Why Get Into the Vehicle Rental Business?

The car rental business is gaining lots of popularity because of lots of tourists pouring into the countries and going to various events like weddings and conferences. Most of the cars utilized for such activities belong to rental companies, but almost fifty percent of them are hired from individual owners temporarily. But, prior to getting into this business, do the following things:

1) You need yo consider the various options available with great care. Vehicle rental is a very tough & highly competitive industry, but with the perfect planning & forward-thinking one can greatly reduce one's risk. One needs to keep the old mantra “if one fails to prepare, then one should get prepare to fail” in his mind as it could not be more relevant. It is incredibly necessary that one does one's research. With fantastic research, it is totally possible to make good enough money via a service that will always be in demand. Like hyrecar.com. It is opted by all cars owner to rent out their cars & earn by merely sitting at home.

2) You will have to select the type of rental operation you will be running. They are of two main types: contract hire (where customers – usually businesses / companies , lease vehicles for a specific time), or daily hire (where customers – usually individuals, hire vehicles for a specific shorter period of time). Opt your type with great care as it determines your success.

3) Amass your fleet. The necessary consideration here is whether one will outright purchase one's fleet (can be costly) or lease the vehicles instead. In start one's fleet does not have to be large, but keep in mind that the greater one's fleet the greater one's earnings. As a guide, one always need to put oneself in one's customers’ shoes – one's fleet must be very well maintained & enjoy a high turnover. If one goes with type two, employing own maintenance staff will be expensive for new start-ups, so it is worth thinking making arrangements with some local repair shop.

4) Opt the location of operation. This is the main consideration. It is better to do some research on the kind of market in your surrounding area & detect as much as you can on your competition. For all independent start-ups, you will have to develop your USP. Locations like airports, hotels & train stations are great options. Do not forget to research about security – it is not a bad idea to invest a bit in CCTV cameras & alarm systems.

5) Insurance is must. It is the most important issue for vehicle rental companies. It goes without saying, but it is not legal to trade without few form of fleet insurance. It is really worth shopping around to search adequate cover at the best price. Few companies offer ‘pay as you go’ insurance solutions that give all the advantages of an annual policy, with greater flexibility.

6) It is better to manage your day-to-day operation. In the past, it was so common for an entire operation to be operational from massive paper diaries & logbooks. This may work in the asap short term, but the benefits of a manual system are not much. This outweighs any positives. Manual systems make you liable for any inefficiency, with lost time & usually lost paperwork! It can become so confusing that what vehicles are due out & in, & managing your invoices is totally a nightmare often. To boost efficiency & steer clear from these pitfalls, it is vital that you must invest in fleet management software.

7) If you go with type two, have a website. This is a must if you want to get a decent flow of business. The Internet has very afforded customers with greater flexibility. Almost all individuals now turn to Google when they are shopping around for products or services. A website will let people to do so 24/7, effectively extending the opening hours.


I am professionally a Digital Marketing Expert & Blogger by passion, I love helping people in all aspects of Online Marketing. I also enjoy exploring new opportunities whenever they arise. Love to share the personal experience & insights about Social Media, Google Behaviour, Tech, Search Engine and the things that inspires me in daily life. Currently living in Norway and working with Digital Agency as Digital Marketing Manager. I hold 5+ years of International Experience.

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