Project #5131 - Rental Car Project

Click on link to get data set. MUST USE DATA SET!

 

Rent-A-Car Project

Datasets and description for the case assignments:

http://www.washburn.edu/sobu/dnizovtsev/RentacarCase.html

1.       Estimate the demand for your vehicles using variables provided, you might also derive data from other resources and combine with the dataset. Choose the best model.

We estimate that the dealership

2.       Forecast the demand for the “economy” vehicles in Week 30.

3.       Suggest a specific rate that we should charge for the “economy” category to maximize revenue. How many vehicles do you expect to be rented at the suggested rate? Do we need to worry about increasing our fleet if we follow your demand forecast?

4.       Our customers who choose to keep a car for an extra day are currently paying the same base daily rate. Do you see any potential in exploring alternative schemes? If so, what changes should we implement-shall we change the price for extra days? What considerations are involved in this decision? Provide your thoughts on this issue.

5.       What other issues or news you would pay attention to adjust your price and managerial strategies?

 

Reference:

Chulkov, D. and Nizovtsev, D. 2012. “Rent-A-Car: an integrated team-based case study for managerial economics” , 2013 ASSA Annual Meeting, San Diego, CA, Paper 2013-454.2995

 

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2) 

 

Rent-A-Car: Description of the variables in the data set

 

PownE

Average daily rate Rent-A-Car charged for its economy cars in a given week

PownL

Average daily rate Rent-A-Car charged for its luxury vehicles in a given week

Pcomp

Average daily rate of the only competitor across all vehicle categories

Session

Binary variable with 1 indicating weeks when college is in session

Weather

Number of days in a week with severe weather

Unemployment

Number of unemployed workers in the county as of Tuesday each week

FlghtWk

Number of flights (in- and outbound) serving the local airport that week

CancWk

Total number of flights cancelled that week

Holiday

Binary variable with 1 indicating weeks of national holidays (long weekends)

Wrecks

Number of major accidents that week

Discount

Number of customers in a given week using the 15 percent discount off the base rate offered through our affiliate partner, a credit card company

Upgrade

Number of customers who received a free upgrade to a luxury vehicle due to the unavailability of economy vehicles

TotalAd

Amount spent on local advertising each week

AdBlbd

Weekly spending on billboard ads

AdPaper

Weekly spending on ads in local newspapers, including the online version

AdTV

Weekly spending on ads placed with local TV

QE

Number of rental contracts initiated each week in the economy category

Q_length

Number of paid days of rentals, grouped by the agreement starting date

Age<25

Number of rental agreements in a given week for which the person listed as the primary driver on the rental agreement was less than 25 years old

Age25_50

Number of rental agreements for which the person listed as the primary driver on the rental agreement was between 25 and 50 years of age

Age51+

Number of rental agreements in a given week for which the person listed as the primary driver on the rental agreement was 51 years of age or older

FleetAge

Average age of our fleet measured in weeks

BedTax

Amounts collected from the 1% local hospitality tax in the county - this information is reported only on a monthly basis

 

Subject Business
Due By (Pacific Time) 04/30/2013 800 am
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