The limousine industry has surged back from the Great Recession when considering all key statistical measurements and benchmarks, according to the 2014-2015 LCT Fact Book & Industry Guide set to be released Thursday, May 1 to LCT Magazine digital subscribers.
LCT's Fact Book is the leading resource for annual numbers and trends related to the national chauffeured transportation industry. Official survey-based statistics this year are complemented by charter tour and bus industry figures from other sources and supplementary business data and studies related to industries that touch chauffeured transportation.
The Fact Book also this year features larger, easier-to-read listings for key industry suppliers and vendors, including chauffeured vehicle manufacturers, coachbuilders and dealerships.
During the last several years, LCT Magazine has reformatted its annual operator survey and adjusted questions with greater frequency. That’s because the business sectors, technology and clients that intersect with the world of chauffeured transportation change faster each year.
Each year, LCT picks results that pop out and point to a trend, current or future. Considering the high level of detail asked in this year’s survey, such involvement is a good score for us and a positive professional reflection of the industry.
Here are some stand-outs to look for the new Fact Book:
- The average industry profit margin this year matches the one we reported for 2007, the year the Great Recession officially started (in December).
- When comparing the master client mix from 2013 to 2012, the industry has turned slightly more corporate/business travel oriented and less retail/leisure.
- Two thirds of operators saw revenues rise in 2013, while only about one in 10 saw revenues decrease.
- Half of all limousine companies now offer tiers or categories of variably priced chauffeured service levels.
- Almost four in 10 operators adjust or “surge” their rates all or part of the time based on supply and demand.
- Seven out of 10 operators do not participate in on-demand chauffeured services, such as Uber or mobile-app based rideshare networks.
- One quarter of limousine companies have their own branded mobile app.
- More than half of limousine companies now use tablets to create customized client greeting signs.
- Despite increased emphasis on safety, rising insurance costs and growing threats of lawsuits, only one-fifth of operators deploy onboard cameras and/or data recording devices on their fleet vehicles.
- Use of social media outlets for promotions and client connection is up year-over-year across all platforms.
What matters most is what limousine operators read into the numbers and see between the lines — and how they apply the data to run even better businesses.
LCT related article: Limousine Vehicle Sales Soar, Highest Since 2001