Miami-Dade Aviation Department data shows that car rental revenues have grown by an average of 11.3% per year over the past five years, for a staggering 68% total jump in car rental revenues since 2010.
MIAMI – Recently compiled data produced by the Miami-Dade Aviation Department (MDAD) reveals remarkable car rental revenue growth at Miami International Airport. For the five-year period between 2010 and 2014, gross annual revenues have ballooned, rising from $330.9 million to $555.9 million. Year-over-year growth has been a constant, boosted in large part by the opening of MIA’s state-of-the-art Rental Car Center that was conveyed by the Florida Department of Transportation (FDOT) to MDAD in July 2010.
MDAD data shows that car rental revenues have grown by an average of 11.3% per year over the past five years, for a staggering 68% total jump in car rental revenues since 2010. By comparison, data compiled by car rental holding company EHI shows that car rental revenues at other major U.S. airports have grown at an average rate of just 4.8% per year for the same time period, and a total of 21% for the full five-year period.
The jump in revenues at MIA is helping expedite repayment of the $270 million Transportation Infrastructure Financing Innovation Act (TIFIA) loans secured by FDOT from its federal counterpart. The TIFIA loans that were used to fund construction of the Rental Car Center have an original bond maturity date of 2044. That date has been significantly fast-tracked, with the loan now projected to be paid off in 2022, a full 22 years ahead of schedule. The TIFIA loans are not secured by any revenue from the Aviation Department.
“This is great news for our airport,” said Miami-Dade Aviation Director Emilio T. Gonzalez. “Not only is the rental car operation at MIA smashing national averages and generating serious concession revenues for the Department, but the loans – and the interest associated with them – are being repaid far faster than anyone anticipated. Increasing non-aeronautical revenue that offsets costs to current and prospective airline partners is also welcome news.”
MIA’s Rental Car Center houses a total of 16 car rental companies and holds an inventory of 6,500 rental vehicles. An average of 24,000 travelers uses the facility on a daily basis.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
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