Membership-based Car Rental Platform QEEQ Raises Tens of Mns of USD in Financing

September 18 08:27 2022

Recently, global membership-based car rental platform QEEQ announced the completion of tens of millions of dollars in financing. The funds will be mainly used for R&D, product planning, team expansion, global market advancing and customer service improvement, to provide users with better products and experience.

Ben Lee, Founder of QEEQ, commented, “We are happy to announce the completion of this financing round. It would strengthen our financial reserves, and it marks a key step in QEEQ’s business development. QEEQ is now able to allocate more money and resources to polish the products, improve user experience and realize its long-term goal of value creation. In the future, QEEQ will focus on leveraging our resources to expand the market, thereby generating returns for all stakeholders.”

QEEQ is one of the leading international online membership car rental platforms. Formerly known as EasyRentCars, QEEQ was officially upgraded to a new brand in March 2020. Its business covers nearly 200 countries and regions, and it has more than 200,000 suppliers in 6000 cities. Users can find all the information about car renting such as prices, services and location of the rental company on the platform, make the booking with the lowest price possible, and then pay by credit card or virtual currency.

QEEQ Diamond membership allows consumers to enjoy cheaper travel product offers

QEEQ launched the QEEQ Diamond Membership in May 2021, a service with exclusive offers on car rentals and travel, as well as free airline accident insurance for a year.

Ben Lee said:” We are building a strong hybrid business mode with a focus on large-scale flow diversion. Once we have expanded the scale, we can offer perks and discounts to travelers and a customized set of recommendations based on all the information we have, including information on hotels, flights, car rentals and travel experiences.”

According to Edmunds, car rental costs have risen Since the COVID-19 pandemic outbreak. The average monthly cost of car rental in February this year was 560 dollars, 19% more than the same period two years ago. Meanwhile, the average monthly price for car loans was 637 dollars, up about 12% from February 2020.

The Diamond Membership of QEEQ equips every user enjoy a discount of more than 10%. Member users will experience great convenience in a series of digital applications. QEEQ ensures that everything is simple and user-friendly, giving consumers a better experience. For QEEQ, it can attract more loyal users and bring substantial benefits for users, which is a win-win situation. So far, QEEQ’s user repurchase rate is higher than 50%.

The first car rental platform supports cryptocurrency payments

Cryptocurrency is now being accepted for its store of value. The advent of the era of cryptocurrency payments also dramatically increases the liquidity of cryptocurrency, which further highlights its value. Data show that in the past year 2021, more than 150,000 businesses worldwide accept Bitcoin payments, most of which are located in developed countries and regions such as North America and EU countries.

The number of people using cryptocurrency payments worldwide grew by 178% in just one year in 2021, from 106 million in January to 295 million in December. According to a study published by BrandEssence Market Research in June 2022, the global cryptocurrency payment gateway market is expected to grow at a CAGR of 22.8% between 2022 and 2028.

As early as February 2020, QEEQ launched the cryptocurrency payment function, becoming the world’s first car rental platform that supports cryptocurrency payments.

QEEQ’s support for cryptocurrency payments comes with several benefits. First, while credit card fees usually account for about 2% to 4% of transaction fees in most regions, cryptocurrency fees take only half of that or even less. Second, when making cross-border transactions, the exchange rates of credit cards are much higher than cryptocurrency. In addition, unlike electronic banking transfers whose process may take days, cryptocurrency transfers can be made almost instantly.

Ben Lee said that adding virtual currency payments in addition to other payment methods will help users and business partners fully enjoy the convenience brought by the fast-developing Internet payment technologies. The virtual currency will also become more convenient, significantly lowering the threshold for ordinary users to access a better payment method powered by blockchain technologies.

QEEQ will create a free and efficient car rental ecosystem

The car rental market has been recovering rapidly from the pandemic in recent years. Due to advances in digital technology, the car rental market is now more dynamic, with sharply increased service capabilities of the rental industry to meet users’ expectations and improve their customer experiences of the car rental service. However, it is widely known that  most small and medium-sized car dealers cannot develop a large information management system. Therefore, exorbitant service fees are required if they want to buy a large car dealer system.

Today, many small and medium-sized rental companies using online booking platforms still manually generate bills and pursue unpaid charges or spend a lot of manpower and resources on routine fleet management and preventive maintenance. It is clear that the human costs of running cars far exceed the revenue these companies get from renting them.

QEEQ, a membership-based car rental service provider, plans to open its supplier management system to global car dealers for free. The rapid deployment of SAAS can help more car rental companies accelerate and complete digital applications. QEEQ has used a supplier management system in conjunction with major car dealers worldwide to help users achieve intelligent and fast car pickup and return. A case in point is the contactless self-service pickup and return service, which allows users, by the QEEQ online platform, to realize “contactless online order, contactless offline pickup and return.” The simplified process greatly reduces the contact between users and staff, which not only gives users a sense of security but also saves the time and cost of offline car pickup and return, rendering users a memorable car-renting experience. At the same time, It empowers the car dealership with efficient inventory management capabilities, which ultimately helps the dealership increase revenue.

Today, assuming a car dealership needs to process order information more efficiently to improve service and operational capabilities and ultimately reduce operational costs, the SAAS platform launched by QEEQ can help. This SAAS platform can ensure dealerships achieve this qualitative change in operations to the greatest extent possible. Through systematization and automation, the platform can improve the speed of order processing and support multi-dimensional management of brands, stores, vehicles, insurance packages, users and so on. The industry’s best inventory management algorithm ensures that the exact vehicle can have a higher rental rate. In addition, this platform provides an API interface to facilitate self-service access to more channel platforms, offer intelligent analyses of market environment, order status, store operation time etc., cut excess store inventory, improve operation efficiency and save costs.

Ben Lee said: “The successful completion of this financing round will help QEEQ refine its business. Remaining true to the brand mission of making travel easier, QEEQ, with unique service advantages and innovation capabilities, will reach potential users across the globe, constantly optimize the ecological chain of global travel services, continue to provide users with new travel experiences, and strive to become a world-class travel platform.”

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