There are both great challenges and great opportunities in the industry of Luxury Car Rental Services. You can make money in this business even in the current economic conditions which is largely unpromising.Several moneymaking ideas may be realized in order to grow business here
Question The Business Model
Check The Numbers
The organizations that are obsessed with numbers have the best chance to succeed. Spend some time to look at every possible yardstick, including, revenue per user, average length of rental, utilization, reservation build and earnings.
Know your customers
It is wiser not to do the decision-making only on the basis of the deals. The better way is to let your clients lead your fleet count. If they are okay with a used car that’s in good shape, do try that out. If the fleet cost is not appropriately priced, the business will fail. Be ready to change the fleet plan to meet the demands of the constantly evolving market, economic climate, travel industry, and the aftermarket.
Sales and marketing.
Without aggressive sales and marketing, you’re just another rental company. Investigate what makes your business unique. Thexactly what you’re merchandising, and you’ve got to make your customers conscious of that distinction. All the business’ USPs provide opportunities to pull the existing and new customer towards your company and shell out more money.
Propose a deal to the entity (a Hotel chain or another car rental service) that is in your business. You may refer customers to the hotel, and ask them refer business to you. You may advertise together and speak about your alliance or even provision a phone in the hotel room that dials your location.
It is useful to estimate how much your business is worth in case you want to sell the same. As you are selling the value of the brand, remember that there is intrinsic value in a recognized brand with real customers and tangible revenue. There’s always someone who will see value in your business that you may not see.
Ensure that the customer endorses anything that they found special or unique about your rental service. Penalties (if any) must be explained clearly to the customer. Finally, it’s your word against the customers.Keep the above points in mind and continue to challenge your business model. Remember business is fluid — so must be your operations.
Make sure that you find out your best performers across various teams and reward them well. They will eventually pay for themselves many times over. The gravity of an exceptional employee is very critical to making money in this business. According to a survey, the median pay for rental employee is around 10 Dollars an hour and eventually these are the individuals who rent 20K plus vehicle to the strangers. Do understand the stakes involved here.