Franchise Spotlight: Car Hire
With more people keen to save costs and find environmental friendly alternatives to car ownership, it’s a great time to invest in a care hire franchise.
WIth an increase in the cost of cars, as well as the costs to maintain and fuel them, more people are looking to rental options as an affordable alternative to ownership. Car hire services offer both long and short term contracts and often have a range of vehicles available to consumers. Whether consumers are interested in economy cars or luxury/executive models, there will be a hire service available; with many of these having chosen to franchise their business model, now is a great time to invest in a car hire business.
With the car rental market looking set to exceed CA$1900million in 2021 (Statista), and this figure predicted to continue rising, franchisees can look forward to being part of a lucrative industry. As well as financial costs, more consumers are recognizing the environmental impact of owning a car, which has led to an increase in the number of people looking to hire instead. For those customers working in busy cities and commuting using public transport, renting a car when they need it makes more sense than owning a car which they don’t use during the working week.
U Drive Car Rental and Hertz are established car rental brands and franchisees will benefit from the training and ongoing support they will receive, as well as the brand and banner of an established brand.
Car Hire Industry Analysis
More people are looking to hire a car to reduce wear and tear and keep the mileage low on their own vehicles, opening up the car hire market to car owners, as well as those who are interested in renting as an alternative to ownership. There is certainly a market for vehicle rental, and franchisees interested in this sector can find themselves with a high return on their investment.
Most businesses are not looking for people with specific skills in this market, although a full and clean driving license will be a priority. Good computer skills, sales experience and a background in management will be beneficial when entering this market. Building good relationships with consumers can help ensure return business and so communication and entrepreneurial skills will be vital.