Setting up an Exotic car rental service might seem like a tall dream to a lot of people, more like breaking the bank to achieve your aim but be rest assured that with a careful and meticulous business plan and good marketing strategy it can easily be achieved. It may also take a lot of dedication and commitment. However, do not be deceived, opening up an Exotic car rental takes plenty of working capital and requires extra dedication and attention to customers service. You will have to understand that it involves risk and high reward so you should be able to have a healthy appetite for risk. There are however, no laid down rules to starting up your own Exotic car rental shop.
First thing is getting a range of typical exotic cars available for rent. A fleet of choice rentals like the Ferrari, Bentley, Aston Martins, Porsche Boxters and the Lamborghinis are a wide range of cars suitable for rich clients, although majority of those who might rent these cars are those that cannot really afford to buy one. Leasing these cars however, is not an option, because leasing companies are quite afraid to hold down titles on Exotic cars that they are not really familiar with, so the best options would be talking to your bank and seeking investors who will have confidence on your business plans, especially when you have a good foundation of personal credits.
The next thing will be getting a good location for your business. In finding a location it will be good to look for a location with little or no competition. Make sure you understand the competitive landscape and where you business will fit in. You will need to look for a location that will easily attract clients because geographical location plays a huge part in Exotic car rentals. Setting it up in a tourist area where a lot of wealthy people come from Overseas would a perfect idea. There are also some certain rentals of choice in some locations that will easily fly. For example, in Sin city, there is a huge love for Lamborghinis and Ferrari while in some other places an Aston Martins or a Porsche Boxter would be what is in demand. So you will need to put all these things into consideration when choosing a location.
Another important thing is setting up this business is your marketing strategy. Advertising is a good way of marketing your industry. There are different ways of advertising; you can attend car shows and network at these shows. Visiting websites that have listing for exotic car rentals is also another way of advertising your business. Setting up your own website and getting people to give you good reviews and testimonials would also helping in boosting your business. Also treating your customers well will always bring them back because a good customer’s service will earn respect, so customers should always be prioritized.
In setting up this business, maintaining your day to day activities is also an essential part of achieving success. You will need a mechanic on your staff to do routine checks on your vehicles. You also need to be careful and must go above board in making sure you are renting to credible clients who will safeguard your investments. Do a driving record check and a background criminal check on your prospective client, because sometimes these exotic cars can be wrecked in the hands of some amateur drivers. Make sure that renters provide proof of insurance for the value of the exotic car rented. Note that insurance is one of the biggest challenges in this business and insurance consideration is sometimes a big problem. Install GPS tracker on all vehicles and have your clients make security deposits.
In conclusion, setting up an Exotic car rental service can be fun when it is done with a lot of dedication and commitment. With proper management huge money can really be made from it.
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