How To Set Your Vehicle’s Rate
So you’ve listed a vehicle on our platform, great! Just as we encourage you to regularly update your vehicle’s availability, you should monitor the daily rental rate you charge Renters and evaluate the results you’re seeing. Rental activity for your vehicle will depend on many factors, one of which is the daily rate you choose to charge renters who use your vehicle.
Here we give you all the information you need to know about COOP’s recommended rates and how you can adjust your rate to the best setting possible for your business.
How COOP Suggests Recommended Rental Rates
COOP sets the recommended rate based on the rental industry standard for the vehicle you’ve listed. We calculate this number to balance generating revenue on the platform, attracting renters to your listing, and remaining competitive with other commercial rental vehicle companies. If all your vehicles are using this rate, it’s ok! Most of the time the recommended rate that is set on the platform is a good fit.
That said, you have full control over what rates you set and always have the flexibility to adjust them to what is best for your business. As you get adapted to the marketplace, you may choose to make changes to the rate based on your vehicle condition, the seasonality, or the demand you’re seeing.
Raise the Rate To Make the Most from Your Vehicles
Depending on fleet trends that you anticipate will affect your business, you may make the decision to raise your rate to a higher price for daily use of your vehicle. You may want to consider this option if your vehicle is a newer model, in high demand, or offers any special features. We find that renters are willing to reserve vehicles at a higher value if one or any combination of these factors applies.
If you do choose to increase the rate, this may result in a less competitive listing. We recommend that you monitor the rental activity you see once you raise the rate. If you’re not receiving requests at the higher rate, it’s likely that the season of the year, condition of the vehicle, or market demand may not reflect its increased rate. Be sure to stay flexible, as maximizing fleet utilization is the best way to leverage the COOP platform.
Lower the Rate to Keep the Vehicles Moving
A great way to get your vehicle rented out faster is by lowering the daily rate. To start, we recommend you use our 15% industry-standard discount for weeklong reservations and an additional 5% discount for month long reservations. This encourages Renters to keep your vehicle out for longer periods of time and brings in more revenue to your business over time.
Several common factors can lead your business to lower the daily rate for some vehicles. One reason for this choice would be if you have a vehicle that is an older model. Alternatively, take into consideration the current market conditions for that vehicle’s specs. Are there several vehicles available just like it near you at a lower price? Your business can get on the right side of supply and demand with this choice.
Lowering your rate makes your listing more competitive, but try to keep it as high as possible to maximize your profit. If our recommended rate simply isn’t the right fit for the listing you’ve offered, a lower rate may yet attract more renters and have your vehicle generate revenue for your business.
How to Set A COOP Vehicle's Rate
Now that you know some factors that could affect a rental rate for your vehicle, let’s cover how to adjust it. In just a few simple steps, you can set your rate once you’re logged in to your account.
- Click the icon in the upper right and select “Vehicles”
- Select the vehicle in your fleet that you would like to adjust the rate for
- Navigate to the “Rate” tab
- Adjust the rate by sliding the “Vehicle Listed Price” up and down the slider
- Check the boxes below to enable or disable the industry standard long-term reservation discounts
Adjust Rate for the Result
Flexibility with your rates keeps your listing competitive and maximizes the revenue that you can earn with COOP. Reach out to our Customer Success team, and we’ll help you find the best personalized rate possible for your vehicle. Now that you’ve taken this profitable step, try some of the other ways to optimize your listing on COOP.