Toyota Motor Corporation’s (TM - Free Report) technology strategy business unit, Toyota Connected North America announced its collaboration with Avis Budget Group, Inc. As part of the multi-year partnership, 10,000 Toyota vehicles will be provided to one of Avis Budget Group’s brands, Avis Car Rental, to develop its fleet of connected vehicles.
Avis Budget Group provides mobility solutions via a wide-range of Avis and Budget brands. In addition to using Toyota vehicles, it will also employ its proprietary Mobility Services Platform ("MSPF") to craft a flawless rental experience along with superior rental fleet effectiveness for its customers.
Per management, the mobility services platform will help Avis Budget Group to get a better visibility of their fleet vehicles through enhanced connectivity and improved control.
Toyota Motor Corp Ltd Ord Price and Consensus
Through the platform’s telematics data API (application programming interface), passengers will be able to obtain real-time rental information via Avis’ mobile application. Besides assisting the customers to locate the vehicle, the platform will offer information that includes virtual odometer and fuel-level readings. Also, connected services offered by telematics will help early vehicle check-ins and check-outs, thus saving time.
Toyota MSPF is already offering support to businesses including car sharing, use-based car insurance pricing and fleet management services.
Servco Pacific Inc., a distributor of Toyota vehicles in Hawaii is launching a car-sharing business via MSPF. The developed application helps to identify and authenticate the drivers while looking after the payment and fleet management.
In the last six months, shares of Toyota outperformed the industry it belongs to. During the period, the company’s stock gained 11.8% in comparison with the industry’s rise of 8.6%.
Zacks Rank & Other Key Picks
Toyota carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the auto space are General Motors Company (GM - Free Report) , Honda Motor Co. Ltd. (HMC - Free Report) and LKQ Corporation (LKQ - Free Report) . General Motors and Honda sport a Zacks Rank #1 (Strong Buy), while LKQ Corp holds a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
General Motors has an expected long-term growth rate of 8.4%. In the last six months, shares of the company declined 2.5%.
Honda has an expected long-term growth rate of 5.2%. Shares of the company gained 19.9% in the last six months.
LKQ Corp has an expected long-term growth rate of 16%. In the last six months, shares of the company gained 10.4%.
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