The UK's top 50 car rental companies highlighted in a recent survey that the rise of connected vehicles and the data they generate will significantly reshape the rental market in the coming years. Without clear guidelines on data ownership and protection, this transformation could face major roadblocks.
According to reports, Lex Autolease emphasized that one of the key challenges is the misalignment between the business model of connected vehicles and the traditional tripartite relationship in the rental industry. For instance, there is still no clarity on how costs for these services are allocated. Since vehicle owners are not simply contractors receiving services from manufacturers, issues around data privacy, vehicle safety, and cost responsibility remain unresolved.
LeasePlan also noted that even when the owner-defined model is clearly outlined in a lease agreement, many depots are reluctant to share data with the vehicle owner. Instead, they tend to prioritize driver engagement and marketing efforts. However, as the registration usage model becomes more widespread, access to such data will become essential and must align with current OBD standards.
Inchcape Fleet Solutions pointed out that networked capabilities will enhance visibility, support route planning, improve driving behavior, reduce fuel consumption, and lower accident rates. This, in turn, can cut down on insurance costs and vehicle breakdowns.
On the flip side, the data generated by connected vehicles could become a valuable resource. It can help identify high-risk traffic areas, predict maintenance needs, and support new services like primary insurance, registration, and enhanced safety features. These innovations could revolutionize how we think about mobility and convenience.
Recently, Volvo announced a partnership with Google to develop the next generation of Android-based in-car entertainment systems, set to launch in the next two years. Google’s apps, along with those from Regal and third-party developers, will offer additional networking and predictive services.
IBM has also entered the scene, offering cloud-based data management solutions for BMW’s connected vehicles. As part of this collaboration, BMW ConnectedDrive will begin collecting data, and IBM aims to expand its partnerships with more original equipment manufacturers (OEMs). In 2016, IBM had already initiated discussions with General Motors, signaling a growing trend in the industry.
Gartner predicts that connected cars will continue to drive innovation in products and services, spawn new businesses, and create new revenue models, ushering in a new era of smart mobility. By 2016, there were 12 million connected vehicles globally, and by 2020, that number is expected to jump to 61 million, with over 250 million connected vehicles on the road by then.
Audi mentioned that future on-demand driving services will see a significant increase, and vehicle owners will have greater control over updates. For example, a vehicle might be sold with minimal specifications, but the driver could upgrade it the very next day. This shift could greatly affect pricing strategies and force changes in legislation and taxation systems.
The review also stressed that the leasing industry must comply with the new General Data Protection Regulation (GDPR), which emphasizes digitalization and technology. Commercial Vehicle Solutions added that due to the impact on existing network transmission and data management, external stakeholders need a deeper understanding of GDPR’s implications.
While having large amounts of data brings opportunities, it also introduces risks that must be properly managed. The biggest threat lies in the resilience of the networked system itself. However, ALD Automotive noted that the volume of connected data streams and the associated infrastructure will empower operators to make more accurate, real-time decisions, helping them manage costs and mitigate risks effectively.
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