer have a fascination with car ownership. Car rental companies are going to have to figure out how to lure millennials back to using vehicles through technology. Electric cars and autonomous vehicles could be the top two appealing factors since millennials are wired to the internet since birth and find high-tech options appealing. Another option might be to tap into a greater social media presence to make the car rental business more relatable to young drivers.
- Security is another area that has come into focus for car rental companies. Theft of consumer information, most specifically credit card information, is a large threat to rental car companies. In 2018, the White House estimated that cyber attacks could cost the economy anywhere between $57 to $109 billion in lost business. An even larger concern looms with terrorists who could be able to hack into car rental software and render fleets inoperable.
- Legalization of marijuana in over 11 states and in Canada is greatly impacting the car rental industry. No one wants to rent a vehicle that has the strong pungent smell of marijuana. The smoke from the drug seeps into every crevice, air vent, and fabric throughout the vehicle. With nearly 55 million drivers who regularly use marijuana, car rental companies are facing the increasing challenge of removing the prior driver after every car rental – including the full remediation of marijuana smells.
While no one product can solve all the issues car rental companies face, there is one product that is disrupting the industry. NuVinAir’s cleaning power combats by-products of smoke and other odor-causing substances. The dry hygienic vapor delivered by NuVinAir’s patented cyclone technology chemically changes these unhealthy substances and organisms through a process called oxidation.
More About NuVinAir®
NuVinAir® aims to be the global authority in creating healthy vehicle interiors by arming the automotive industry with cleaning innovation, patented technology, and world-class support. NuVinAir® is not a masking agent or ionizer and leaves behind zero residue. If you would like more information on NuVinAir®, please visit nuvinair.com today.