This month we sat down with Colm Menton, CEO and Co-Founder of RentalMatics. Colm explains how the company started, their unique offering and why rental companies should embrace telematics.
Rentalmatics’ IoT solution utilizes vehicle telematics (the ‘smarts’ of modern cars – GPS, communications, driving pattern data) to help Car Rental companies optimize fleet management and operations. They are fresh off their first customer win in Australia, with East Coast Car Rentals.
What does Telematatics do for mobility?
RentalMatics is a unique offering that was created by ‘Car Rental People for Car Rental’. It digitizes data, eliminates manual paperwork and creates efficiencies, allowing for better decisions to be made and creating significant cost-savings.
How did you get into car rental and telematics?
My entry into car rental began by purchasing Malone Car Rental in 1995 for €40,000 when it consisted of 32 cars. At one stage, we owned 5 Franchisees simultaneously – Europcar, National, Dollar, Thrifty and Alamo, which were all run separately and successfully. In 2012, Go Car, a car-sharing company was established with a new business model which came under my Company umbrella. Based in Dublin this company became very profitable and grew to 800 cars under my leadership.
RentalMatics came about due to an insurance claims problem, whereby AIG (our insurance company) encouraged us, due to the high ratio of claims, to install trackers in our cars. The two years post RentalMatics resulted in a reduction in insurance claims of €1.5 million per annum. In 2017, the Europcar Group bought out my Company when the fleet size was 10,000 and RentalMatics was formed. At the same time, Thomas Brady joined as Chief Technology Officer and Co-Founder and RentalMatics looked at ways to save money by digitizing data.
Why do car rental companies have to embrace telematics?
Car Rental companies need to move forward with telematics, as otherwise their market share will be reduced and be taken by other forms of mobility. We estimate that most of our customers have an average net saving of $500 per car per annum, which on 2000 cars is a saving of $1million per annum. RentalMatics, with it’s bespoke software for car rental, can offer these savings.
How do you anticipate the future of car rental in Australia?
There is little doubt that post-covid, Australia will follow in the footsteps of its neighbours in Europe and the US. These regions have seen a boom in travel and a surge in demand for car rental to match. Australia will be no different. The demographics of the country suit car hire and the beauty and sights speak for themselves.
What do you think are the challengers and opportunities of working with Australia?
There are no challenges that cannot be easily overcome, as seen with the rollout of our 1st Client in Australia – East Coast Car Rentals. Our Client achieved a rollout of the devices and the product within 3 months of the initial engagement. We believe there are further opportunities to bring our product to Australia and look forward to working with other Car Rental Companies in the near future.