An Effective Resource Allocation and Revenue Generation for Rental Vehicles

Dynamic pricing on seat selection contributes good revenue during demand, and forecasting of income using events occupancy is lagging are to be addressed by novel methods. The passengers, who may not have the purchasing capability of a 4 wheeler must prefer to share the facility for savings. The crucial aspects are customer comfort and knowing price drops in advance. The proposed system is a hybrid upfront that consists of modified ARIMA, and GBM to accurately forecast income based on filled events occupancy. This system not only provides integrated features such as applying discounts on specific scenarios, a dynamic seat selection, individual track of the vehicle, and predicting income of future days. The Firsts Come First Serve (FCFS) and seat ranking have been integrated into the evolution of a hybrid method that also outputs good revenue. The evaluation is compared against existing approaches. The outcome is an effective way of selecting the seat as per their choice, and the event occupancy cut-off is reached. This feature guides the driver community to raise seat prices or drop prices would generate revenue as well as maximize passenger comfort.

• Record URL:
  • http://dx.doi.org/10.18280/ijtdi.080303
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/20588305
• Supplemental Notes:
  • © 2024 The authors. This article is published by IIETA and is licensed under the CC BY 4.0 license (http://creativecommons.org/licenses/by/4.0/).
• Authors:
  • Sangaraju, Hrushikesava Raju
  • 0000-0002-1646-3187
  • Balakrishnan, Sivaneasan
  • 0000-0002-4271-2677
  • Subramanian, Siva Shankar
  • 0000-0002-7616-6088
  • Chakrabarti, Tulika
  • Chakrabarti, Prasun
  • Margala, Martin
  • 0000-0002-0034-0369
• Publication Date: 2024-9

Language

• English

Media Info

• Media Type: Web
• Features: Figures; References; Tables;
• Pagination: pp 393-401
• Serial:
  • International Journal of Transport Development and Integration
  • Volume: 8
  • Issue Number: 3
  • Publisher: International Information and Engineering Technology Association
  • ISSN: 2058-8305
  • EISSN: 2058-8313
  • Serial URL: https://iieta.org/Journals/IJTDI
• Publication flags:

  Open Access (libre)

Subject/Index Terms

• TRT Terms: Pricing; Rental cars; Resource allocation; Revenues; Vehicle sharing
• Subject Areas: Finance; Highways; Vehicles and Equipment;

Filing Info

• Accession Number: 01935421
• Record Type: Publication
• Files: TRIS
• Created Date: Oct 29 2024 9:12AM