Risk Management of Car Rental Essay Sample free essay sample

Since 2007. the rent a auto industry has been dining since the fiscal crisis had hit the universe. Peoples’ purchasing power drastically went down as they could non afford to pay the immense amount of money to auto traders. After 2007. Bankss refused to give loans to the general populace as they were in no place to. In the Middle East having a auto has become more of a necessity than merely a luxury as people can non make their house clasp occupations without it. and even little concerns can non run without a auto. However. the disbursals of having a auto is increasing twenty-four hours by twenty-four hours and managing care of a auto is hard for people with busy work agendas. so clients are now deviating to lease a auto companies and trusting on them to manage all the excess auto disbursals in consequence for a good working auto. With carry throughing the demands of the lower market. lease a auto companies are now aiming the high terminal market by supplying them the most luxuries autos for themselves or for their VIP invitees. More over the market has been systematically up lifted by the locals of the state as they are auto fiends by nature. Majority of the immature UAE subjects are brought up in households who own high esteem autos and with such upbringing they develop a passion about autos and desire latest or alone theoretical accounts. Now with the rent a auto industry spread outing they can now supply different assortment of autos at sensible monetary values to the local clients with the option of leasing autos merely for a few months and can later on switch to newer theoretical accounts if they desire. Money is non an issue for the UAE subjects ; so long the merchandise they are buying is satisfactory. Business of leasing autos has been ever really profitable. Many new international companies have already started providing this portion of the universe and with so many people migrating to UAE on contract footing. they are looking for competitory monetary values to lease the autos on annual footing till their contract expires. Hertz has more than 40 different locations for leasing the autos and last twelvemonth Hertz and Dollar Thrifty announced Definitive Merger Agreement. under which Hertz would get Dollar Thrifty for $ 87. 50 per portion in hard currency in a dealing valued at a corporate endeavor value of about $ 2. 3 billion. Budget Car A ; Van Rental. UAE. is owned by the extremely respected UAE-based Liberty Investment Company ( LIC ) . which is the keeping company for a diversified group with extended involvements in the Automobile Trade and related concerns. Travel A ; Tourism. Transportation. Logistics. Real Estate A ; its services and Management A ; Consultancy. The IS O criterions. combined with the service committedness of the full rent a auto industry. companies in this portion of the universe would guarantee clients to have great value through superior services across all countries of the company. AimAl Jaber EstablishmentAl Jaber group is among taking concern baron who has lived in UAE for rather a long clip and has been wining in about all its sectors. Al Jaber. the proprietor of Al Jaber Group. was non from a affluent household. However. with his concern enterprise and hazard seeking nature he managed to spread out from a little company into a multibillion dollar constitution. Now he has passed on his company to his kids. two boies and one girl. who are spread outing his constitution into different sectors. Mohammad Al Jaber. the boy of the proprietor. has a great passion for the modified autos so he established his ain concern of modified and leasing autos which he started under his father’s name. In this division he opened up three companies. Prestige autos. Prestige services and German Rent A Car. All the three companies deal with alien modified autos which cater the upper niche market of UAE with their offices located across Abu Dhabi and Dubai. German Rent a Car German RENT A CAR is a new pinnacle in the luxury limousine and auto lease sector in Abu Dhabi and Dubai. Since induction in 2007 they have set a new definition for luxury and service. They are empowered by a fleet of the most epicurean automotive trade names. and a passion for excellence in service. This combination sets them apart from their competition. By go toing to the UAE’s discerning clients. they have evolved to make full a market spread that was non tackled earlier. German RENT A CAR ; their attack is simple: to offer the most epicurean merchandise crowned with the highest service criterions. An array of trade names include Rolls Royce. Bentley. BMW. Audi and much more. which offers their clients new experiences while driving these esteemed trade names. Their fight is built on a scope of factors that makes their offering by far alone. They are the sister company of Prestige Cars International and Formula one Agency. two open uping companies that offer the latest in tuned luxury auto section. Their Vision is to be a prima rental auto company that operates harmonizing to international criterions. They strive at carry throughing their Mission to offer the most epicurean trade names accompanied by highest service criterions. Their values are built on supplying solutions and support to their clients. They work twenty-four hours and dark to guarantee that covering with German RENT A CAR will be a seamless procedure that consequences in an gratifying experience. Their subdivisions in Abu Dhabi and Dubai service their clients throughout the UAE. They are proud to offer a scope of solutions from: †¢ Short term rental day-to-day A ; hebdomadal †¢ Long term rental upper limit one twelvemonth†¢ Lease to lease available from one to three old ages†¢ Lease to have†¢ Limousine A ; VIP Chauffeur Drive with a squad of extremely professional drivers Their corporate histories squad mark big corporations. governmental sections. organisers of exhibition and conferences. touristry organic structures and the similar offering flexible seamster made solutions. Their big figure of several clients. from private persons to big corporations. can anticipate a adept interface from German RENT A CAR. At German RENT A CAR they are extremely concern oriented. and acknowledge the importance of competition. This is reflected in their pricing as they are confident that their competitory monetary values coupled with their first-class services and alone merchandises. all place them at an inevitable finish for clients seeking rental of outstanding autos. StakeholdersInternal Stakeholder The cardinal internal interest holders will be the proprietor of the constitution Al Jaber Obaid. taking on to his boy who is the pull offing manager of the Company and the individual who financed German Rent a Car. Furthermore. the cardinal component where German Rent a Car focuses internally is its employees. They have a simple believe that the employees’ felicity in their work would reflect it on to fulfilling the client everyday they deal with. All employers want a motivated work force. Dissatisfied or unhappy employees tend non to bring forth good work and will finally seek for other occupations. Read more: hypertext transfer protocol: //businesscasestudies. co. uk/bt/stakeholders-as-partners/internal-stakeholders. hypertext markup language # ixzz2KORKIbBf To increase the company’s nucleus competences. the general director every twelvemonth gives fillips and provides preparation to better the accomplishments of its employees. External Stakeholder German Rent A Car’s chief External stakeholders are the regulating organic structures and industry regulator. providers and its Parent Company ( Al Jaber Establishment ) . its client and its community. GovernmentThe regulations and ordinances which are set by the authorities and should be followed precisely as it can straight hold an impact on the concern. The ground for ad-herring the regulations is that the authorities is the 1 who issues licenses to run lease a auto and chauffer service concern in the state. Without these licences it’s illegal for a company to lease out autos to its clients. TRANSAD ( The Centre for Regulation of Transport by Hire Cars in the Emirate of Abu Dhabi ) keeps full path on the company’s manner of runing the concern as it has many guidelines which it enforces on the company to follow or otherwise the company has to confront brawny mulcts. CustomerTo guarantee satisfaction of the client. GRAC focuses on advanced ways to make that by offering such alone autos and high degree of services. For illustration. Grac late had the ISO 9001 trial taking topographic point to guarantee that they are non losing out anything which can compromise the effectivity and safety of its clients and employees. SuppliersThey have ever been the chief border for GRAC as they would keep the auto it’s in perfect status. However if you managing 1000 autos in your fleet. maintaining path of good providers is really necessary as the chief business’s motivation is to supply first-class status autos to the client. so GRAC values and delivers excess penchant to its providers. CommunityAll companies can hold an impact on the communities in which they operate. This is why the wider community is an of import stakeholder. These impacts can be positive. For illustration. concerns provide occupations. which have an impact on local economy’s employment rate. As in old months GRAC has been engaging drivers for its Chauffer service therefore making tonss of chance for under qualified people in the state. There can besides be negative impacts. such as pollution and other environmental perturbation. All concerns must be sensitive to community concerns. Negative promotion can damage a company’s repute. With Huge figure of autos. GRAC neer forgets about its environment with autos coming in every twenty-four hours and acquiring washed. The company earnestly considers disposing the rubbish in the designated country to avoid pollution. In coming hereafter they are be aftering to subscribe a trade with Abu Dhabi Motors to supply them with Hybrid autos. this will do the first rent a auto company in the part to supply its clients with autos which are eco-friendly. Tools and techniques risk designation methods and procedureHazard designation is the procedure of happening. acknowledging and entering hazards Anything which can do danger to its community. concern and it employees is called hazard and anything which can do these possible danger. gets recognized beforehand is known as hazard Identification. Most of the little hazard which companies tend to disregard can be the average ground of the failure in the hereafter. so even a minor menace to an organisation should be analyzed decently. Hazard designation methods can include:†¢ Evidence based methods. illustrations of which are check-lists and reappraisals of historical informations ; †¢ Systematic squad attacks where a squad of experts follow a systematic procedure to Identify hazards by agencies of a structured set of prompt or inquiries ; †¢ Inductive concluding techniques such as HAZOP. To be certain that the hazard. which needs to be identified. should be processed efficaciously to guarantee that when the hazard designation coatings. there would be no infinite for any major issues being missed out during the procedure. During the procedure there are cardinal elements a hazard analyst has to guarantee that he covers them. which are below Source of hazard: if the beginning of the hazard has non been identified. the opportunities of hazard reiterating in future would be high Aims are met or non: what are the chances that the forming would accomplish its aims? If non so would be the lower limit it could. or looking it possibilities which can assist them accomplish at that place more or less expeditiously. Additional benefit Consequence on Aims: is the hazard high plenty that it might be a menace for the company’s aim? Impacted by the hazard: if the hazard becomes into a world. who will be acquiring effected by it? Risk Control: Maximizing the hazard. if it could be good for the company or minimising the hazard. if it could do any danger to it. Risk appraisal methods and procedure. Hazard appraisal is the overall procedure of hazard designation. hazard analysis and hazard rating. When the hazard has been identified. the following measure is to do certain how these hazards would impact the concern. It wouldn’t be healthy for a company to extinguish all the hazard which was posed to it because of cost. Hence it is suggested that to measure all the hazard and separate those 1s which need particular attending as they can hold a greater impact on the concern. In an organisational section degree. single activities hazard can be monitored and analyzed based on it. Furthermore. different tools and techniques will be used depending on the nature of the state. Below are the different methods of analysing the Hazard. †¢ Market research.†¢ The consequences of public audience.†¢ Experiments and paradigms.†¢ Economic. technology or other theoretical accounts.†¢ Specialist and adept judgements. Techniques include:†¢ structured interviews with experts in the country of involvement ;†¢ Use of multi-disciplinary groups of experts ;†¢ Individual ratings utilizing questionnaires ; and†¢ Use of theoretical accounts and simulations†¢ Past records.†¢ Practice and relevant experience†¢ Relevant published literature. To analysis this techniques. there are three options. Either to travel for Quantitative. Qualitative or Semi Quantitative Analysis. In Qualitative Analysis Wordss are the beginning which helps to depict the magnitude of the possible hazard or even the opportunities of those hazards to take topographic point in the hereafter. The graduated tables can be modified and being compatible with the fortunes and the different description. it can be used for many hazards. Qualitative analysis is largely used in acquiring familiar with the hazard at first. if the company feels it can be a major menace it can so be converted into a elaborate analysis. In short it can assist salvage clip for the company. Quantitative Analysis The difference between Qualitative and quantitative analysis is that the qualitative the analysis is much deeper and has a batch of Numerical Details. It is used for those hazards which are really critical for the company’s aims. Analysts consider the theoretical accounts as the chief key to find how accurate the inside informations. numerical value and the cogency of the theoretical accounts were used. The phase where we get to cognize which hazard can do serious menaces and besides where hazard can move as endurable menace. We so note all these inside informations and set them into a Risk Matrix. which so generates for us the evaluation of each hazard for an organisation. Risk Matrix can be produced in three formats. which are quantitative. Semi Qualitative and Qualitative. Hazard Matrix Hazard Matrix helps to supervise the likeliness of a hazard. which is indicated by the connexion between the opportunities of an incident occurrence from the jeopardy. and the consequence of that jeopardy. The format of the recording could either be in alphabetical or numerical codification. The jeopardy is examined on the footing of the connexion between the likeliness and the effects. The degree of the Potential menace is so identified or treated on the footing of the HIGH hazard rank. means the more critical and likely. the faster the company has to respond or extinguish the chief beginning of that hazard. integrating hazard directionAs German rent a auto is spread outing its operations and offices across UAE. the opportunities of holding high degree of menaces are excessively great. particularly sing the delinquent traffic mulct which has non been paid yet by the client. financially they might non be in stable place to spread out. As GRAC is the lone rent a auto. which provides BMW autos in such high volume. with utilize rate of 90 % . the opportunities of provide a replacing auto for their client might non be possible in future if needed. With respects of wellness and safety the opportunities of holding a high degree of hazard is that there are no FIRST AID box in the office premises. neither there is any H2O sprinklers nor there are any fire drill taken topographic point. However there are smoke sensors installed. but there haven’t been any fire drills in since the company shifted to its new location. All the above factors are merely the basic hazard which were noticed without any research taken topographic point. nevertheless if these hazard comes into world there amendss could do serious drawback for the company and every bit good for its employees.