RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, announced today that Malco Enterprises of Nevada, Inc. (Malco), a leading Car Rental Company in Las Vegas, has selected RateGain to drive business recovery with the world’s first AI-powered revenue management platform – revAI.
Malco has operated as ‘Budget Rent A Car’ of Las Vegas since 1989, and is one of the largest car rental franchise for ABG in North America. The company operates in about 10 locations spread across Las Vegas, including the McCarran International Airport.
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Car Rentals have been subject to extreme volatility since the onset of COVID-19. While the segment was the quickest to recover in the industry, labor shortages, lack of automation, and unreliable historical data made it difficult for mid-sized and independent car rentals to identify revenue maximization opportunities at the right time.
RateGain’s revAI platform will help Malco Enterprises leverage over 25 real-time demand indicators that provide hyper-local demand to clearly understand the market potential and adjust their pricing by car segment, channel, and location to reach their maximum revenue potential in a day.
Malco will also get a price optimization module to help them capture the extra market share through an AI-driven-price recommendation engine while giving visibility into their current revenue achievement in the ongoing financial year. In addition to understanding market demand, the forecast will also help identify dates that need attention while providing visibility into the demand and recommended pricing for the next 90 days to ensure Malco never loses an opportunity to maximize revenue.
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Commenting on the partnership, Tom Mallo, Chief Executive Officer of Malco, said, “When you are dealing with uncertainty, the ideal partner is one that can both provide real-time insights as well as a plan of action to use those insights to drive business recovery. With RateGain’s revAI platform, we get both with an additional advantage of a cutting edge platform powered by AI which makes it possible for every car rental to maximize revenue opportunity.”
Siddhartha Kothari, General Manager and EVP for revAI, RateGain, added, “As the car rental industry recovers from COVID-19, we are certain that AI is going to be a critical enabler for addressing the gaps created by COVID and that is the core philosophy of revAI. As a long time partner to Malco, we are delighted that they gave us the opportunity to partner with them on creating new revenue and build a world-class example of AI-powered recovery for other car rentals to follow.”