WO2019180552A1

WO2019180552A1 - An optimized vehicle rental system

Info

Publication number: WO2019180552A1
Application number: PCT/IB2019/052068
Authority: WO
Inventors: Abhishek Tyagi
Original assignee: Zoomcar India Private Limited
Priority date: 2018-03-19
Filing date: 2019-03-14
Publication date: 2019-09-26

Abstract

The present disclosure relates to the field of an optimized one way vehicle rental system and envisages an optimized one way vehicle rental system (100) comprising a database (122), a plurality of user devices (124), a vehicle renting analysis module (102), a booking confirmation module (110), an optimization module (112), a route analysis module (114), and a booking cancellation module (120). The user device (124) sends a request to book a vehicle on rent, which is validated. The request is allotted a vehicle on validation through the booking confirmation module (110). The optimization module (112) marks the status of the allotted vehicle to transient from active which depicts that it cannot take further booking till end of booking, and later changes the status to active to accept further bookings after the end of booking. The system (100) reduces cost, utilization, and delays throughout the entire one-way vehicle rental process.

Description

AN OPTIMIZED VEHICLE RENTAL SYSTEM

FIELD

The present disclosure relates to an optimized one way vehicle rental system.

DEFINITION

The expression‘hub’ used in the context of this disclosure refers to, but is not limited to, an area where a plurality of vehicles is made available for users. The expression‘Domino Effect’ used in the context of this disclosure refers to an effect of an entity or event, under which each associated or connected entities of the act or event are affected.

The expression‘vehicle’ used in the context of this disclosure refers to, a motor vehicle and a non-motorized vehicle which is capable of running on roads. The vehicle includes, but is not limited to, a car, a motorcycle, and a bicycle.

The expression‘inventory’ used in the context of this disclosure refers to, but is not limited to, a number of vehicles, which is available to rent at one point in time, and can ingress/IN or egress/OUT for a defined duration from a particular hub.

The expression ‘optimized one-way vehicle rental system’ used in the context of this disclosure refers to, a vehicle, which is rented by a user that travels from a source to a destination, where source and destination both are not at same place.

These definitions are in addition to those expressed in the art.

BACKGROUND

Typically, a time slot is allotted to a user for availing one-way vehicle rental service. Conventionally, the allocation of the time slot to the user is manually handled by organizations. However, such manual allocation often leads to allocation of time slots to other users, which may overlap with the user’s time slot for a particular vehicle, which is not desired. To overcome the drawback of the conventional manual booking process, various conventional systems are used for managing one-way vehicle bookings. However, the conventional systems fail to pre-book the vehicle for the user until the vehicle reaches the source city of the user (the source city of the user is the destination city of the prior user who booked the vehicle, for duration), thereby losing potential booking and effecting the utilization of the vehicle.

Further, the conventional systems fail to mitigate the Domino Effect caused due to multiple one-way pre-bookings of a particular rental vehicle, that is, if there are pre bookings for the particular vehicle from a first city to a second city, from the second city to a third city, and then from the third city to a destination city. In such scenario, if one of the bookings is cancelled all other bookings are affected, resulting in Domino Effect.

Therefore, there is a need to provide an optimized one way vehicle rental system that limits the aforementioned drawbacks and provides an optimal solution.

OBJECTS

Some of the objects of the present disclosure, which at least one embodiment herein satisfies, are as follows:

An object of the present disclosure is to provide an optimized one way vehicle rental system.

Another object of the present disclosure is to provide an optimized one way vehicle rental system that reduces cost, utilization, and delays throughout the entire one-way vehicle rental process.

Another object of the present disclosure is to provide an optimized one way vehicle rental system that instantly provides a list of available vehicles to users.

Yet another object of the present disclosure is to provide an optimized one way vehicle rental system that mitigates Domino Effect by facilitating transient availability of vehicles. Another object of the present disclosure is to provide an optimized one way vehicle rental system that is simple and easy to operate.

An object of the present disclosure is to provide an optimized one way vehicle rental system that provides flexible duration to a user, based upon start time, destination location, distance, a selected route, and pre-determined average time taken on the selected route.

Another object of the present disclosure is to provide an optimized one way vehicle rental system that avoids heaping of booking of vehicles in the same location/city.

Other objects and advantages of the present disclosure will be more apparent from the following description, which is not intended to limit the scope of the present disclosure.

SUMMARY

The present disclosure envisages an optimized one way vehicle rental system. The optimized one way vehicle rental system comprises a database, a plurality of user devices, a booking confirmation module and an optimization module.

The database is configured to store a look up table having a plurality of vehicle numbers with a corresponding status of each of the vehicles along with a mode of travel for each of the vehicles and a corresponding source hub and destination hub with availability of each of the vehicles, a list of vehicle details, a set of pre-determined routes, a set of pre determined routing rules, and a set of pre-determined rental calculating rules.

The plurality of user devices is configured to send a request for booking of the vehicle on rent. The booking confirmation module is configured to cooperate with the database to confirm the request based on the look up table, the list of pre-determined routes, and the list of vehicle details. The optimization module is configured to cooperate with the booking confirmation module and the database to optimize travel of the vehicle and mitigate Domino Effect on the booked vehicle.

The booking confirmation module and the optimization module are implemented using one or more processor(s).

In an embodiment, the request includes details of the vehicle, the mode of travel i.e. one way or two-way, date for booking of the vehicle, start time of trip, estimated end time of trip, estimated duration, the source hub, and the destination hub.

In another embodiment, a vehicle renting analysis module is configured to cooperate with the plurality of user devices and the database to validate the request, based on the mode of travel, the look up table and the pre-determined routes and select the vehicle based on the pre-determined selection rules.

In yet another embodiment, the vehicle renting analysis module includes a requesting module, a determination module and an estimation module.

The requesting module is configured to cooperate with the plurality of user devices to accept the request for booking the vehicle on rent for the trip.

The determination module is configured to cooperate with the requesting module and the database, to validate the request, based on the mode of travel, the look up table and the pre-determined routes and selects the vehicle based on the pre-determined selection rules, the status of the vehicle in the look up table and the list of vehicles.

The estimation module is configured to cooperate with the determination module and the database to estimate earliest time of availability of the vehicle based on bit operation in the database and further configured to allot the vehicle for the request. The booking confirmation module is configured to cooperate with the database and the estimation module to confirm the trip referred as booking and determine start time and end time of the booking of the allotted vehicle.

The optimization module is configured to cooperate with the booking confirmation module and the database to change the status of the allotted vehicle from active to transient in the look up table till the end time of booking for the mode of travel, and further configured to change the status of the allotted vehicle from transient to active after the end time of booking for the mode of travel, in the look up table.

The estimation module uses the bit set to provide a linear time fast result in millisecond (ms) and is stored in the database in an in-memory data grid (IMDG) or a distributed IMDG.

The route analysis module is configured to cooperate with the vehicle renting analysis module and the database to determine routes for the trip and select a best route for the allotted vehicle located at the source hub and the destination hub, based on the pre determined routing rules, and further configured to calculate rental for the vehicle based on the route and the pre -determined rental calculating rules.

The route analysis module includes a route determination module and a calculation module.

The route determination module is configured to cooperate with the database to determine routes for the trip and select a best route for the available vehicle located at the source hub and the destination hub, based on the pre-determined routing rules.

The calculation module is configured to cooperate with the route determination module and the database to calculate rental for the vehicle based on the route and the pre determined rental calculating rules. The booking cancellation module is configured to cooperate with the optimization module and the database to receive a cancellation request, and further configured to allot the request to the vehicles with the active status, based on the look up table and further configured to cooperate with the optimization module to change the status of the vehicle from transient to inactive .

In an embodiment, the active status depicts that further booking requests can be accepted by the vehicle, the inactive status depicts that no further booking requests can be accepted as the bookings have been cancelled and the transient status depicts that the vehicle is completing a trip and cannot accept further booking .

The present disclosure also envisages a method for optimizing one way vehicle rental system. BRIEF DESCRIPTION OF ACCOMPANYING DRAWING

An optimized one way vehicle rental system of the present disclosure will now be described with the help of the accompanying drawing, in which:

Figure 1 illustrates a schematic block diagram of an optimized one way vehicle rental system, in accordance with an embodiment of the present disclosure; and

Figures 2a and 2b illustrate a flow chart for a method of optimizing one way vehicle rental system. LIST OF REFERENCE NUMERALS USED IN THE DESCRIPTION AND DRAWING

DETAILED DESCRIPTION OF THE INVENTION

Embodiments, of the present disclosure, will now be described with reference to the accompanying drawing.

Embodiments are provided so as to thoroughly and fully convey the scope of the present disclosure to the person skilled in the art. Numerous details are set forth, relating to specific components, and methods, to provide a complete understanding of embodiments of the present disclosure. It will be apparent to the person skilled in the art that the details provided in the embodiments should not be construed to limit the scope of the present disclosure. In some embodiments, well-known processes, well-known apparatus structures, and well-known techniques are not described in detail.

The terminology used, in the present disclosure, is only for the purpose of explaining a particular embodiment and such terminology shall not be considered to limit the scope of the present disclosure. As used in the present disclosure, the forms "a,” "an," and "the" may be intended to include the plural forms as well, unless the context clearly suggests otherwise. The terms "comprises," "comprising," “including,” and“having,” are open ended transitional phrases and therefore specify the presence of stated features, steps, operations, elements, units, units and/or components, but do not forbid the presence or addition of one or more other features, steps, operations, elements, components, and/or groups thereof. The particular order of steps disclosed in the method and process of the present disclosure is not to be construed as necessarily requiring their performance as described or illustrated. It is also to be understood that additional or alternative steps may be employed.

An optimized one way vehicle rental system of the present disclosure is described with reference to Figure 1 through Figure 2b.

Referring to Figure 1, the system (100) for optimized one way vehicle rental system (hereinafter referred as“system”) (100) comprises a database (122), a plurality of user devices (124), a vehicle renting analysis module (102), a booking confirmation module (110), an optimization module (112), a route analysis module (114), and a booking cancellation module (120).

The plurality of user devices (124) is configured to send a request for booking of the vehicle on rent. The multiple users can book the rental vehicles by using their respective user devices (124). In an embodiment, the plurality of user devices (124) is coupled to the server via a network (not shown in figure). The network may be a wireless network. In one embodiment, the plurality of user devices (124) may be any electronic devices having communication capabilities which can be selected from a group including, but is not limited to, a mobile phone, a laptop, a tablet, an iPad, a PDA, a notebook, a net book, a smart device, a smart phone, a personal computer, and the like.

The request includes details of the vehicle, the mode of travel i.e. one-way or two-way, date for booking of the vehicle, start time of trip, estimated end time of trip, estimated duration, the source hub, and the destination hub

The vehicle renting analysis module (102), the booking confirmation module (110), the optimization module (112), the route analysis module (114), and the booking cancellation module (120) are implemented using one or more processor(s).

The processor is configured to cooperate with the memory, to receive and process the pre determined rules for obtaining a set of system operating commands. The processor may be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the processor is configured to fetch and execute the set of predetermined rules stored in the memory to control modules/units of the system (100).

The database (122) is configured to store a look up table having a plurality of vehicle numbers with a corresponding status of each of the vehicles along with a mode of travel for each of the vehicles and a corresponding source hub and destination hub with availability of each of the vehicles, a list of vehicle details, a set of pre-determined routes, a set of pre-determined routing rules, and a set of pre-determined rental calculating rules.

The vehicle renting analysis module (102) is configured to cooperate with the plurality of user devices (124) and the database (122) to validate the request, based on the mode of travel, the look up table and the pre-determined routes and select the vehicle based on the pre-determined selection rules.

The vehicle renting analysis module (102) includes a requesting module (104), a determination module (106) and an estimation module (108).

The requesting module (104) is configured to cooperate with the plurality of user devices (124) to accept the request for booking the vehicle on rent for the trip; and

The determination module (106) is configured to cooperate with the requesting module (104) and the database (122), to validate the request, based on the mode of travel, the look up table and the pre-determined routes and select the vehicle based on the pre-determined selection rules, the status of the vehicle in the look up table and the list of vehicles.

The estimation module (108) is configured to cooperate with the determination module (106) module and the database (122) to estimate earliest time of availability of the vehicle based on bit operation in the database (122) and further configured to allot the vehicle for the request. The booking confirmation module (110) is configured to cooperate with the database (122) and the estimation module (108) to confirm the trip referred as booking and determine start time and end time of the booking of the allotted vehicle.

The optimization module (112) is configured to cooperate with the booking confirmation module (110) and the database (122) to change the status of the allotted vehicle from active to transient in the look up table till the end time of booking for the mode of travel, and further configured to change the status of the allotted vehicle from transient to active after the end time of booking for the mode of travel, in the look up table.

In an embodiment, the estimation module (108) uses the bit set to provide a linear time fast result in millisecond (ms) and is stored in the database (122) in an in-memory data grid (IMDG) or a distributed IMDG.

The estimation module (108) is further configured to determine the estimated time for earliest availability of the vehicle, by using a bit operation to check contiguous bits from an index derived from start time/ date and end time/date. In an embodiment, the index is stored in the database (122). In one embodiment, the estimation module (108) is configured to estimate time for each vehicle on the bit set, without losing out on throughput and transaction time. In another embodiment, an availability of the selected vehicle or the vehicle under the same category is determined by a vehicle listing, vehicle blocks defined at hubs of the source/ destination city, and committed trips. Conventionally, determining whether the vehicle is available for a given duration becomes extremely complicated and time consuming, For example, if 1000 vehicles have to be searched at run time, then 1000 queries to the database (122) are required. The database (122) stores the listing of the vehicle for each time unit, for example every 30 minutes, or 1 day, as a SET bit. In an embodiment, a bit is the smallest storage unit in a computer system. This bit array is of size for duration of listing or for a pre-defined period. The bit array is cleared for any block or any booking durations, at real time, for reflecting correct state of availability of the vehicle. The bit set provides linear time fast result in millisecond (ms), as compared to the conventional process. In an embodiment, the bit set is stored in an in-memory data grid (IMDG) or a distributed IMDG (not shown in figure).

The route analysis module (114) is configured to cooperate with the vehicle renting analysis module (102) and the database (122) to determine routes for the trip and select a best route for the allotted vehicle located at the source hub and the destination hub, based on the pre -determined routing rules, and further configured to calculate rental for the vehicle based on the route and the pre -determined rental calculating rules.

The route analysis module (114) includes a route determination module (116) and a calculation module (118).

The route determination module (116) is configured to cooperate with the database (122) to determine routes for the trip and select a best route for the available vehicle located at the source hub and the destination hub, based on the pre-determined routing rules.

The calculation module (118) is configured to cooperate with the route determination module (116) and the database (122) to calculate rental for the vehicle based on the route and the pre-determined rental calculating rules.

The booking cancellation module (120) is configured to cooperate with the optimization module (112) and the database (122) to receive a cancellation request, and further configured to allot the request to the vehicles with the active status, based on the look up table and further configured to cooperate with the optimization module (112) to change the status of the vehicle from transient to inactive.

In an embodiment, the active status depicts that further booking requests can be accepted by the vehicle, the inactive status depicts that no further booking requests can be accepted as the bookings have been cancelled and the transient status depicts that the vehicle is completing a trip and cannot accept further booking. In another embodiment, the optimization module (112) updates all connected routes for the ingress and egress limits of the hub and the city. The optimization module (112) updates all network cities and hubs about future booking slots available at source and destination cities. Further, upon cancellation of the booking, the TRANSIENT vehicle listing state is changed to INACTIVE, if there were any bookings on the vehicle, and those bookings are either cancelled or shift to other vehicles or to negative inventory to serve with other vehicle model. In case of the booking completion, the TRANSIENT vehicle listing is changed to ACTIVE and the vehicle will be considered for one-way booking. The TRANSIENT vehicle listing is foolproof against a Domino Effect of future one-way bookings. For example, if there are multiple one-way bookings for the vehicle in future, then cancellation of one booking would lead to cancellation of all other bookings. In case of accident, TRANSIENT vehicle listing changes state to INACTIVE and bookings move to other vehicles. In an embodiment, the server is configured to calculate buffer time, which is a pre-calculated lead time for booking to get another vehicle of the same model from the same hub.

In an embodiment, if a user makes a one-way booking of the vehicle, the vehicle is allocated to him/her at real-time. The booking can be a pre-booking, for example, the user can book the vehicle 6 months in advance. As the booking is confirmed, a particular vehicle becomes available in other city, to take booking at the same time.

In one embodiment, the system (100) allows and maintains the limits of the ingress or egress vehicles to/from source city/hub or destination city/hub, in real-time. For example, if a hub H has 10 vehicles of model M, and ingress and egress limits are defined as 5. The system (100) allows and maintains minimum 5 vehicles or maximum 15 vehicles of model M, at a hub and at any point of time. At a given time, say 12.00 AM, there are 5 vehicles coming in a hub. The hub will allow 10 cars to go out at this time instance. This facilitates greater utilization and much optimized system than conventional systems, as the optimized system adheres to limits at the hub and city. Adhering to limits at the hub and city has advantages that in case of an event, which involved a lot of human movement, such as a sport event in a city, the system (100) restricts flooding of the vehicle to the same hub/city. Figures 2a and 2b illustrate a flow chart for a method of optimizing one way vehicle rental. The steps include:

• Step 202: storing, in database (122), a look up table having a plurality of vehicle numbers with a corresponding status of each of the vehicles along with a mode of travel for each of the vehicles and a corresponding source hub and destination hub with availability of each of the vehicles, a list of vehicle details, a set of pre determined routes, a set of pre-determined routing rules, and a set of pre determined rental calculating rules;

• Step 204: sending, by a plurality of user devices (124), a request for booking of the vehicle on rent;

• Step 206: analyzing, by a vehicle renting analysis module (102), the request and further selecting the vehicle for the request;

• Step 208: confirming, by a booking confirmation module (110), the request and determining start time and end time of the booking;

• Step 210: optimizing, by an optimization module (112), by changing status of the vehicle from active to transient in the look up table till the end time of booking for the mode of travel and further changing the status of the allotted vehicle from transient to active after the end time of booking for the mode of travel, in the look up table;

• Step 212: determining, by a route analysis module (114), routes for the trip and selecting a best route for the allotted vehicle located at the source hub and the destination hub; and

• Step 214: calculating, by the route analysis module (114), rental for the vehicle based on the route and the pre-determined rental calculating rules.

TECHNICAL ADVANCEMENTS

The present disclosure described herein above has several technical advantages including, but not limited to, the realization of an optimized one way vehicle rental system, that:

• reduces cost, utilization, and delays throughout the entire vehicle rental process; · instantly provides a list of available vehicles to users;

• mitigates Domino Effect by facilitating transient availability of vehicles; • is simple and easy to operate;

• provides flexible duration to a user, based upon start time, destination location, distance, a selected route, and pre-determined average time taken on the selected route; and

• avoids heaping of vehicles in the same location/ city.

The embodiments herein and the various features and advantageous details thereof are explained with reference to the non-limiting embodiments in the following description. Descriptions of well-known components and processing techniques are omitted so as to not unnecessarily obscure the embodiments herein. The examples used herein are intended merely to facilitate an understanding of ways in which the embodiments herein may be practiced and to further enable those of skill in the art to practice the embodiments herein. Accordingly, the examples should not be construed as limiting the scope of the embodiments herein.

The foregoing description of the specific embodiments so fully reveal the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the spirit and scope of the embodiments as described herein.

While considerable emphasis has been placed herein on the components and component parts of the preferred embodiments, it will be appreciated that many embodiments can be made and that many changes can be made in the preferred embodiments without departing from the principles of the disclosure. These and other changes in the preferred embodiment as well as other embodiments of the disclosure will be apparent to those skilled in the art from the disclosure herein, whereby it is to be distinctly understood that the foregoing descriptive matter is to be interpreted merely as illustrative of the disclosure and not as a limitation.

Claims

1. An optimized one way vehicle rental system (100), said system (100) comprising:

• a database (122) configured to store a look up table having a plurality of vehicle numbers with a corresponding status of each of said vehicles along with a mode of travel for each of said vehicles and a corresponding source hub and destination hub with availability of each of said vehicles, a list of vehicle details, a set of pre-determined routes, a set of pre-determined routing rules, and a set of pre-determined rental calculating rules;

• a plurality of user devices (124) configured to send a request for booking of said vehicle on rent;

• a booking confirmation module (110) configured to cooperate with said database (122) to confirm said request based on said look up table, said list of pre-determined routes, and said list of vehicle details; and

• an optimization module (112) configured to cooperate with said booking confirmation module (110) and said database (122) to optimize travel of said vehicle and mitigate domino effect on said booked vehicle, wherein said booking confirmation module (110) and said optimization module (112) are implemented using one or more processor(s).

2. The system (100) as claimed in claim 1, wherein said request includes details of said vehicle, said mode of travel i.e. one-way or two-way, date for booking of said vehicle, start time of trip, estimated end time of trip, estimated duration, said source hub, and said destination hub.

3. The system (100) as claimed in claim 1, wherein a vehicle renting analysis module (102) is configured to cooperate with said plurality of user devices (124) and said database (122) to validate said request, based on said mode of travel, said look up table and said pre-determined routes and select said vehicle based on said pre determined selection rules.

4. The system (100) as claimed in claim 3, wherein vehicle renting analysis module (102) includes: • a requesting module (104) configured to cooperate with said plurality of user devices (124) to accept said request for booking said vehicle on rent for said trip;

• a determination module (106) configured to cooperate with said requesting module (104) and said database (122), to validate said request, based on said mode of travel, said look up table and said pre-determined routes and select said vehicle based on said pre-determined selection rules, said status of said vehicle in said look up table and said list of vehicles; and

• an estimation module (108) configured to cooperate with said determination module (106) module and said database (122) to estimate earliest time of availability of said vehicle based on bit operation in said database (122) and further configured to allot said vehicle for said request.

5. The system (100) as claimed in claim 1, wherein said booking confirmation module (110) is configured to cooperate with said database (122) and said estimation module (108) to confirm said trip referred as booking and determine start time and end time of said booking of said allotted vehicle.

6. The system (100) as claimed in claim 1, wherein said optimization module (112) is configured to cooperate with said booking confirmation module (110) and said database (122) to change said status of said allotted vehicle from active to transient in said look up table till said end time of booking for said mode of travel, and further configured to change said status of said allotted vehicle from transient to active after said end time of booking for said mode of travel, in said look up table.

7. The system (100) as claimed in claim 4, wherein said estimation module (108) uses said bit set to provide a linear time fast result in millisecond (ms) and is stored in said database (122) in an in-memory data grid (IMDG) or a distributed IMDG.

8. The system (100) as claimed in claim 1, wherein a route analysis module (114) is configured to cooperate with said vehicle renting analysis module (102) and said database (122) to determine routes for said trip and select a best route for said allotted vehicle located at said source hub and said destination hub, based on said pre-determined routing rules, and further configured to calculate rental for said vehicle based on said route and said pre-determined rental calculating rules.

9. The system (100) as claimed in claim 8, wherein said route analysis module (114) includes:

• a route determination module (116) configured to cooperate with said database (122) to determine routes for said trip and select a best route for said available vehicle located at said source hub and said destination hub, based on said pre-determined routing rules; and

• a calculation module (118) configured to cooperate with said route determination module (116) and said database (122) to calculate rental for said vehicle based on said route and said pre-determined rental calculating rules.

10. The system (100) as claimed in claim 6, wherein a booking cancellation module (120) is configured to cooperate with said optimization module (112) and said database (122) to receive a cancellation request, and further configured to allot said request to said vehicles with said active status, based on said look up table and further configured to cooperate with said optimization module (112) to change said status of said vehicle from transient to inactive.

11. The system (100) as claimed in claim 10, wherein said active status depicts that further booking requests can be accepted by said vehicle, said inactive status depicts that no further booking requests can be accepted as said bookings have been cancelled and said transient status depicts that said vehicle is completing a trip and cannot accept further booking.

12. A method to optimize one way vehicle rental, said method comprising the following steps:

• storing (202), in database (122), a look up table having a plurality of vehicle numbers with a corresponding status of each of said vehicles along with a mode of travel for each of said vehicles and a corresponding source hub and destination hub with availability of each of said vehicles, a list of vehicle details, a set of pre-determined routes, a set of pre-determined routing rules, and a set of pre-determined rental calculating rules; • sending (204), by a plurality of user devices (124), a request for booking of said vehicle on rent;

• analyzing (206), by a vehicle renting analysis module (102), said request and further selecting said vehicle for said request;

• confirming (208), by a booking confirmation module (110), said request and determining start time and end time of said booking;

• optimizing (210), by an optimization module (112), by changing status of said vehicle from active to transient in said look up table till said end time of booking for said mode of travel and further changing said status of said allotted vehicle from transient to active after said end time of booking for said mode of travel, in said look up table;

• determining (212), by a route analysis module (114), routes for said trip and selecting a best route for said allotted vehicle located at said source hub and said destination hub; and

• calculating (214), by said route analysis module (114), rental for said vehicle based on said route and said pre-determined rental calculating rules.