Our new hire at GMU, Ilia Rainer, posed this question over lunch yesterday. Why don’t rental car companies use the superior Japanese product? Our group came up with a few hypotheses:
1. Rental car drivers consume patriotism by using the American product. Often a third party, such as a corporation, is picking up the bill. Rental car companies don’t want a "foreign" image.
2. Rental cars are (and must be) well taken care of by Hertz and others. Japanese cars perform better when maintenance is low, but with plenty of care American cars do just fine.
3. Here is a variant on #2: Rental cars have higher value on the resale market than regular used cars, given that they are well taken care of. This boosts the value of U.S. cars relative to Japanese cars, since Japanese cars will hold up anyway.
4. The fraud problem in the auto repair market is severe. If you can fix your cars yourself, at marginal cost, U.S. autos are a fine buy.
5. U.S. cars are more comfortable for long drives, which makes them better suited for the rental market. They are also better for "nature driving" out west. Japanese cars are better for daily commutes, urban driving, and stop-and-go driving, which are more likely found in your daily life and less likely relevant for the rental market.
But surely you can do better. Your thoughts? Comments are open.
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the real answer is quite likely to turn on a detail of willingness to provide vendor financing.
Don’t the Big Three own several car rental companies? Wouldn’t they then want to stock the inventory of those companies with their brands, thus increasing revenues, brand presence on the road, and their rank in terms of auto sales?
//Rental cars are (and must be) well taken care of by Hertz and others//
I had a summer job back in college with one of the big rental firms. The cars are not well maintained at all. The reason you rarely see a rental car with high mileage is that the rental companies drive them into the ground for the first two years with no preventative maintenance, then dump them on the used car market before the lack of maintenance starts to cost real dollars.
I would suggest two reasons. First, for the length of time that rental agencies keep their cars, repair frequencies are low for almost all cars — reliability differences become much greater over several years. Secondly, I believe U.S. manufacturers are the ones with excess capacity, high fixed costs, and union contracts with no-layoff guarantees, so they’ve have been much more willing to make fleet sales at or near cost just to keep factories running as close to capacity as possible. Most Japanese companies, on the other hand, do not have excess manufacturing capacity in the U.S. (not only because their vehicles are in greater demand, but also because their factories are more flexible in being able to build multiple vehicles and adjust the mix as necessary).
I believe that U.S. manufacturers have tried to back off on the fleet sales at various times, not so much because of the finances of the fleet sales themselves, but because they’re worried about their vehicles being saddled with a ‘rental mule’ image. GM tried to finesse this recently by keeping an old model (the ‘Malibu Classic’) in production for a couple of extra years as a fleet vehicle only.
Anne Bielawski is on the right track (see http://ils.unc.edu/~viles/172i/users/big/docs/AP881101-0210 – old link, but it’ll give a good summary of how interconnected the two industries are.) For the companies in which they do not have an ownership stake, U.S. automakers offer substantial volume discounts to the rental car companies, since they tend to make large, regular fleet purchases.
Another factor influencing the U.S. automakers “motivation” to offer large discounts to the rental car companies are the government-imposed CAFE fuel economy standards for vehicles produced in the U.S. Most of what the rental car companies buy are small cars, which have better fuel economy ratings. These sales increase the auto manufacturers overall average fuel economy for the vehicles they produce and allow them to offset the sales of less fuel efficient vehicles that ordinary consumers have preferred in recent years.
What types of cars to rental car companies in Japan, Germany, etc offer?
American car companies know how to give the best kickbacks baby! That’s all you need to
All of the above certainly seem plausible. All I know is that every time I rent a car and get a Chrysler Intrepid or a Pontiac Sunfire or some other Detroit built crap-mobile, I just want to scream. American cars just shout out lousy design and engineering from every orifice. As far as renting in other countries goes, I’ve had an Opel (GM), Renault, Volkswagon and Nissan in Germany, Spain, Ireland and South Africa respectively.
I rented a Subaru outback in Portland recently.
Some of your are close but all of you are wrong. Here are the reasons there are more American rental cars than Japanese:
1.) American car companies need to sell more cars to rental car companies because they need to keep their factories producing cars regardless of consumer demand.
2.) Honda, as a company policy, does not sell any cars to the rental fleets, taking away the second largest Japanese manufacturer.
3.) Rental cars actually hurt resale values. First, they create a glut of vehicles at certain times of the year (i.e. the fall). Second, they have traditionally been poorly equipped (i.e. no power windows). The manufacturers have been taking steps to even out the return process and better equip these cars, but challenges remain. Also, though people know rental cars are better maintained, they also believe them to be more abused than other cars.
4.) Fleet sales are based on a percentage of total sales for many manufacturers. Therefore, a company like Kia will sell 10 percent of its cars to rental car companies, but Kia’s total volumes are very low, so there are fewer Kias to rent. People overestimate how large the sales volumes are for most foreign manufacturers. Nissan, the third largest Japanese manufacturer, only recently topped 1 million U.S. sales. That may seem like a big number, but it’s only 1/17 of the total market.
5.) No manufacturer currently owns a rental car company, with Ford recently spinning off Hertz. However, there are many close ties based on legacies of ownership (Chrysler and Dollar-Thrifty for example).
The Ford Focus I rented in Virginia a few years back was the *least* comfortable car I have ever driven for *any* distance. In Spain, I rented a turbodiesel Seat from Hertz (I think VW owns Seat), so if the Big 3 own those companies, they aren’t doing a very good job protecting themselves in Europe (Ford has a direct presence and GM has a presence through subsidiaries like Opal).
I think Slocum and COD are right about the maintenance – it doesn’t make sense to do lots of preventive maintenance when the rental car companies can simply swap out a car for the occasional disgruntled customer. They already have lots of cars, why invest in maintenance?
I think dsquared is right about dealer financing, especially in light of GM’s notorious “push” manufacturing practices and the profitability of GMAC. When their predictions about the future market go south, they have to find a sink for the inventory that piles up. Toyota doesn’t operate that way, so they rarely or never have to dump cars somewhere. This also underscores Arnold Kling’s remark.
Could there be a path dependency problem on the supplier side? How large of a percentage of sales of each of VW, Toyota, and the Big 3* goes to fleet sales, considering GSA, police, other government agencies, rental cars, etc.? I’m guessing that GM and Ford have a larger dependence on those than the Japanese or European companies simply because of the magnitude of the relevant contiguous market, so they have gradually oriented themselves toward fleet customers and away from private individuals. Maybe in the future, Ford will simply make police and rental cars, GM will be a finance company with a fleet manufacturing department, and Toyota and VW will be fending off SAIC for the private market?
* BTW, isn’t “Big 3″ a dead term now that Toyota is pushing past GM in world market share? Or is the Big 3 now Toyota, GM, and VW?
Last few cars i remember renting were a toyota and a hyundai.
I drove them much harder than i would have drove my own car.
“I had a summer job back in college with one of the big rental firms.”
Good, thank you, I appreciate your experience. I am troubled by the nonempirical speculation that seems to dominate the thinking of economists, for example this blog entry. Instead of speculating in a vacuum, economists ought to do a little more basic research, like picking up a phone.
The answer is simple. American car companies are willing to accept much lower margins for fleet sales than Japanese car companies.
Long queues outside homeopathic clinics.
Intersting discussion. I’ve often wondered why Pontiac Grand Am’s and Chevy Cavaliers are so common in rental fleets. In my experience, they are horrible cars to drive, but they are fine for temporary transportation. Bottom line: they are inexpensive throwaway vehicles for the rental companies.
My rentals over the past couple of years are as follows: Chevy Trailblazer, Mitsubishi Galant, Chevy Malibu, Dodge Stratus, Hyundai Santa Fe, and Chevy HHR [PT Cruiser-like vehicle]. The best of the bunch was, surprisingly, the Hyundai. The absolute worst was the Malibu.
How about the simple answer – the American auto makers give larger concessions to the rental companies than the Japanese companies.
Ultimately, that may discount the entire American market because of the secondary prices set up and the quick aftermarket which the rental car companies create when the rentals are sold off. But that is another problem.
You’re missing a fact – historically, the rental car firms were OWNED by the major automakers. Ford owned Hertz, Thrify and Dollar were owned by Chrysler, etc. Thus, the buying patters may be out of either long-term contracts or historical relationships. Sales to rental companies are typically very low margin and help prop up volume (an issue the US manufacturers have that the importers may not necessarily face).
National rental lot at Phoenix Airport has lots of Toyotas in in. Maybe companies don’t have the guts to something other than Ford, GM, and Chrysler in D. C. market. But what really is a foreign car these days? Chrysler is German owned. Toyota, Suburu, BMW, Honda, Mitsubishi, and probably others have US factories. Ford owns Volvo, GM owns Saab. Nice theoretical discussion, even though the data might be wrong.
“Intersting discussion. I’ve often wondered why Pontiac Grand Am’s and Chevy Cavaliers are so common in rental fleets.”
If my guess is correct, both of these models are traditional body-on-frame construction. Most Japanese and European cars are unit-body construction, which is more complex but lighter and more fuel efficient. Body-on-frame construction means rental agencies, or any other fleet maintainer, can easily replace dinged body panels with a minimum of fuss. Not true of unit-body. That’s one reason why Crown Vics/Town Cars are your Police Car, Taxi and Car Service.
Two areas where body-on-frame traditionally excels is NVH isolation and heavy-duty service. “We strongly believe this construction method gives us world-class isolation,” says Mike Reed, Ford’s Panther Vehicle Engineering manager, “and is more robust in police, taxi, limousine and rental car service than a comparable unit body vehicle.”
Ahem, a lot of words have been wasted on this topic. Here’s the short story. The rental car companies consist of more than Hertz and Budget. There are thousands of independents and mom and pop rental car companies. To make a buck all rental car companies take advantage of manufacturers (including Toyota & Nissan)that have a “rental car program”. Typically, the rental fleets are in service for 6 months to a year. At the end of this term the manufacturers guarantee to buy back the cars for a pre-determined price (charging for excess mileage and wear and tear).
More domestic cars are in rental fleets because the “guaranteed buy backs” are better for the rental operator. It’s a dollars and cents thing. Sometimes rental fleets will buy a few highline cars not in a program (called “risk cars”)to satisfy the needs of high roller clients.
As “program cars” come off rental they are sold in the wholesale market. For example, right now (11-30-05)I can buy 2006 Ford Taurus SE’s with miles in the low teens for $12600.00. A dealer can turn these used cars and make a nice profit, often more than a new model.
For a while manufacturers did own some large rental firms partly under the delusion that the rental customers would literally pay for a demo ride, like the vehicle and buy one when they got home. This also kept the factories busy.
It’s all about profit. In this case the investment didn’t generate enough of a return or they would still be doing it.
Because they have huge overcapacity in the U.S. It costs more to idle a GM plant than to dump cars into the rental fleets.
And by the way, there are actually fewer domestics in the rental fleets than there have been in the past. Ford has decreased its fleet sales while the Korean automakers have increased their fleet sales.
I should say, every modern platform car is unit. Obviously, many trucks and SUVs are still body-on-frame… but even that stronghold is shrinking. See Honda’s unit-body “pickup” thingy, the Ridgeline.
But *why* do domestic manufacturers offer better deals to the rental operators–that’s the question of interest.
They don’t. Kia and Hyundai both offer lower pricing but now we get into rental customer preferences and other issues. Also, Ford & GM have huge dealer networks compared to imports and can better dispose of used product, and they’ve been doing it longer.
There’s also industry deal making we mortals are not privy to.
Poke around this website for some insider info http://www.fleet-central.com/arn/
I second deb’s question. Just how many passenger cars (NOT pickup trucks, SUVs, etc.) would the big 3 even sell if it wasn’t for rental purchase? Hmm, let’s google…ah here’s a particularly relevent hit:
“General Motors to Cut Fleet Sales to Boost Profit”
http://www.bloomberg.com/apps/news?pid=10000087&sid=a9eLwfPXvwh8&refer=top_world_news
from the article:
” About one-fourth of GM’s U.S. cars and trucks were bound for fleets maintained by companies, governments and rental agencies this year through October”
The article’s title says it all, fleet sales are low profit and GM wants to cut them back in favor of higher margin non-fleet sales (i.e. retail). Of course, with SUV sales tanking, this means that GM has to actually sell more passenger cars to people, a somewhat challenging proposition given their general suckiness.
Many of you seem to be laboring under the delusion that American cars are vastly inferior to their Japanese counterparts. Instead of using insightful phrases like “crapmobile” or “suckiness,” let’s look at some, what are they called again? Oh yeah, facts.
Let’s take two high-volume domestic rental cars – the Buick Century and the Chevrolet Impala. Now let’s look at the highest-volume Japanese rental car, the Toyota Camry. According to J.D. Power, the Impala’s dependability is equal to the Camry’s and the Century’s is actually greater. All three among the tops in the industry.
The Camry does get slightly better gas mileage. By slightly I mean 1 mpg versus the Impala.
As for fleet mileage, Toyota, the heroes of the environmental movement, make some major gas-guzzlers (the Tacoma gets worse gas mileage than the Ford Ranger, for example).
So let’s get off this presumption that Japanese vehicles are vastly superior to their American counterparts.
That once was true. It really isn’t anymore. Thanks to free markets, most vehicles are of a very high quality today.
I think the most feasible explanation by far is that differences in reliability only really manifest themselves after the 1 year / 30k miles mark, before which most rental companies sell their cars. So while an American car may be a poor value over its entire 15-year lifespan, during the 1-year rental window it’s a great bargain. Sure, American cars’ resale values may be lower, but they probably depreciate at the same rate as Japanese cars.
The factual premise is simply incorrect. The last three or four cars I rented from Hertz were all Toyotas (including a rather spiffy Avalon that I got as a free upgrade).
JD Powers surveys are ridiculous. Only an idiot would believe their reports.
My last rental car was a Toyota Camry. The one before that was a Chevrolet Impala. I suspect the offerings are related to whichever cars they can swing the best bulk deal for at the time and those tend to be fleet cars like Impala, Grand Am and Camry.
I love rental cars, they remind me why I drive a BMW. The Camry had absolutely awful acceleration, brakes and handling. Dependable I’m sure, but a miserable driving experience in every way.
And rental cars are not “highly maintained.” It’s a running joke that one should avoid buying a rental car at any cost. For instance, the engine was probably not broken in correctly, and many engines tend to consume a little bit of oil during the break in period and I doubt the oil is checked frequently during these critical first few miles.
I work for a rental car company and have asked my boss this question before. And he explained it to me as such. There are 2 business models in the rental car business. 1) You buy a lot of cars from the dealer, rent them, and then sell them. 2) You strike a deal with the dealer, buy the cars, rent them and the dealer buys them back. The reason why American cars are often used is because American car companies buys them back at a price higher than FMV. Japanese car companies don’t. So if you are business model number 1, in which case you are likely a franchise location and therefore have to purchase your own cars, it may be more profitable to buy a japanese car because of the low depreciation value compared to an american car, and also high demand when selling used. But if you’re business model no. 2 then you get more american cars. Most of the car rental companies, such as Hertz, Avis, National, use business model no. 2 and so they will have more american cars. Essentially, depending on your business model and the deal you get, that will determine whether you’ll purchase american or japanese cars.
Historically, many of the big rental car companies were owned by the Big 3 auto makers. I believe they’ve all sold them off, but supplier relationships may remain. Hertz may still be partly owned by Ford.
The Big 3 also place lots of value in sales volume, so they’ll dump models for cheap to the rental car fleets to get numbers up. Why else was the Ford Taurus the #1 selling car for over a decade? Likewise, when the Big 3 have lemons on their hands and will offer low prices to move them out. Rental car companies (and customers) aren’t as concerned with design, Handling, etc. as a permanent consumer would be. They care more about price and size.
Quality isn’t much of an issue considering that rental cars are typically only in service for 18 months or so. American initial quality is about as high as foreign models.
American cars also tend to be cheaper than foreign models, particularly in the larger sizes. There are no larger size cheap foreign models except for maybe Hyundai.
Manufacturing capacity utilization is critical to auto manufacturers. American manufucturers are particularly sensitive to this due to union contracts and retirement costs. They may even lose less money by selling cars at a loss than by shutting down an assembly line. American manufacturers also have more trouble selling through their capacity and the result is that they are willing to cut better deals just to keep the factories churning.
I also suspect that the rental car market is prime for soaking of the least flexible capacity.
Ownership relationships probably result because they are going to sell the cars as cheaply as possible anyways so they might as vertically integrate to capture the rents in that market.
Of course this is all just my midnight speculation.
Fleet financing arrangements are better with Amercian manufacturers, thats why.
Fleet financing arrangements are better with Amercian manufacturers, thats why.
This is the most logical reason. Rental cars are stained, beaten, used and abused by thousands of drivers every year. The rental car companies sell these cars to dealers once they are “outdated”. If someone purchases a used Japanese car from a dealer, not knowing it was a rental, and it turns out to be a lemon due to all the use and abuse, that person will no longer see Japanese cars as superior. The management of the Japanese car companies is brilliant, they know doing this would have huge benefits, but it could also ruin their title as the most dependable and reliable automobiles. And since American cars are already known as mediocre, one breaking down wouldnt surprise anybody.
The real reason that rental car companies use American cars is the price and program details. The fact of the matter is that rental car co.’s buy in bulk primarily on price. This however is not the only factor. Another factor to consider is the terms of the program. Here’s how it works: the co. buys 100 (for example) at a discounted price. They keep the cars for at least 6 mos. and no more than 1 year and use no more than 30,000 miles. They pay payments on the vehicle for the six months. Then they sell it back to the manunfacturer for a pre-arranged price which is usually more than the rental co. could sell it for (at wholesale or on a lot). (All terms are variable on manunfacturer and incentives.) Chrysler offers the best programs for the most part. Primarily because their cars are already cheaper on average. Ford and GM vary depending on the vehicle but generally offer fewer miles with programs and often higher prices. For instance if they want to move a lot of Tahoes, suddenly they’ll give great deals to rental car companies. Also, the rental car company may just buy the car straight out and sell it at auction or own their own lot. This again depends on the pricing that the manufacturers offer.
Another reason is that the biggest quality difference is in long term ownership. Since most compnanies keep the cars for 6-9 mos. this isn’t an issue for them.
Further, most Japanese co.’s aren’t hurting to sell cars as bad so they offer fewer incentives. However you will notice that some of the larger companies do carry Japanese cars. The Altima and Sentra and the Camry are all popular with Enterprise.
J.D.Power assures us that American cars have become better each year. Granted that Japanese cars have high quality, the gap is now small. I have a 2006 Malibu which has been near faultless with 31,000 miles. And there are distinct American touches that the Japanese don’t offer. Didn’t we teach them how to build cars after World War II?
The real reason rental car companies use mostly American cars is because they are owned (or used to be owned) by American car manufactures. Hertz is (or was) owned by Ford; I believe Budget is (or was) a subsidiary of GM. If you look around now you’ll see many places like National and Enterprise renting a lot of Japanese cars and every rental place has the high-end rentals like Jags (again, a Ford product believe it or not) BMWs, Lexes, etc.
So there you have it.
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houyuping 07年8月16日
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