So you’ve listed a vehicle on our platform; great! Just as we encourage you to update your vehicle’s availability regularly, you should also have the best daily rental rate to maximize the results. Rental activity for your vehicle will depend on many factors, including the competitive rate charged to renters who use your vehicle.
Here we give you the information you need to know about the benefits of using COOP’s Smart Rate tool versus choosing the custom price option to adjust your rates.
COOP Smart Rate dynamically adjusts the rate of your vehicles based on a variety of characteristics like vehicle type, mileage, and market demand. Using this information, the rates of your listings are automatically optimized to attract more reservations.
As an Owner, you can also select the custom price option to control your rates and adjust them as needed. The base rate for every vehicle is unique and defaults to our recommended price, which you can choose to raise or lower by forty percent. Keep in mind that this option requires more time spent monitoring your rates and being aware of changing trends to adapt to the marketplace.
It’s important to note that vehicles listed at or below the recommended rates are 60% more likely to transact than vehicles listed above the recommended rate.
Depending on newer model listings, special features, or competitor rates for your vehicle as mentioned above, COOP Smart Rate will automatically adjust to a higher price for daily use when the demand is available at this rate. We find that Renters are willing to reserve vehicles at a higher value if one or any combination of these factors applies. Still, as changes in the market occur, we monitor the most competitive rates and adjust them periodically to maximize your earnings.
Similarly, COOP Smart Rate will adjust to a more attractive daily price for Renters if the vehicle is an older model or if there are seasonality trends and shifts in the market. A lower rate adjustment encourages Renters to keep your vehicle out for longer periods of time and brings in more revenue to your business over time. Think of it as the most convenient way to stay a step ahead and improve your bottom line by letting us do most of the work and research to make you the most revenue.
Now that you know how the Smart Rate is determined and the advantages this tool offers, let’s cover how to enable it for your fleet. You can apply COOP Smart Rate once you’re logged in to your account in just a few simple steps.
If you choose to enter your daily rental price for a vehicle manually, select the rate tab under the vehicles section and click on “custom price.” Our recommended rate will still display to help guide your price and increase your chances of a rental.
COOP Tip: Remember that offering additional discounts incentivizes Renters to schedule longer reservations and makes your listing stand out on the platform. So consider adding long-term discounts to your vehicle as well.
Flexibility with your rates keeps your listings competitive and maximizes the revenue that you can earn with COOP. Using the Smart Rate tool provides an innovative way to gain a competitive edge to do just that.
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