LOTTE rent-a-car Biz Car Wins Praise for Corporate-Friendly Options, Including Free Return

[Financial News] LOTTE rent-a-car's long-term rental service for corporations and business owners, Biz Car, is drawing favorable reviews for offering customized options for each company. Built on the basic long-term rental structure that combines insurance, taxes, maintenance and management services, it adds detailed choices such as free return, lump-sum payment of usage fees, and support for newly established and small corporations, allowing companies to choose products optimized for their operating conditions.
According to the industry on the 26th, LOTTE rent-a-car introduced free-return long-term rental products through Bizcar 420 and BizCar530, launched in January this year, which waive early return penalties if a vehicle is used for a certain period or longer.
With Bizcar 420, no penalty is charged for an early return if the vehicle is used for at least two years after a four-year contract. With BizCar530, no penalty applies if the vehicle is used for at least three years after a five-year contract. By lowering monthly rental fees through long-term contracts while eliminating the burden of early return penalties, the company has significantly expanded choice for corporate customers. It said the fixed contract period of long-term rentals can be a burden for companies whose vehicle needs may change depending on business expansion or organizational restructuring.
As a result, companies can consider their expected operating period, vehicle replacement cycle and mid- to long-term business plans to choose the most suitable option between the two products. The structure is designed to preserve the convenience of long-term rental management while allowing flexible responses to changes in business conditions and vehicle demand. It is also known that the lump-sum payment product, which adds membership benefits at a cost similar to purchasing a vehicle, has been well received.
This is because corporations that have traditionally purchased vehicles directly, or companies for which monthly rental payments do not fit internal accounting and administrative procedures, tend to prefer a model that settles vehicle-related costs at the start of the contract and operates the vehicle over a long period. For such corporate customers, the lump-sum payment product is designed so that the vehicle usage fee is paid all at once when the contract is signed. At a similar upfront cost to buying a vehicle directly, LOTTE rent-a-car handles insurance, tax payments and vehicle management.
The contract period can be selected from one to six years depending on the company's vehicle operation plan, and after the contract ends, the customer can choose whether to purchase the vehicle, return it or extend the contract.
As for post-contract management of corporate vehicles, Biz Car operates a dedicated manager system that supports everything from contract signing to maintenance, expense settlement and accident response. It also responds to emergencies such as breakdowns and accidents through a 24-hour customer center and provides replacement vehicles when needed.
A LOTTE rent-a-car official said, "There is no single right answer for operating corporate vehicles," adding, "Because the conditions companies face differ, the needs they have also vary. We are continuously developing products that carefully reflect those demands and suit each company's vehicle operation environment."

[email protected] Kim Hak-jae Reporter