Has anyone attempted a luxury car rental business?

[Andrewski]

I've noticed a couple threads here and there of people talking about buying an exotic and renting it out or starting a luxury rental business. I'm curious if anyone here has tried it out and could share some of the problems they encountered and if they had any success.

I've been considering buying one and wanted to try renting one to see if it'd give me enough enjoyment to be worth spending the money. However no car rental places in my area offer high end cars so the idea came to me to fill the niche. We get plenty of wealthy tourists and there are tons of millionaires here so i believe the demand could be quite high if advertised right. I'm thinking of buying one to test the market and seeing if there's enough demand to expand. If not i'll have a sweet car to enjoy.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jon.a]

What did the other threads say to you?

 

[Raoul Duke]

[HASHTAG]#landfill[/HASHTAG]

 

[GatsbyMag]

I've noticed a couple threads here and there of people talking about buying an exotic and renting it out or starting a luxury rental business. I'm curious if anyone here has tried it out and could share some of the problems they encountered and if they had any success.

I've been considering buying one and wanted to try renting one to see if it'd give me enough enjoyment to be worth spending the money. However no car rental places in my area offer high end cars so the idea came to me to fill the niche. We get plenty of wealthy tourists and there are tons of millionaires here so i believe the demand could be quite high if advertised right. I'm thinking of buying one to test the market and seeing if there's enough demand to expand. If not i'll have a sweet car to enjoy.

I made a post about a guy recently who did what you're planning to do: http://gatsbymag.com/read-the-story...indian-barber-went-from-broke-to-millionaire/

Maybe you can learn something from his experience. Goodluck.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Lurento]

I've worked for luxury car rental company in Europe. The market is pretty much the same in US.

Luxury car rental business is very lucrative, however the location of your fleet is essential to your success. Keep in mind it's a 24/7 job and you have to deal with different customer personas. Theft and fraud are common - unless you rent to local folks only. You need to protect yourself with technology and "intelligence". If the location you're targeting is already developed, advertising costs will be big. In the same time you need to be competitive and make sure that the cars are in very good condition.

Find a local dealership and figure out how to do business with them -- that's your cheapest entry ticket. If you want to start with brand new cars, make sure you know what you're doing.

For sure, you can make a lot of money and luxury car rental market has a great outlook. All the big players are trying to get in (Hertz, Enterprise, etc). Make sure you find someone experienced to help you out - it will be a lot easier.

Read this Special Report: The Problem with Renting Fast Cars - Rental Operations - Auto Rental News

Mihailo
Founder, Lurento.com