Car rental companies rent different vehicles to people for a specific period of time and fee. The time period varies from a few hours to weeks. Car rental companies tend to have numerous branches to allow customers the comfort of returning the vehicle to the nearest branch. These are best suited for people wanting a vehicle on a temporary basis and who fail to afford a personal one. Majorly, the customer base includes travelers outside their hometown for outstation work, tourists, and likewise.

The history of the car rental industry supposedly dates back to 1916. A person named Joe Saunders thought of this business idea with the help of a real-life incident when his friend broke his car and asked to borrow his car since it was important for him to attend a business appointment. It was then when Joe Saunders came up with the idea of providing his cars to businessmen in need of the facility at a cost. By 1925, the car rental company expanded in 21 states by the name Saunders System. Seeing the booming success, others started to capitalize on the idea of the car rental business. This saw an emergence of cut-throat competition, and the car rental industry saw a great spike post World War II and is growing ever since.

However appealing this industry may sound, it has its own dangers and risks. Like any other industry, the car rental business is not immune to fraud. Rather the risks are even higher since it involves renting out high-priced assets like cars, vans, trucks, etc to complete strangers. There have been a lot of instances with cars getting stolen from rental companies by the customers. Bad guys tend to not return the vehicle after renting it and the rental agency then has to file a stolen vehicle report. They obviously do this by hiding behind some fake/stolen id document and credit card information to escape from being traced. Plus, there are instances where underage customers gain possession of rental cars by using fake identities. Considering the competitive market, such events can lead to severe reputational damage while affecting the business. 

Therefore, to combat these frauds proper id verification of customers wanting to rent a vehicle must be ensured. Before renting a car, van, motorbike, or truck to any individual, the rental companies need to make sure of the legitimacy of the customers. Plus, they need to store this information in the most accurate manner (database) to get back to them in case of any emergency. 

The manual process of verifying the customers fails to ensure accuracy and takes unnecessary time and energy. Most importantly, traditional methods of verifying customers create a lot of problems and require a big workforce during the peak seasons (especially during holidays). With such tough competition in the market where new companies are emerging and the existing ones are continuously evolving, to stay active in this system it is imperative to provide the best customer experience. Different agencies come up with lower rates, discounts, and perks to attract customers. Though, if they work towards providing the best customer experience, they will automatically get ahead in the market. 

AZYO’s phenomenal automated verification solution has the ability to support car rental companies to protect their vehicles. Here at AZYO, we provide the best identity verification platform which is fully automated and highly secured.

AZYO amalgamated the power of Convolutional Deep Neural Networks, Powerful   Graphical Processing Units, Artificial Intelligence, Facial Biometrics, Advanced Machine Learning Algorithms, Blockchain, OCR & Certified Liveness Detection to verify anyone, anywhere, and anytime. 

We at AZYO help businesses rapidly convert more customers, stop fraudsters from infiltrating the online ecosystem and get in compliance!