The 4 Most Common Mistakes in Car Leasing Management

We have prepared a list of the four most common mistakes to avoid in car leasing management so that you can proceed your car leasing operation without any flaws.

Are you making these mistakes? Start reading to learn how to avoid them.

1. Not Taking RV Value into an Account at the Offer Stage

If you do not calculate and include the RV (used vehicle) value in your offer process correctly, you will lose profit and face rental prices that do not reflect the real value of the vehicle.

To avoid this mistake, you should analyze sales data from multiple channels and determine the RV value by considering factors such as the brand, model, age, kilometer and damage status of the vehicle.

You should compare the value you have determined with market prices on monthly basis and include it in the offer process. A correctly calculated RV value ensures that the offered rental price accurately reflects the value of the vehicle during the rental period and prevents your company from losing profit.

2. Neglecting Maintenance of Vehicles

If you do not follow the periodic maintenance of the vehicles, security gaps occur and this may cause accidents. For example, If the brakes of a vehicle are not checked regularly and an accident occurs as a result, the rental company is held responsible for this situation and faces legal consequences.

It is not an easy matter to ensure that all vehicles are maintained and to follow the maintenance details manually. Integrating your maintenance calendar with supporting programs can provide advantages such as reminders and notifications. Such reminders help you to anticipate and avoid these situations.

3. Unorganized File Contracts and Related Documents

The correct filing of contracts and documents relating to vehicle use and maintenance is essential to resolve the crisis in case of any confusion. However, files may remain on multiple platforms such as in the email or on the computer When all documents are requested in license plate base, it takes time to resolve the confusion and will directly affect work efficiency.

To prevent this chaotic situation, a file system that can be easily accessed on a single screen should be implemented; with the system, you can access up-to-date records in any problem and solve possible problems quickly and confidently.

4. Not Monitoring Fuel Levels

If your client does not fill the tank of the vehicle, it will be costly to return to you. To avoid this problem, you can place sensors that detect the fuel level in your vehicles or offer a fuel policy contract to the renters that they must return the vehicle with the amount of fuel at the time of delivery.

Having a contract allows you to easily identify potential risks. By implementing this measure, you can guarantee a more efficient and reliable operation of your vehicles.

By minimizing these 4 mistakes, you can achieve your business goals easily and keep the success of your operation at the desired level.

What do you think is the most critical mistake to avoid?