Understanding the Exotic Car Rental Market
The perks of owning an exotic car rental company are many. You have at your disposal the most admired brands of luxury vehicles. When you feel like it, you can cruise down the road in a Lamborghini Gallardo or a Ferrari.
However, there are also some negative aspects to contend with. The rental market is fraught with highs and lows. Getting one of your exotic rentals involved in a smash up can set you back hundreds of thousands of dollars. Running an exotic car rental company requires a large working capital, top notch customer service, and a great attitude towards risk.
Demand for exotics
Anyone can drive an exotic vehicle, even if you cannot afford to own one. Many of those you find on the road are actually from exotic car rentals such as Milani Rentals.
Some clients may want to rent an exotic ride for a weekend getaway or vacation. They are also very popular for weddings, proms, and events such as proposals.
Small business owners who are not able to afford an exotic vehicle are also regular clients at exotic car rentals. They can rent one when attending business events where making a good impression is imperative.
Tourists can rent exotics for weekend getaways. Someone visiting Germany may want to rent a Mercedes to drive down the best highways in the world for the sheer thrill of it.
Once in a while you will also find a celebrity or public figure walking in to rent a chauffeured exotic vehicle to take them to public events.
Variety of exotic rental cars on offer
The exotic car rentals include Lamborghinis, Porsches, Ferraris, and other huge brands. Clients who love the finer things in life flock to rental companies in search of these vehicles.
Some of the vehicles you will find in any reputable exotic car rental company include:
- Exotic sports cars
- Convertibles for fun rides on the open road
- Sporty roadsters
- Luxury two-and four- passenger convertibles
- Luxury SUVs
Covering your exotic assets
The reputation of clients is very important to exotic car rental companies. They must ensure that they are renting to reputable clients. This calls for running a complete and thorough check on any potential client.
Most rentals look for information such as a criminal background, driving records, and credit checks. They also ask for a security deposit upfront. The amount can be anything from $1,500 to $10,000.
In addition to these measures, they ensure that their vehicles are fitted with GPS tracking systems. Renters are also required to provide proof of insurance for the value of the vehicle they plan to rent. They must also stipulate that the insurance is primary.
Getting exotic rides covered may be a tall order as many carriers shy away from insuring ultra-luxury cars such as Ferraris and Lambos. Many operators finance their cars, which calls for third-party insurance.
There is sufficient customer demand in the exotic car rental business to keep it running despite the occasional risks and insurance hiccups that an operator may come across once in a while.
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