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In Brazil, the local vehicle leasing business has dropped by 25%, while the Brazilian car rental industry has taken a 90% hit.
Rate Gain analyzed rate data from over 28 U.S. markets pre-coronavirus pandemic (Jan 1 to Feb. 28) and after onset of the pandemic (March 1 to April 30). Remarkably, some markets have shown an overall gain, in the early days of the pandemic at least.
With the Coronavirus pandemic causing a halt in travel, hundreds of unused rental vehicles are parked at several lots around Phoenix. Springtime is usually a busy tourist season for Arizona.
While inter-city bookings have suffered, intra-city car rentals have remained stable, as many are choosing to rent cars in lieu of using public transportation.
Brazil’s car rental industry grew to a record number of daily rentals in 2019, driven by rentals to drivers for transportation network companies (TNCs).
The annual Fact Book contains data and analysis on the U.S. car rental market as well as directories for car rental companies, auto manufacturers, and suppliers.
The estimated $31.87 billion in total revenues continues a string of 11 years of uninterrupted growth.
Exiting a year of record revenues, the new year brings challenges from market disruptors, incumbent players new to the U.S. market, and new mobility models.
According to a mobility report by Avis Budget Group, 82% of respondents said owning a car was still important, but 54% said they are prepared to give up car ownership and rely on long-term rental, on-demand, or subscription services in the future.
The major Brazilian car rental companies are on a buying spree, while long-term rentals to commercial customers are keeping the independents afloat. The biggest story, however, is that rental companies are now the biggest suppliers of cars to ride-hailing drivers in the country.