Business Review: Renting Colombia

Renting Colombia is an expert company in providing integral solutions related to vehicle leasing for people, SMEs, companies and the government. The company offers leasing services that go from light cars to heavy vehicle fleets, so that they can be used and enjoyed as if they were their own with complete autonomy and control over them, while also freeing themselves from the multiple tasks related to their administration.

Renting is a strategic business model in the world: it is the operational leasing of vehicles with services. Renting Colombia, has been in the Colombian market for more than 20 years and in the Peruvian market for more than 10.

A different proposal

For many years and even nowadays, in the Colombian market there were already different legal figures that existed for the acquisition of vehicles, from credit to operational leasing. In all of these legal figures the asset, in this case the vehicle, was always in the possession of the client at the end of the payment of the particular service, whether it was called credit or leasing. But in the world, and particularly in Europe, the service had already advanced into a model in which the customer only paid for the use of the vehicle and it didn’t affect their working capital with the acquisition of assets that were not part of their core business, such as the machinery required to produce breads or beers.

“As part of that evolution and with the goal of giving alternatives to the client in the country, the decision was made to create Renting Colombia,” says Carlos Mario Santa Restrepo, a publicist with over 20 years of experience in companies and agencies in the country. In 2013 he joined Renting Colombia as Head of Service and Network Marketing. And in 2018 he was appointed Brand and Communications Manager, a position he currently holds.

The traditional concept of customers in terms of wanting to own everything in their operation, including vehicles and their administration, was one of the most difficult paradigms to break. Presently, many companies in the country have understood that there are more efficient ways to have vehicles, such as renting, where you pay for the use and not for the asset.

In the first years of the history of Renting Colombia, the vehicles in the market were valued, or at least they did not lose value over time, so business models like renting were clearly at odds with the market conditions.

These days, the Renting Colombia model guarantees 95% fleet availability by contract; for productivity, it operates as a specialized logistics consultant, generating efficiency in the management of the client’s fleet, in accordance with local knowledge and geographical coverage in the country. And it delivers reliability, which is the entire back office of the organization, which must guarantee that all processes are correctly executed.

Commitment and innovation

The collaborators of Renting Colombia have a model that governs the strategy around them that is called DNA, understanding that it is no longer a question of having the company’s shirt on, nor the brand tattooed on one arm. For Renting Colombia its strategy is in the DNA of its collaborators and they must abide by the relationship with the customer and by the definition of DNA for them: to be innovators, negotiators, and to have sound judgement … This concept shapes the team’s formation, and based on that the different courses are planned. Now, the dynamics of growth require more specific approaches, and speed requires special leadership. In this aspect, Renting Colombia has made a special effort to train a big team of leaders in Transformational Leadership, with a co-created diploma with an important college in Medellín (Antioquia, Colombia) and the needs of the company as the starting point.

Renting Colombia has a network of allies with which it manages everything related to maintenance of customer vehicle fleets. With them, sustainability programs have been developed that train all workshop partners, for example, in waste disposal schemes such as scrap, oils, batteries, etc., preventing these residues from reaching nature. In addition, and thanks to the demanding maintenance routines that are done to the fleets, CO2 emissions are 10% lower than those of a traditional fleet in the market.

Fixed goals towards the future

In regards to the vision he has about the future of his company, the executive tells us:

“I see many more companies understanding that they don’t have to own the vehicles; that their money must be invested in actually productive assets for them, and that there are companies like Renting Colombia that not only rent out their vehicles to use them as if they were their own, but who also help them become more efficient with very powerful logistic models. I also see the renting of environmentally-friendly vehicles further developing, for example, with electric cars, of which we already have about 100 units rolling around the country. Additionally, I see a final consumer on the same page, having the renting model as a very important and intelligent alternative for mobility, in which you pay for the use and not for the asset.”

The experience of more than 20 years in the automotive area is the biggest added value that the company has to offer. This translates into very complete information with the traceability of each of the processes that the vehicles had for the duration of the contract, identifying with certainty the usage in all areas of the operation. And delivering a car with all the history for the final process of the sale, which also generates interesting results for the organization.

The company set a goal for the year 2020, which is to multiply by 6 in its most important indicators.

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