With the advent of technology, the nature of every business is changing. Today, many industrial markets have mobile apps for flourishing their businesses.
All small and medium-sized businesses are looking forward to having a mobile app and one such venture name that is being highlighted nowadays with the mobile app is Car Lease Businesses.
If you’re interested in getting a new car, you’re probably well aware that you have two basic options: leasing or buying. While most drivers choose to buy (or finance) a new car, many shoppers swear that leasing a car is the better decision. So which is correct?
In this blog, we will cover every aspect of a car lease app, from market size to app features and the cost to create a car lease app.
Car leasing has become increasingly popular over the last few decades. As a result, it has brought benefits to more businesses and customers.
Leasing is an attractive prospect for businesses, and there are many reasons for this, Some of them are:
The fixed cost helps in avoiding depreciation.
Car leasing has been a predominant choice for businesses in the past, and it has become a very viable option for customers as well. There are several reasons for this, including;
Leasing is a popular and fast-growing way to finance a new car. As of now, Fleet Car Leasing’s US market size in 2022 is $8.7 billion, with a growth rate of 5.2%.
Talking about the business opportunity, it is expected that the global car leasing market will witness a compound annual growth rate of 14% during the period of 2019–2023.
Asia Pacific, Europe, and North and South America are the eminent regions that form the global car leasing market. It is expected that APAC will have the biggest share of the market by the end of 2024.
With more mobility demands and high fleet management solutions, car leasing companies all over the world have increased the demand for leasing.
The automotive industry offers a wide range of car-selling and related apps designed to meet customer needs. With the help of mobile apps, potential clients are able to compare prices, check out reviews, simplify the whole car, leasing process and obviously save plenty of time.
By simplifying the leasing process, the app provides a platform that gives customers easier access to personalized lease deals from local dealerships and can bring dealerships new business they might not have gotten otherwise.
The aggregator app is one of the widely used models that brings all the dealers and car lenders together on a single platform.
Here, customers can find the dealers nearest to their location offering the best deals on a car lease. Such applications do not have their own inventory.
They only provide a platform for facilitating car leasing services between dealers and customers. As far as monetization is concerned, the potential ways are commission, advertising, 3rd party brand promotions, featured listings, etc.
The application is developed for a specific business or manufacturer to facilitate its operations. The point of contact here is the customer and the executives of the store location or the employees of the company.
Here, entire operational activities like lease management, contract management, and financial management are handled by the various modules incorporated in the application itself.
This feature allows users to sign-up for the app. It uses social accounts such as Facebook, Twitter, Google ID, phone number, etc. as the primary source for logging in. This medium helps in completing the registration process in a hassle-free way.
Under this feature, the users get reminders and updates regarding appointments, payments, and any new car added as per their interest.
Also, they get details related to the available offers in their respective cities for a car lease. The technology keeps the users connected to the application and notifies them about all the updates. It works great at augmenting the user’s engagement standards.
The In-App document scanner allows customers to capture the image of their documents to be uploaded for completing the leasing process of the car.
Moreover, with the In-App camera, the dealers can click the image of the car being delivered to check its condition at the end of the lease contract.
With this feature, the documents that are scanned or shared by the various customers can be managed properly. The integration of ERP into data management helps in the smooth processing of business operations.
Under this feature, the customer can get a rough estimation of the monthly EMI. The customer may fill in the car details, the amount that he/she wants to pay as the down payment, and loan tenure to get an estimation of the monthly EMI.
Adding the CRM helps strengthen customer relationships with the application. It allows users to seek any assistance for the problems they face while using the app. The CRM integration helps in generating the response for the queries and keeps the users feeling attended.
Also, users can share their improvement feedback or shortcomings related to the application, which helps enhance the customer experience and adds perks to the business.
Today, ERP systems are critical for managing thousands of businesses of all sizes and in all industries. With the ERP integration in the application, every module, such as the Financial Management and Lead Management System, enhances business processing and helps generate good revenue.
A content management system is an intuitive and conventional tool for administrators. It helps administrators manage available content throughout the application.
This can help the users make certain calculations if required in the application itself.
With this feature, the admin can check the lease ending dates and push notifications or reminders to the customers. Also, the customers can check the availability of the desired vehicle and schedule it for delivery on lease.
Rewards and referral programs motivate customers to share and use the application more and more in order to earn more reward points, which can be converted into attractive discount offers.
It is a really beneficial feature of the car leasing app to boost the approach among potential customers.
This is the most essential feature that helps the admin track the vehicle’s current location. The geolocation feature captures the geographic location of the user and as per that, the app displays the information.
For instance, if the user is driving the car in a rash manner, then the admin can send alerts and alarm the user to slow down in order to avoid any surcharges. Also, users can locate the nearest dealer as per their location.
App analytics offers various types of essential data that can be used to enhance business and app operations for administrators.
Also, the incoming and outgoing funds can be tracked and managed under this feature of the car leasing app development. One of the crucial features of an admin is a dedicated dashboard. This feature shows all analytics and data to the admin, separated by categories.
This feature helps the admin keep track of all lease contracts. With these live statistics, the business flow can be managed in the most efficient way also other monetization strategies can also be implemented.
With this feature, the admin can manage the car fleets remotely via the app itself.
A thorough inspection is performed before the delivery of any car. Here are some predefined checkpoints under which the car is completely checked by the certified engineers and a report is generated, which can be seen under this feature. This helps in building trust with the dealerships or stores.
Under this, the brand’s or application’s presence is capitalized in many ways. The marketing campaigns can be run on various platforms and their performance can be analyzed to make a better monetization strategy. All the advertisements, banners, email templates, and promotional campaigns are managed by the admin.
This feature is really helpful in knowing the insurance renewal time period of the various cars that are in the inventory. The details regarding the claim and new insurance can be obtained through this feature.
With the help of geographic tracking, the driving behavior of the users can be monitored. Also, with this feature, notifications and alarms regarding the speed limit and driving pattern can be sent to the customers so as to help them save on the surcharges implied by the traffic police.
Regular maintenance of the cars is necessary so as to maintain their durability. Frequent reminders are provided to the customers to send the cars to the authorized service centers for their service.
If any customer wants to cancel the lease before its end date, then certain calculations regarding the pending amount need to be done and the car pickup is scheduled accordingly.
This is the most important feature, where a customer profile and its background are checked thoroughly so as to confirm the authenticity of the documents that are provided.
Roadside Assistance is a 24×7 emergency service that is offered in case of a breakdown of a vehicle. RSA intends to reduce the inconvenience caused by any car failure.
Roadside assistance covers different services like on-site assistance, flat tire, towing, dead battery, key lost or locked, fuel delivery up to 5 liters, Cab assistance & more.
It wouldn’t be an exaggeration to say that behind every successful mobile app are competent and experienced mobile app developers who turn ideas into profitable businesses.
While developing a car lease application, it just requires partnering with an app development team or a company of mobile app developers.
To make the app available to a wider audience, it is wise to make the car lease app available on all mobile platforms like Android and iOS.
For car lease app development, the minimum team structure would look something like this:
The cost of developing a car leasing mobile app depends on the factors below. Some of the factors are listed below:
Besides the aforementioned technical parameters, the physical location of the mobile app development company and the app developers also plays a major role in estimating the right price for the mobile app.
And the most important factor that affects the overall cost of app development is the geographical location of the development. For instance, Asian countries like India offer great quality mobile app development at way lower prices than western countries.
Considering all ideal factors and best options, an MVP version of a car leasing mobile app can cost somewhere around USD $15,000 to $20,000.
The evolution of technology and the gradual shift in customer demands have marked a tectonic shift in the car leasing business.
In the past years, the car leasing industry has been shifting gears and adopting digital solutions to offer innovative services, enhance the customer experience, attain better efficiency, improve security, and find non-conventional avenues for automation and marketing.
The car leasing sector is witnessing a paradigm shift, and it is complemented by the ever-evolving demands of customers, who need viable solutions to their modern challenges.
As a car leasing business owner, you will be more engaged with your customers, offer them better services, and improve your revenue if you possess an efficient and robust car leasing application.
Furthermore, the car leasing space is witnessing fierce competition as well, and a decent mobile app can help you edge ahead of your competitors with ease.
If you have decided to build a car leasing app, then you may get in touch with our consultants. Arka Softwares is a renowned app development company, with extensive industry expertise. Our seasoned app consultants can certainly transform your business idea into a captivating reality.
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