In order to start an exotic car rental business, choose a parking area where the vehicles will be safe, either buy or lease exotic vehicles that are in high demand in the area, get liability insurance for the vehicles, either use vehicle rental software or keep track of all vehicles on paper and advertise online. To lease exotic and expensive vehicles, create a business plan that has a strong financial section that utilizes appropriate profit projections for lenders to look over, suggests Gaebler.
If done correctly and in the right area, a car rental business can be a much more lucrative business plan than a car selling business, notes Rent Centric. Use the following steps to start an exotic car rental business.
- Find a safe parking lot for the cars
- Buy or lease exotic vehicles
- Get liability insurance for the vehicles and track all activity
Before even starting to collect a fleet of vehicles, make sure there is a safe and secure area where they can be housed while they are not being rented.
Start to build a fleet of exotic vehicles that are in demand in the surrounding market. These vehicles can be either bought or leased.
Make sure there is insurance on the vehicles in case a client damages one of them. Similarly, budget money for vehicle maintenance. Make sure to track all activity to know which vehicles may need oil changes and which generate the most profit.
Set up a website, social media pages, flyers and other means of advertising to gain popularity.