With poor car inventory and an unstable economy creating uncertainty for many car brokers and dealerships, New Jersey’s Vantage Auto Group is breaking into the car rental business.
WATCHUNG, N.J., May 13, 2022 /PRNewswire-PRWeb/ — Vantage Auto Group, a leading online automotive leasing company based in Watchung, New Jersey has moved into the car rental business through the use of the Turo car sharing platform. There have been many events in the past couple of years that have not only caused the car market to fluctuate drastically, but also change the way people own their cars. The Vantage Auto Group team has identified these various market conditions and chosen to leverage their automotive industry experience to break into the peer-to-peer car sharing world. The company’s predominantly online business model makes this expansion simple.
Vantage Auto Group’s website offers car shoppers a seamless online leasing experience, allowing visitors to view monthly lease pricing on all make and models, calculate their auto financing, submit inquiries, and even make payments! On top of this, the online leasing company also offers automotive insurance and vehicle protection packages. The convenient online nature of Vantage’s car leasing operation means that renting out a fleet of cars on Turo is a natural move. Through Turo, Vantage is offering cars from brands like Jeep, Volkswagen, Porsche and Hyundai.
This move into the online car sharing market by Vantage Auto Group is a reaction to the car market as a whole. Since the beginning of the COVID-19 pandemic, the car market has seen various ups and downs, from both the new and used segments. In recent times, chip shortages have been causing inventory issues amongst most car manufacturers, and when coupled with an on-going conflict in Europe, getting a new car has become an issue. Because of this, the used car market has grown, with prices skyrocketing. All of this has triggered many people to change the way they own their car, by either choosing leasing over buying or even ditching their car all together. Peer to peer car sharing platforms like Turo have seen a recent spike in interest as a result. Vantage Auto Group hopes to continue to grow this aspect of their business along with leasing, financing, and insurance.