More Americans are embracing the culture of leasing cars instead of buying. According to research, approximately 8 million cars were leased in 2020. This figure is expected to reach 10.12 million by 2026 as more people rent cars for commuting to work and business.
Technology has disrupted most sectors, and the car-leasing industry is no exception. Let’s look at how technology has made car leasing easier.
Leasing a car was a long and cumbersome process before the advent of technology and the development of online booking platforms. People would queue and sit in dealerships for many hours, filling out paperwork and trying to meet all the requirements.
Today, technology has made booking easier. Whether you want to lease a car for business or your daily commute, you can explore your preferred models and book online. Dealerships also have it easy. Technology allows them to keep up with high customer demand and deliver vehicles to clients’ doorsteps.
When Uber and other ridesharing services started, most people thought they would affect the car leasing industry. And while they’ve had a little impact, it’s insignificant because most people still prefer to lease private vehicles for prolonged private use.
Some car leasing companies have tapped into the newly created market to offer ride-hailing services. In this way, car leasing businesses have joined the ride-sharing industry and accessed a bigger market, all thanks to technology.
The Rise of Mobile Apps
Mobile apps have revolutionized most sectors, including healthcare, the motor industry, travel, tourism, and government services. The car-leasing industry has also had its fair share of benefits from applications: clients can use a car lease calculator app to estimate their monthly payments. On the other hand, dealerships can use mobile apps to track payments, generate invoices, send reminder emails, and follow up on late payments.
Connected Vehicle Technology
At the height of vehicle crimes such as carjacking and car theft, the United States Department of Transportation (USDOT) introduced the Connected Vehicle Program to address the issue. Auto manufacturers, transportation agencies, and smartphone developers collaborated to create a connected communication program that lets one vehicle ‘talk’ with nearby cars or mobile devices. Car dealers and lessees can track stolen vehicles through GPS tracking. Car rental businesses can also monitor the location of all their cars at any given time.
Self-driving cars offer several benefits. They reduce traffic accidents and offer easy access to transportation for disabled individuals. Vehicle manufacturers are working hard to provide autonomous vehicles to the public. Although some people are still skeptical about riding in a self-driving car, this is a great technology that will only get better in the coming years. Uber has started testing autonomous cars in Pennsylvania, so it won’t be long before they become a regular thing on American roads.
Technology has impacted the car-leasing industry both positively and negatively. People can book cars more easily and conveniently. Car-leasing companies can also use customized mobile apps to generate invoices, track payments, and remind lessees to make monthly payments. Also, connected vehicle technology has helped curb car theft by tracking missing vehicles.
About The Author:
I’m Mariana – An ardent reader and a passionate writer at Contenterist. Owing to my exquisite love for meaningful lexicon, I collaborate with professional team to cover variety of niche as well searched articles, blog and many more.