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8 reasons showing the great potential of car rental industry

First of all, among the residential population, the number of potential individual car rental users is increasing.

Let’s take Shanghai as example. There are 1.7 million motor vehicles in Shanghai; however, 2.7 million people have the motor vehicle driving licenses, which means the 1 million people have no cars but driving licenses. Those who have licenses but no cars are all potential individual car rental customers. In addition, among these 1.7 million motor vehicles, parts of them are cars for manufacture and construction, automobile carriers, buses and mobile machinery shops. If these people are accounted in, the potential car rental customers in Shanghai may exceed 1.3 million. Moreover, the driving school in Shanghai has to provide 0.2 millions drivers to the society each year.

In nation-wide area, the number of motor vehicles is about 14 million however the people with driving licenses are over 30 million. Over 16 millions have licenses without cars. Although the number of vehicles and that of drivers are both increasing, but the growth speed of the latter is 2 times to 5 times higher than that of the former.

Local individual rent cars for mainly short-term trip, visiting friends, ceremony, business cars or just for showing their status. Besides, because that China will join WTO this year, the import duty of vehicle will be decreased by 20% therefore those who originally wanted to buy cars with money holding in hands will become the potential car rental customers. With the consumption ideal changing, the fee for renting cars is decreasing, the car rental procedure is getting more convenient, the service is getting improved, the local individual car rental market is becoming larger.

Secondly, the potential for car renting of the floating population is limitless.

The floating population is mainly the traveling population in domestic and abroad. According to the information from National Traveling Bureau: in 1999, China received foreign customers of over 72 million; domestic customers of 720 million. According to the data released by National Traveling Information website in June, 2000: By May, 2000, the foreign travelers who come to China has increased by 22.07% by the same time period of last year while the domestic increased by 45.15%. Limitless business opportunities have been concealed. New car rental operation pattern has been concealed such has long-distance car renting, renting cars in different places, etc. Just due to some obstacles, it blocks the huge market from being effectively developed. Once the obstacles are cleaned, this market would bring great wealth for the car rental enterprises.