If you're interested in starting a rental car company, you can either buy into a franchise program, individually select and purchase cars for your business, or purchase or lease a fleet. To compete with existing rental car companies, you may be better off starting a specialty car rental company, if your area can sustain such a business.
Create a list of the cars that you want to procure and any features you want each car to have. Then contact manufacturers or dealers to purchase or lease a fleet. If operating a small fleet of specialty cars, procure enough financing to buy each car outright. Financing options include taking out a home equity or personal loan with your bank, asking family and friends for loans, or finding investors. When borrowing from family and friends, establish a contract that details any interest fees or conditions to avoid complications down the road. A good place to start looking for your cars is on a military base. When military members are deployed, often they will need to sell their cars quickly. Many of these cars may be the latest models or classic cars in pristine condition.
Find a location that can accommodate your fleet. Look for space in a busy commercial area, downtown or near tourist areas, airports, and major hotels. Contact the local zoning office to ensure that it the location is properly zoned. Then obtain a business license.
Find an insurance company to insure your automobiles. This will be your biggest obstacle, as many insurers want you to have a loss record prior to extending a policy. Contact your state insurance department and a local chamber of commerce to obtain a list of potential insurers in your area. Then contact each one. If an insurance company refuses to insure you, ask how you can make yourself insurable. You may be required to pay a high premium.
Write a business plan for your rental car company, identifying a market for the business. Determine how you will set your business apart. If you live in a particularly dense city that isn't friendly to walkers, you might do well to start a rental company that allows clients to rent by the hour in order to get across town to business meetings or conferences. In that case, you would need to establish major hubs throughout the city where clients could conveniently drop off and pick up the cars. Another idea is to rent high-end, exotic cars or classics to customers who want to experience the ride without the commitment. If your community is particularly green, you might do well to start a business renting Smart cars. Create a budget for marketing expenses.
Have a mechanic on hand who can work on your cars or learn how to conduct minor repairs on the brands you carry. Hire an employee and train him on how to properly inspect each car upon return.
Set your prices for the rental; gas, in the event that the car isn't returned with a full tank; and extra mileage. Implement a system for tracking your inventory, gas fluctuations, regular maintenance schedules, and payments.
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