Rate-Highway, an automated rate positioning technology provider for the auto rental industry, has partnered with Perfect Price, a provider in artificial intelligence for revenue management and price optimization, to deliver the first artificial intelligence solution to car rental companies.
“We are delighted to offer this groundbreaking, first-of-its-kind capability to our customers,” said Michael Meyer, president of Rate-Highway. “In today’s exceedingly competitive car rental environment, driving rental profitability is more important than ever.”
The comprehensive pricing solution combines Rate-Highway’s rate automation technology and the artificial intelligence capabilities that Perfect Price brings to the industry from Microsoft, Twitter, and the FERMI nuclear physics laboratory.
“I was amazed by how quickly AI improved our business,” said Sharky Laguana, CEO of Bandago and board member of the American Car Rental Association (ACRA). “We have seen both utilization and revenue per unit climb measurably in cities where we use Perfect Price, while staying the same in cities where we left our old pricing model in place."
“For decades, companies shot from the hip on pricing,” said Alex Shartsis, CEO of Perfect Price. “Then automation made better rate positioning possible. But without rigor and oversight, it can result in a race to the bottom. Artificial intelligence represents a new way to recapture time, revenue, and profit while increasing growth.”
“With this partnership, we build on Rate-Highway’s transformative automation, which has delivered windfalls for its customers. Together, we enable the next level of business excellence through artificial intelligence — for nearly any car rental business, not just the majors,” added Meyer.