How profitable is it to run a luxury car rental business, and how to start one? Read on to know about it from this industry expert.

In recent times, the shrunken demand of luxury cars due to the global pandemic has surged the demand for rental market. Earlier the desire to drive a luxury vehicle like Lamborghini, Ferrari, Rolls-Royce etc. were limited to buying a new vehicle but not anymore as luxury car lovers have the option to rent out one and take it out for a spin. Furthermore, there are no recurring maintenance costs which make this a highly attractive deal, the reason why it’s growing by the day. Many people are preferring to lease rather than buying new cars, and the trend is on the rise of late.

We ask Rakhmat Karimov, the owner of Number One Luxury Car Rental Dubai, the benefits of starting a luxury car rental company to which he responds by saying, “Though the luxury car rental business is not too huge, the profit margins are unusually high. You just need the right customers to get your business to grow. Renting or leasing has become more convenient than owning these luxury vehicles, which cost a bomb. There’s also an option to add chauffeur services as well, which makes this one of the most preferable options in present times.

How does one start a luxury car rental business is the question that remains unanswered. Rakhmat clears a few important points related to this subject, he says, “starting a business in this zone is profitable provided you do it right. Here, I chalk out what you should concentrate upon before starting your luxury car rental business.”

  • Chart out a robust plan and prepare well in advance your course of action.
  • Lookout to raise funds from financial institutions or venture capitalists for purchase of new luxury vehicles
  • Study about your competitors, their strengths and find out an area suits best to start your business.
  •  Zero in a location which is near airports and hotels, as this is from where your maximum number of customers will come from.
  • Plan out a strategic advertisement and marketing plan for your business, which will help in reaching the right customer base.

“The luxury car rental business isn’t easy, but at the same time is extremely rewarding if done the right way. If you’re committed enough with a robust marketing strategy, the profits can reach the skies for sure,” says Rakhmat Karimov who himself has reached optimum levels of success in this area.