car rental business plan malaysia

Car Rental Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Car Rental Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Car Rental Plan Here

You’ve come to the right place to create your car rental business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their car rental company.

Car Rental Business Plan Example

Below are links to each section of your car rental business plan template:

Next Section: Executive Summary >

Car Rental Business Plan FAQs

What is a car rental business plan.

A car rental business plan is a plan to start and/or grow your car rental business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your car rental business plan using our Car Rental Business Plan Template here .

What Are the Main Types of Car Rental Companies?

There are a few types of car rental companies. Most are franchises of a large and successful rental company and offer all types of car rentals. There are also car rental companies that only focus on luxury vehicles. More people are renting high-end vehicles for a few days or when they go on vacation. There are also smaller-scale car rental companies that only operate in one city and are independently owned.

What Are the Main Sources of Revenue and Expenses for a Car Rental Business?

The primary source of revenue for car rental companies are fees the customer pays for car rental services. The fee will depend on the type of car and length of rental.

The key expenses are the cost of purchasing the fleet of vehicles to use for rental cars, business insurance, vehicle maintenance, and washing and detailing the vehicle every time it is returned. Other expenses are the overhead expenses for the leased location, utilities, website maintenance, and any marketing materials or advertising fees.

How Do You Get Funding for Your Car Rental Business Plan?

If you are looking to start your own car rental business, you will most likely need help funding your startup costs. A car rental company is most likely to receive funding with a business loan from a bank. Typically you will find a local bank and present your business plan to them. Another option is the SBA as they provide viable loans for startup businesses. This is true for a business plan for a car rental company and a luxury car rental business plan.

What are the Steps To Start a Car Rental Business?

Starting a car rental company can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Car Rental Business Plan - The first step in starting a business is to create a detailed car rental business plan that outlines all aspects of the venture. This should include market research on the car rental industry and potential target market size, information about the services or products you will offer, your marketing strategy, pricing details and your financial plan.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your car rental business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your car rental business is in compliance with local laws.

3. Register Your Car Rental Business - Once you have chosen a legal structure, the next step is to register your car rental business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your car rental business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Car Rental Equipment & Supplies - In order to start your car rental business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your car rental business. This includes creating a business website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful car rental business:

• How to Start a Car Rental Business

Where Can I Get a Car Rental Business Plan PDF?

You can download our car rental business plan PDF template here. This is a business plan template you can use in PDF format.

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Malaysia Car Rental Market - Growth, Trends, and Forecasts (2022 - 2027)

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Description

Table of contents.

The Malaysia Car Rental Market is valued at USD 431.23 Million in 2021 and is expected to reach USD 642.52 Million by 2027 registering a CAGR of over 8.3 % during the forecast period, 2022-2027.

The COVID-19 pandemic has affected several industries causing challenges resulting from the lockdown are massive and insurmountable in many areas. Several industries are on the verge of collapse, with wage and workforce reductions becoming the norm. This means that sectors that are unable to cope with the sudden lockdown are halted, while those that adapt to the new situation remain in play. However, the car rental industry is well-equipped and ready to serve its customers. There is an expected exponential increase in demand for car rentals, especially given the current recession. Car rentals can also be a more affordable and faster way of acquiring a car, delivering a safe personal mobility replacement. Owing to the recovery of the economy in 2021, the car rental industry in Malaysia is set to register positive growth in the coming years.

Over the long term, the market's rapid growth is being fueled by rising pollution and car prices, as well as cost-effectiveness. Malaysia's car rental market has significant untapped potential. Malaysia has one of the smallest fleet sizes in the Asia-Pacific region for auto leasing and car rental. Consumers, rental companies, and manufacturers all benefit from the sector, which is quickly becoming a significant vertical in the transportation industry.

The Malaysia's car rental market is facing challenges such as an economic slowdown, a negative attitude among companies/people toward car rentals, a decline in the oil and gas industry, low auto-finance rates, and the presence of illegal operators, and a drop in used car prices.

The car rental industry in Malaysia is unable to compete with the high preference for car allowance among corporates. Car allowance provides several advantages to companies/employees over car rentals and is thus extremely difficult to compete with. The companies are trying to overcome these constraints by changing their approach to marketing/business development to lure more customers to opt for car rentals

Key Market Trends

Increasing tourist arrivals aiding the market growth.

Malaysia's car rental market is primarily driven by an increase of tourism activities in the country. Despite the biggest downturn in the country's tourism industry in 20 years, the government's initiative and Malaysia's beautiful landscape were able to draw visitors from all over the world. The commotion of modern cities has compelled travelers to take quick vacations in Malaysia as a trip to Malaysia is comparatively more affordable. According to the nation's leading organisation for travel and tours, 5 million foreign visitors are anticipated to arrive in Malaysia by the end of this year.

In Malaysia, Online reservations for car rentals are simple to make. Rental fares are usually inexpensive, and fuel is around the price of RON95 is RM2.15 (around € 0.50 per liter). Driving in Malaysia is typically safe, and rental cars are frequently of recent vintage and modern design. For couples and families, tourists can choose between smaller and larger vehicles. In most car rental agencies around Malaysia, one may also rent small buses and coaches for group travels.

Malaysia is a scenic place to explore by car rental. Visitors can easily reach every attraction in Peninsular Malaysia as the roads are well-maintained. Most car rental companies only rent to drivers who are at least 23 years old, however, a domestic driver's license usually suffices. At airports and in well-known tourist destinations, major car rental platforms like Avis, Hertz, and local businesses have offices. A daily cost of RM190 (USD 45), insurance included, is to be expected. Also, it's simple to locate parking garages and metered on-street spaces, some of which accept payments through mobile apps.

On Borneo, both the states of Sabah and Sarawak have a good road network around major cities such as Kuching and Kota Kinabalu; roads outside of these major cities are good and one can explore the surrounding area from these previously mentioned cities.

Government Initiatives is Expected to Drive Market Growth.

One may rent a car from a number of different companies in Malaysia. The majority of car rental agencies provide the same kind of vehicles for about the same price. The price variations for further options are typically negligible. All rental companies provide vehicles with unlimited mileage and a full tank of gas through the vehicle must be returned with full tank.

With several companies operating in the market, key players are offering new services to gain customer confidence. For instance,

• In March 2021, Avis Malaysia announced to provide consumers with a reliable, hygienic, and practical transportation option. The Avis Safety Pledge, a safety initiative that has been implemented across all of its rental stations in Malaysia, highlights this.

The Malaysian Government has been actively making legislative changes to aid the country's taxi and car rental industry. For instance,

• In March 2022, The Transport Ministry, through the Land Public Transport Agency (APAD), has agreed to open the taxi and rental car class license application to the public in an effort to boost the taxi industry.

This announcement is also expected to create opportunities for new players, particularly the younger generation, to enter the public transportation sector, thereby boosting the country's economy.

Furthermore, the government has been awarding tenders to companies to manage its fleet of vehicles, which has intrigued the interest of Malaysia's most prominent automotive groups. The contract, which includes both national and non-national brands, will cover official vehicles used by ministers and other high-ranking government officials, department cars, and police vehicles

Each car is leased to the government for five years before being replaced with a new one. The five-year replacement cycle ensures that the fleet stays current, and the maintenance costs for each vehicle are capped at predetermined levels. Such instances are driving the market forward.

Competitive Landscape

The Malaysian Car Rental Market is hugely fragmented with various foreign players like Avis, Hertz, and Europcar and startups and regional players such as Mayflower and Hawk. In order to have the edge over their competitors, the major rental companies are acquiring funding to cater to the expanding market. For instance,

• In September 2021, SOCAR Mobility Malaysia (SOCAR) raised USD 55 million which will help SOCAR expand its multiflex mobility footprint in Southeast Asia.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 introduction, 2 research methodology, 3 executive summary, 4 market dynamics, 5 market segmentation (market size in usd million), 6 competitive landscape, 7 market opportunities and future trends.

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Car Rentals Market in Malaysia to 2020: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics

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Car Rental (hiring of a passenger vehicle, which includes cars and small vans, by both business and leisure travelers for short term duration; excluding leasing and long term rentals) has evolved intensely in the very recent years and is also expected to evolve in similar fashion in the near future. The report Car Rentals Market in Malaysia to 2020: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics provides deep dive data analytics on wide ranging Car Rental market aspects including overall market value by customer type-Business and Leisure, by point of rental-Airport and Non-Airport, Insurance / Temporary Replacement Revenue from Car Rentals, Car Rental Occasion, Days and Length for the period 2001 to 2015.

Furthermore, the report also details out Fleet Size (number of operational cars available for short term rental for the purpose of business, leisure, and insurance replacement) for the period 2011 to 2020 along with Utilization Rate and Average Revenue per Day from the Car Rental business in Malaysia.

The report acts as an essential tool for companies active or plans to venture in to the Malaysia’s Car Rental market. The comprehensive statistics within the report provides insight into the operating environment of the market and also ensures right business decision making based on historical trends and industry model based forecasting.

*This is an on-demand report and will be delivered within 2 working days (excluding weekends) of the purchase.

Key Findings

Overview of the Car Rental business in Malaysia.

Analysis of the Utilization Rate, Fleet available for rent and actual on-rent days

Historic and forecast revenues by Customer type and average revenue per day for the period 2011 through to 2020

Analytics on key market moving parameters rental occasions, rental days, average rental length and others.

Key revenue statistics on Point of Rental and Insurance / Temporary Car Replacement market segments

Car Rentals Market in Malaysia to 2020: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics is a broad level market overview of Car Rental market of Car Rental. The research guidebook provides the up-to-date market size data for period 2011-2015 and illustrative forecast to 2020 covering key market aspects like Market Value by Customer Type & Rental Location, Insurance / Temporary Replacement Revenue, Car Rental Fleet Size, Average Revenue per day, Utilization Rate and various other critical aspects of the Car Rental market.

Reasons To Buy

Embrace the market information at category and segment level for precise marketing plan

Outline investments on potential growth factors considering actual market size and future prospects

Evolve business plans based on forecasts information

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How to Write a Car Rental Business Plan: Complete Guide

• January 30, 2023

👇 Check all our resources on car rental businesses 👇

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your car rental business, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in your car rental business plan. Use this template to create a complete, clear and solid business plan that get you funded.

1. Executive Summary

The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and /or investors. Potential lenders and investors will lose interest if the information you provide is not concise, informative, and scannable.

Though the executive summary is the first and the most important section, it should normally be the last section you write because it’s the summary of the different sections included in your business plan. 

Why do you need a business plan for a car rental business? 

The purpose of a business plan is to secure funding through one of the following channels; 

• Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
• Obtain private investments from investment funds, angel investors, etc
• Obtain a public or a private grant

How to write your car rental business plan’s executive summary?

Provide a clear and accurate summary of every section, including every piece of information that could attract potential lenders and investors to your business.

Always ensure that the executive summary doesn’t go beyond 2 pages and only includes valuable information for the investors. 

In summary, the 5 key sub-sections you should include in your executive summary are:

• Business Overview : this section is one of the most important, it should provide information about your car rental business model. For example, make it clear if you will lease small cars alone or include trucks and vans as part of your business. Also, be sure to include a detailed list outlining all the services you will offer at your car rental store. If you are offering short-term or long-term car rental solutions, then you must also mention it here. 
• Market Overview : Describe your market, the region’s demographic distribution, and the target market’s average income. Be clear on the specific problem your car rental business will solve and the expected number of competitors in the region. 
• People : introduce your management structure, their experience level, and relevance to your business model. If it’s a partnership, who are your partners, what is their role in the business, and what’s the leadership hierarchy? 
• Financial Plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? It is ideal to include a chart depicting your key financials such as revenue, gross profits, and net profit . 
• Funding Ask : what loan/investment/grant are you seeking? How much do you need? How long will it last?

Car Rental Financial Model

Download an expert-built 5-year Excel financial model for your business plan

2. Car Rental Business Overview

This section should introduce your company, mentioning crucial details about your car rental business by answering some of the following questions; 

• Why are you starting a car rental business? 
• Where exactly is your car rental shop/store located? 
• Why did you choose that location? 
• What type of car rental store are you opening?
• How many cars/vans/trucks will you have from the start? 
• What car rental services will you offer?
• What will be your pricing strategy ? 
• What will be your operating hours? 
• What will be the legal structure of your company?

Read on to find out more information about other important sub-sections of the business overview:

a) History of the Project

Like for any business plan, you must explain clearly why you decided to start a car rental business today. You can explain that in the following subsections; 

• Your passion & experience
• The rationale behind you starting this business today

Passion & Experience

Being passionate about your car rental business proves your commitment to running it. And sometimes, that’s all lenders need to provide funding for your business.

It’s even better if you have prior experience in the field, showing your credibility and ability to run a successful business. But that doesn’t mean little or no experience won’t count. Just be sure to provide enough reasons to justify your ability to start and run a successful car rental business. 

Now that you have demonstrated your experience and interest for this business and industry, you must explain why opening a new car rental company in your area makes sense today.

What problem will your car rental store solve in the region? For example, if many car rental stores in the region only offer small cars and vans, your store could specialize in trucks and other heavy vehicles instead.

Of course, you would have to demonstrate that there is a market for it. For instance, if you start a car rental business in an affluent residential estate, where a majority own personal cars, your business might not be successful. Similarly, opening a new store when the region already has stiff competition may limit your growth opportunities.

b) Business Model

This section should provide information about your car rental company’s business model.

First, find out if you want to start your car rental store from scratch or use a car rental franchise. Also, make it clear if you will lease small cars and vans alone or include trucks.

Other important questions you should answer here include:

• Will you offer car rental services to a specific market or the general consumers? (economic vehicles vs. premium vehicles)
• Will you provide short-term or long-term car rental services? 
• Will your car rental business target other businesses or individuals? 

Another significant aspect to keep in mind is whether you will need auto repair services within the same premises or a personal mechanic for frequent maintenance.

c) Products & Services

It’s no secret that your car rental company’s services and products will determine your business’ revenues and profitability.

So it’s important to list here all the types of cars you intend to rent as well as other potential extra services to help investors and lenders better understand your business model.

Of course, leasing cars is the main service you will offer at your car rental store. However, depending on your target market , you can always add extra services to make you stand out vs. competitors.

For instance, if you target business travelers, you may want to stick to short-term rentals with premium cars. Instead, if your store is located next to a airport in a touristic area (such as an island), you may want to offer anything from economic to family cars and even RVs and campers.

d) Pricing Strategy

Use this segment to give the clients, lenders, and investors a sneak peek of your pricing structure. Notably, your prices should reflect the standard rates offered by your competitors.

You should add here a pricing list outlining the average rental price per vehicle category (economy, sedan, premium, vans, etc.). You don’t have to provide accurate figures but price ranges instead.

Including a pricing table with the main vehicle categories is necessary to help investors compare your pricing strategy with your financial projections later on.

e) Legal Structure

Finally, your business overview section should specify what type of business structure you want. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Car Rental Business Market Analysis

A complete understanding of the market where you want to operate is important for the success of your business. For example, opening your car rental store in an area where a vast majority have personal cars may not be the best decision. 

Similarly, setting up your store in a region where a large population relies on other means of transport may limit the growth opportunities.

Therefore, you must cover 3 important areas in the market overview or market analysis section of your car rental business plan:

• Car rental industry status quo : how big is the car rental industry in your area? What is its growth rate (or decline rate) and what are the factors contributing to its growth or decline?
• Competition overview : how many competitors are there? How do they compare vs. your business? How can you differentiate yourself from them?
• Customer analysis :  who is your target audience? What type of vehicles do they prefer? How regularly do they rent cars?

a) Car Rental Industry Status Quo

How big is the car rental industry in the us.

The US car rental industry is estimated to be $54.2 billion in 2022. The steady growth (9.8% in 2022) is attributed to the increased demand for transportation services and the overburdened public transportation system. Also, new technologies like GPS tracking have made it easier for many establishments to acquire and retain customers. 

How big is the car rental industry in your area?

Once you have an overall picture of the national statistics, focus on the local figures. If you can’t find specific information online (it’s hard to find region-specific details, by the way), read this guide on how to estimate TAM, SAM, and SOM for new businesses. 

So, as there are 17,287 car rental businesses in the US in 2022 with a total annual revenue of $54.2 billion, the average annual revenue for each car rental business is around $3 million. So, the area where you plan to open your car rental company already has 20 competitors, you can assume that the car rental industry in your area is valued at about $60 million.

How fast is the car rental industry growing in your area?

As part of the market trends , you must also assess the growth rate of the car rental industry where you operate.

If you can’t find the information online, you can use the number of competitors as a proxy. For example, if the region had only 18 car rental stores in 2020, which increased to 20 in 2022, you can assume the average annual growth rate of the car rental industry is around 5% in your city / area.

b) Competition Overview

Understanding the level of competition in the region is just as important. Find out the strengths and weaknesses of your competitors, knowing the major driving forces behind their success or why they fail. 

Take note of their services, marketing strategies, and anything else that can help your establishment stand out. If many stores offer the same service, try to stand out by taking a unique approach. That’s only possible with enough online and offline research to help you identify an exceptional product or service.

c) Customer Analysis

This is where you provide detailed information about your target audience. It is similar to the details on the business overview section of your business plan, only that you will provide detailed information this time. A few important metrics that should be part of your analysis include; 

• Average expenditure on car rental services
• Frequency of visits (How often do they need car rental services?)
• Average monthly or annual spending on car rental services
• Type of car rental services preferred 
• Anything they like or dislike about existing car rental businesses

4. Sales & Marketing Strategy

This section sums up your plans for acquiring new clients. Staying ahead of the competition can be challenging when starting a car rental business. So, here are a few sample questions to help guide you in selecting the right marketing strategy ; 

• What are your Unique Selling Points (USPs)?
• What are the different marketing strategies you will use? 
• How do you intend to track the success of your marketing strategy? 
• What is your customer acquisition cost (CAC)? 
• What is your marketing budget? 
• What introductory promos and offers do you intend to provide to attract new customers? 

What marketing channels do car rental companies use? 

Some of the best marketing channels for a car rental business include; 

• PPC ads, Facebook ads, etc. 
• Car rental aggregator platforms (booking websites)
• TV & radio advertisements
• Partnerships with hotels, booking platforms, corporates
• Loyalty programs

You don’t have to rely on all the marketing channels listed above. Instead, choose the most suitable options to help you acquire many clients as your business grows. Later, you can use other marketing strategies depending on your business’s performance. 

What are your Unique Selling Points (USP)?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors. A few examples of USPs are; 

• High-quality services / vehicles
• Unique vehicles (e.g. luxury cars, RVs & campers, etc.)
• Promos and offers (e.g. discounts on long or multiple rentals)

5. Management & Organizational Structure

You must address 2 things here:

• The management team and their experience/track record
• The organizational structure: different team members and who reports to whom?

a) Management

Small businesses often fail because of managerial weaknesses. Thus, having a strong management team is vital. Highlight the experience and education of senior managers that you intend to hire to oversee your car rental business.

Describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeeded in their previous roles.

b) Organizational Structure

Even if you haven’t already hired anyone yet, you must provide a chart of the organizational structure defining the hierarchy of reporting of your company.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any car rental business plan.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your car rental business is an attractive investment.

There should be 2 sections to your financial plan section:

• The startup costs of your project (if you plan to start a new car rental business, purchase new vehicles, etc.)
• The 5-year financial projections

a) Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a car rental, startup costs are all the expenses you incur before you open your stores and start making sales. These expenses typically are:

• The renovation / refurbishment of the building / space
• The acquisition of the vehicle fleet

As you can see, the startup costs vary mostly depending on factors like the size and the quality of the fleet of vehicles you intend to rent to your customers.

As an example, it costs on average $220,000 to $243,000 to start a car rental business with 30 cars.

Note that these costs are for illustrative purposes and may not be fully relevant for your business. For more information on how much it costs to open and run a car rental business, read our article here .

b) Financial Projections

In addition to startup costs, you will now need to build a solid 5-year financial model for your car rental company.

Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in the business plan of your car rental company.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 20%) on your margins?
• What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of customers over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• Any other cash flow items (e.g. capex, debt repayment, etc.).

When projecting your revenue, make sure to sensitize pricing and the number of customers as a small change in these assumptions will have a big impact on your revenues.

7. Funding Ask

This is the last section of your car rental business plan. Now that we have explained what vehicles your car rental company offers to whom as well as your marketing strategy, this section must answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any car rental business plan should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in purchasing the fleet? Or will it cover mostly the cost for the warehouse and its renovation?

Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our Car rental financial model template , you won’t have any issues answering these questions.

For the use of funds, we also recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

Privacy Overview

How To Write a Successful Car Rental Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for car rental businesses that want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every car rental business owner should include in their business plan.

Download the Ultimate Car Rental Business Plan Template

What is a Car Rental Business Plan?

A car rental business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Car Rental Business Plan?

A car rental business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Car Rental Business Plan

The following are the key components of a successful car rental business plan:

Executive Summary

The executive summary of a car rental business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your car rental company
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your car rental business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your car rental firm, mention this.

You will also include information about your chosen car rental business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a car rental business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the car rental industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, the customers of a car rental business may include business travelers, vacationers, people relocating for work, or those without a personal vehicle.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or car rental services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your car rental business may have:

• Lower prices
• Easy online booking
• Special offers and discounts
• A wider selection of cars
• 24/7 customer service

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or, you may promote your car rental business via word-of-mouth marketing.

Operations Plan

This part of your car rental business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a car rental business include reaching $X in sales. Other examples include expanding to new locations, adding new product/service offerings, or launching a new marketing campaign.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific car rental industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Car Rental Business

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Car Rental Business

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup car rental business.

Sample Cash Flow Statement for a Startup Car Rental Business

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your car rental company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A well-crafted car rental business plan is a valuable tool for new and existing businesses alike. In addition, a detailed financial plan will give you a clear understanding of the resources you will need to achieve your goals. By following these tips, you can write a successful car rental business plan that will help you launch and grow your business.  

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How to Start a Successful Car Rental Business

ON THIS PAGE:

How To Start Your Own Car Rental Business

• How To Start a Car Rental Business FAQs

Helpful Videos & Images

Additional car rental industry resources.

Starting a car rental business can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful car rental business.

Importantly, a critical step in starting a car rental business is to complete your business plan. To help you out, you should download Growthink’s Ultimate Car Rental Business Plan Template here .

Download our Ultimate Car Rental Business Plan Template here

16 Steps To Start a Car Rental Business

Determine which type of car rental company to open, choose the name for your car rental business, develop your car rental business plan, choose the legal structure for your car rental business, secure startup funding for your car rental business (if needed), secure a location for your business, register your car rental business with the irs, open a business bank account, get a business credit card, get the required business licenses and permits, get business insurance for your car rental business, buy or lease the right car rental business equipment, develop your car rental business marketing materials, purchase and setup the software needed to run your car rental business, hire your car rental business team, open for business.

There are a few different types of car rental companies that you can manage. Depending on the market in your area, you might consider standard rentals or even offer classic and exotic cars. Luxury car rentals are also popular in some areas and can be very profitable due to their high rental costs. The most important factor is to determine which type or types of rental will work in your target market.

You should also consider whether you want to own an independent small business or become part of a car rental franchise. Small business owners have more freedom and flexibility in how they run their companies but do not have the support and backing of a larger company to help guide them. Opening a franchise location might be easier if you do not have experience managing car rentals, but you will need to pay an initial franchise fee and meet some other requirements. It is important to review the pros and cons of each option and decide what works for you.

The next step to starting a car rental business is to choose your business’ name.

This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your car rental business:

• Make Sure the Name Is Available – Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
• Keep It Simple – The best names are usually ones that are easy to remember, pronounce and spell.
• Think About Marketing – Come up with a name that reflects the desired brand and/or focus of your car rental business.

One of the most important steps in starting a car rental business is to develop your car rental business plan . The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

To enhance your planning process, incorporating insights from a  sample car rental business plan  can be beneficial. This can provide you with a clearer perspective on industry standards and effective strategies, helping to solidify your own business approach.

Your business plan should include the following sections:

• Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your car rental business.
• Company Overview – this section tells the reader about the history of your car rental business and what type of car rental business you operate. For example, are you a standard or exotic car rental business?
• Industry Analysis – here you will document key information about the car rental industry. Conduct market research and document how big the industry is and what trends are affecting it.
• Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing products or services like the ones you will offer?
• Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
• Product : Determine and document what products/services you will offer
• Prices : Document the prices of your products/services
• Place : Where will your business be located and how will that location help you increase sales?
• Promotions : What promotional methods will you use to attract customers to your car rental business? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
• Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
• Management Team – this section details the background of your company’s management team.
• Financial Plan – finally, the financial plan answers questions including the following:
• What startup costs will you incur?
• How will your car rental business make money?
• What are your projected sales and expenses for the next five years?
• Do you need to raise funding to launch your business?

Finish Your Business Plan Today!

If you’d like to quickly and easily complete your business plan, download Growthink’s Ultimate Car Rental Business Plan Template and complete your plan and financial model in hours.

Next you need to choose a legal business structure for your car rental business and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole Proprietorship

A sole proprietorship is a business entity in which the owner of the car rental business and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start a car rental business together. The partners share in the profits and losses of the business.

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a car rental business include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a legal business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a car rental business is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others. Once you register your car rental business, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

In developing your car rental business plan, you might have determined that you need to raise funding to launch your business. If so, the main sources of funding for a car rental business to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a car rental business that they believe has high potential for growth.

Having the right location can be important for your car rental business, particularly if you need space for many vehicles. You might also want to pursue a location near businesses such as hotels that can draw in potential customers.

To find the right location, consider:

• Driving around to find the right areas while looking for “for lease” signs
• Contacting a commercial real estate agent
• Doing commercial real estate searches online
• Telling others about your needs and seeing if someone in your network has a connection that can help you find the right space

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN). Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

It is important to establish a bank account in your car rental business’ name. This process is fairly simple and involves the following steps:

• Identify and contact the bank you want to use
• Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
• Complete the bank’s application form and provide all relevant information needed for business accounts
• Meet with a banker to discuss your business needs and establish a relationship with them

You should get a business credit card for your car rental business to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company. When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build business credit, which could be very important in securing loans and getting credit lines for your business in the future.

Every state, county and city has different business license and permit requirements.

Nearly all states, counties and/or cities have license requirements including:

• General Business License – getting your Articles of Incorporation as discussed above
• Certificate of Authority – allows you to do business outside of your state

Depending on the type of car rental business you launch, you will have to obtain the necessary state, county and/or city licenses.

Business insurance policies that you should consider for your car rental business include:

• General Liability Insurance – This covers third-party bodily injury and property damage that occur as a result of your car rental business’ operations.
• Automobile Liability Insurance – This covers third-party bodily injury and property damage that occur as a result of your business’ use of vehicles.
• Property Damage Insurance – This covers damage to property that occurs as a result of your car rental business’ operations. This may include damage to vehicles, buildings, or other property.
• Worker’s Compensation Insurance – This covers injuries that employees of your car rental business sustained while on the job. This may include accidents that occur while employees are driving vehicles, lifting heavy objects, or working in other potentially dangerous situations.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs.

To start a car rental business, you will need computers, phones, and a printer. Depending on the size of your business, you might invest in reception and office furniture. If you plan on performing maintenance such as oil changes and minor body repairs in-house, you will also need to purchase the necessary equipment.

Marketing materials will be required to attract and retain customers to your car rental business.

The key marketing materials you will need are as follows:

• Website – Likewise, a professional car rental business website provides potential customers with information about the products and/or services you offer, your company’s history, and contact information. You might also offer online bookings. Importantly, remember that the look and feel of your website will affect how customers perceive you.
• Social Media Accounts – Establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your car rental business online.
• Logo – Spend some time developing a good logo for your car rental business. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.

Car rental companies need software that can do a few different things.

First, you will need booking software that manages customer rentals. Next, your car rental business will require inventory or fleet management software to track and maintain your vehicles. Lastly, the business will need software that can process payments and perform other accounting tasks.

There are a number of car rental software programs that perform all of these duties in one piece of software, which may be a more cost-effective way of getting the software you need. Some popular options include RENTALL and HQ Rental Software. If you plan to use Quickbooks for your business accounting, many car rental programs also integrate with that.

Research the software that best suits your needs, purchase it, and set it up.

When hiring employees for a car rental business, you will need to consider the specific needs of the business. In general, a car rental business will need employees who are knowledgeable about cars and car rental procedures, as well as customer service representatives to assist customers with their rental needs. You might also want to hire some sales employees to generate new business and partnerships with local organizations.

To find good candidates, post ads locally or with online job boards. If you have connections in the car rental industry, you might also ask around to see if anyone is looking for a new opportunity. Once you are ready to interview a candidate, make sure their background matches your needs and that they seem like a good fit for the company culture you want to build.

You are now ready to open your car rental business. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.

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How to Start a Car Rental Business FAQs

Is it hard to start a car rental business.

Starting a car rental business can be difficult, but with the right planning and preparation, it can be a successful venture. Some of the biggest challenges will be finding the right location for your business, funding startup costs, and competing with other car rental companies. Following the steps we have outlined above will help you get things started and, with a little hard work and dedication, you can create a thriving car rental business.

How Can I Start A Car Rental Business With No Experience?

As with any business, there are a few key steps you need to take in order to get started in the car rental industry. To begin, you will need to do some research into the industry and make sure you know what you are getting into. You should also research the best locations for car rental businesses and see if there are any spaces available in your area. You might also consider chatting with a business consultant or professional with experience in the car rental industry who can answer your questions.

What Type of Car Rental Business Is Most Profitable?

The type of car rental business that is typically most profitable is a luxury car rental business. This is because there is a high demand for luxury cars, and the profit margins are higher for luxury car rentals than for standard car rentals.

How Much Does It Cost To Start A Car Rental Business?

The cost of starting a rental car company will vary depending on the size and scope of the business. However, there are some general costs that you can expect to pay when pursuing a car rental business venture. You will need to purchase or lease a fleet of cars, and you will also need to pay for insurance, licensing, and other administrative costs.

What Are The Ongoing Expenses for a Car Rental Business?

Other costs you should be aware of when starting your own car rental business include:

• Insurance - Leasing cars comes with risks so entrepreneurs need to protect themselves against lawsuits or accidents that customers may file against the company.
• Customer Billing & Merchant Expenses - Unlike traditional companies that bill customers at the end of every month, in the car rental industry, you need to individually track when customers rent out cars and submit invoices for services rendered.
• Monthly Vehicle Costs - Starting this type of business usually begins with a few vehicles, so it's important to consider how much it'll cost to maintain these cars on a regular basis. In addition, if you plan on renting out luxury vehicles then consumers may expect businesses to provide complimentary floor mats or car washes during each transaction. Over time, these small expenses can add up without adding additional revenue.
• Fleet Insurance Premiums - Many leasing companies charge extra fees in order for business owners to use their car fleet so it's important that you factor these prices into your monthly or semi-annual expenses.

How Does a Car Rental Business Make Money?

The car rental business model is to make money by renting cars to customers. The company charges a fee for the car rentals, and also collects payments for any damages that occur to the cars. In addition, the company may also charge extras such as mileage fees or airport fees.

Is Owning a Car Rental Business Profitable?

It is estimated that car rental companies make about $18 billion in revenue each year. The profit margins are about 6% for most car rental businesses, but if you find the right location and negotiate well with fleet insurance companies and credit card processing services then your profit margin can be much higher (similar to how Uber works).

There are also a few things you need to do in order to make your new business successful:

• Choose The Right Location . You'll want to find a place that is easily accessible and has a lot of foot traffic.
• Market Your Business Effectively . Make sure you have a strong online presence and use marketing materials (e.g. flyers, business cards) to promote your business.
• Offer Stellar Customer Service . Make sure your employees are friendly and helpful and always go the extra mile to satisfy your customers' needs.

Why Do Car Rental Businesses Fail?

There are a few reasons why car rental services fail. One reason is that the startup costs can be prohibitive. Another reason is that the competition is fierce, and it can be difficult to attract customers away from the larger businesses. Additionally, vehicle rental businesses can fail if they do not have a good business plan in place, or if they do not manage their finances well.

What Are the Different Types of Car Rental Businesses?

There are multiple ways or business models in which a car rental business can generate revenue. As an entrepreneur, you'll need to decide what type of services your business is going to offer so that consumers have a clear idea of how much it'll cost them

• Hourly Rentals - This type of rental car business allows customers to rent cars for specific periods of time rather than on a monthly basis. These cars will be rented out at an agreed upon price per hour with most companies also charging excess mileage costs.
• Daily Rentals - This rental car service allows the owner to set their own rates for each rental contract or they can follow standard industry prices/models. Since most people frequently rent out vehicles for a span of one full day, these costs tend to remain consistent from one company to the next.
• Weekly Rentals - Those who choose this type of rental business need to provide their customers with a list of prices and options that will be charged during transactions . Majority of car rental companies offer this service as it allows consumers to pay one flat fee for a full week's use rather than paying separate charges per day or hour
• Monthly / Long-Term Rentals - since most consumers only need an automobile for up to 30 days, entrepreneurs in this field can charge more money for longer leases. However, many companies also provide "monthly" plans which usually include unlimited mileage and other perks such as complimentary insurance premiums or free pick-up and drop offs at airports.

How Do I Get Funding To Purchase My First Fleet of Rental Cars?

Getting access to car rental company financing is one of the biggest challenges entrepreneurs face when they start their businesses. In order to get the funds needed for your initial fleet of cars, you'll need to start by taking a close look at your financial situation. Unfortunately, it can be very difficult to get approved for a business loans if your credit score isn't high enough, but here are a couple of other options:

• Business auto loan from a bank
• Cash advance from credit card
• Personal loan from a bank
• Loan from family or friends

How Do I Know What Area To Start My Car Rental Business In?

When deciding where to open your car rental franchise or company it's important to find a business location that meets the needs of your target market. 

For instance, if you're focusing on tourists who are looking for vacation rentals, then it may make sense to locate near popular attractions or hotels. Alternatively, if you want to target business professionals then it's a good idea to open near airports or office buildings.

How Do I Market My Car Rental Business?

One of the best ways to market your car rental business is by providing excellent customer service. If you have a high-quality fleet along with a network of local pickup and dropoff locations, potential customers will be drawn to you rather than looking elsewhere. 

In addition, it's important to constantly promote your brand and business model so people become familiar with your name and feel more inclined to use your services.

What Are 7 Marketing Strategies for a Vehicle Rental Business?

Marketing is an essential part of running any type of company, but especially one that requires a fleet of vehicles. In order for your business to be successful you need to have a strong marketing plan in place before you start, as well as an ongoing plan that continues to attract new customers and retain customers that are happy with your services.

• Offer promotional rates 
• Promote the business via social media platforms 
• Invest in search engine optimization (SEO) 
• Partner with complementary businesses 
• Utilize online reviews to your advantage 
• Add quality photos of the car on your site or app 
• Build a customer loyalty program with discounts and freebies included

Why Start a Car Rental Business?

There are many reasons why starting a car rental business can be beneficial:

• Low Overhead -  you don't need to purchase your own stock of cars allowing you to focus on selling rentals
• High Demand - there's always going to be somebody who wants or needs a vehicle
• Quick Setup Time - it only takes about 3 months for most businesses to get off the ground
• Potential To Grow -  many car rental businesses start small and then gradually expand their fleet as demand increases.

How Do I Calculate What Type of Car Rental Option To Begin With?

When determining what type of car rental company you want to start there are a number of things to consider such as:

• Do you want to offer an hourly, daily, weekly, or monthly rate?
• How many cars do you need?
• Where do your customers live?
• How will you market your business?

The best way to answer these questions is by speaking with potential customers (e.g. local community groups, corporate clients) and finding out what they need.

Where Can I Download a Car Rental Business Plan PDF?

You can download our car rental business plan PDF template here. This is a business plan template you can use in PDF format.

Rental Car Business (How Much Does It Cost To Open)

How To Start an Exotic Car Rental Company

The DONT’S of the Rental Car Business

SEO for Car Rental Vendors

For additional information on the car rental industry, consider these resources:

• Auto Rental Resource Center: www.arcc.net
• American Car Rental Association: www.acraorg.com
• Car Rental Mavericks: www.carrentalmavericks.com

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

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Other Helpful Business Plan Articles & Templates

Malaysia Car Rental Companies

This report lists the top Malaysia Car Rental companies based on the 2023 & 2024 market share reports. Mordor Intelligence expert advisors conducted extensive research and identified these brands to be the leaders in the Malaysia Car Rental industry.

Malaysia Car Rental Top Companies

The Hertz Corporation

Avis Budget Group

Hawk Rent A car

Europcar Mobility Group

Mayflower Car Rental Sdn Bhd

*Disclaimer: Top companies sorted in no particular order

Malaysia Car Rental Market Concentration

Malaysia Car Rental Company List

Hawk Rent A Car

Suria Car Rental & Tour Sdn. ...

Rent a Car Malaysia. ...

Paradise Rent A Car. ...

Galaxy Asia Car Rental.

Spanco Sdn. Bhd.

Car Rental Market in Malaysia Report Snapshots

• Car Rental Market in Malaysia Market Size
• Car Rental Market in Malaysia Market Share
• Car Rental Market in Malaysia Market Trends
• Car Rental Market in Malaysia Companies

Car Rental Market in Malaysia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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How to Start a Profitable Car Rental Business: A Step-by-Step Guide

Free Car Rental Business Plan Template

11 Min Read

The car rental industry offers plenty of business opportunities, and starting a car rental business could be your dream ride. With careful planning and following local regulations, you can navigate the process smoothly.

But why should you think about starting your own car rental business?

Because the future looks bright! Experts think that by 2028, more than 51 million people in the US will be renting cars. That’s a massive market just waiting to be tapped.

So, how do you get in the game and start a successful car rental business?

This guide is your roadmap. We’ll cover everything you need to know to shift your car rental dreams into reality. Let’s get started!

Car Rental Industry Outlook

The car rental industry is zooming ahead and is expected to reach $134 billion by 2027.

But what’s driving this growth? Two key trends:

Tech takeover

AI, smart parking, and even driverless cars are changing the game, helping companies stay competitive and potentially cut costs.

Car rental businesses that use the latest tech, meet international service standards, and take complete control of the rental experience will be the leaders. Travelers want it easy, and tech is the answer!

Changing preferences

Ditching car ownership, people opt for flexible options like subscriptions, self-drive rentals, and car/ride sharing. Companies that offer diverse vehicles and prioritize customer loyalty will lead the pack.

People are realizing that owning a car is not always worth it because of the costs, maintenance, and insurance hassles.

On the other hand, car rentals offer freedom without the headaches, with options for drivers, self-drive, short-term needs, and even long-term subscriptions.

What cars are popular?

Economy cars are still king ( 33% of the market in 2022), thanks to their affordability and size. But SUVs are rising stars, expected to grow the fastest (11.5%) because they’re spacious, safe, and comfortable for families and road trippers.

So, now that you know about the car rental industry insights let’s see how you can start this business in 8 easy steps.

How to start a car business in 9 easy steps

• Select a car rental business type
• Create a business plan
• Figure out financing
• Find the right location
• Make it legal
• Get the necessary licenses and permits
• Get a business insurance
• Build a core team
• Outline a marketing plan

1. Select a car rental business type

Before you rev your engine on a car rental business dream, deciding your path is crucial! Each model has its perks and pitfalls. Let’s explore your options:

Joining a major franchise can streamline your entry into the car rental business. It’s like joining a team with a big name, such as Hertz or Enterprise, instantly tapping into their brand and business model.

This path makes starting up easier because the brand is already known and loved. However, the initial franchise fee can be pricey, and you’ll have less control over your individual business decisions.

Car dealership

Another route is partnering with a car dealership. This means you offer rental cars to customers who are in for repairs.

It’s a smaller market, requiring fewer cars, which can be easier on your budget.

Independent small business

If you’re in complete control, starting your own car rental business brand is the way to go. You’re the boss from day one but remember; you’ll be handling everything – from making your brand known to find customers.

It’s a lot of work, and you’ll need a good amount of start-up cash.

Existing business

Lastly, buying an existing rental business could be a smart move. It’s like taking over a shop that’s already up and running.

You skip the early struggles but make sure you understand the business inside out to keep it successful.

2. Create a business plan

Your car rental business plan is your roadmap to hitting the open road and making a profit. It’s where you decide on your fleet, nail those operational details, and design a marketing strategy that’ll have customers revving their engines.

A great plan should cover:

• Your Fleet: What kinds of cars will you offer? What makes your selection stand out?
• Smooth Operations: Figure out staffing, vehicle maintenance, location logistics…the works!
• Marketing that Matters: How will you reach potential renters and beat out the competition?
• Know Your Rivals: Who else is in the race and how will you leave them in the dust?
• The Bottom Line: Project your finances – you’re here to turn a profit, not just offer joyrides!

The best part? The planning process forces you to understand your ideal customer. Are you catering to business travelers? Adventurous tourists? Knowing them puts you in the driver’s seat.

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3. Figure out financing

Starting your car rental business is exciting, but don’t forget the financial map! Start-up costs vary depending on location, fleet size, and services offered. In general, it can cost anywhere between $99,000 and $470,000. 

So, how do you turn that dream into reality? Here are your funding options:

• Bank Loans: A business auto loan from a bank is the classic choice but requires a solid plan and strong credit.
• SBA-Guaranteed Loans: The Small Business Administration can be your wingman, helping you secure that bank approval.
• Government grants: Explore government programs that might fuel your entrepreneurial journey.
• Friends & Family: While borrowing from loved ones can be tempting, be cautious. Having clear legal agreements in place protects everyone involved.
• Crowdfunding: Platforms like Kickstarter let passionate donors support your vision.
• Savings & Assets: Bootstrapping your business with personal resources is always an option.

For the car rental business, bank and SBA loans are strong contenders, along with friends and family (with proper legal guidance). Crowdfunding can be an excellent fit for innovative concepts.

4. Find the right location

Location, Location, Location! Remember this old real estate mantra? It applies to car rental businesses, too! Your location is your lifeline, connecting you to your target market.

But choosing the perfect spot isn’t just about finding space; it’s also about understanding how your location will shape your clientele.

There are two main approaches:

Location dictates audience

Let the available space guide your target market. A prime spot near an airport might attract business travelers, while an industrial zone could be perfect for a commercial car rental business.

The target market sets the location

Identify your ideal customers first, then find a convenient location that serves them best. It could be close to their workplaces, tourist attractions, or residential areas.

5. Make it legal

Before you start renting out cars, let’s get the paperwork out of the way. You’ll need to make sure your car rental business is set up legally.

Our business startup checklist has all the details, from picking a name for your business to getting the right licenses.

Here’s a quick look at what you’ll need to get started:

• Registering a Business Name
• Applying for the right licenses and permits
• Choosing your business structure
• Getting the right insurance and setting up how you’ll handle payments

6. Get the necessary licenses and permits

Missing required permits and licenses can lead to hefty fines or even shutdowns. So, car rental companies must have all the permits and licenses before they begin.

Here are some essential legal requirements you might need for your vehicle rental business:

Vehicle Renting License

This DMV-issued permit is your green light to rent out vehicles. The process varies by state but typically involves an application and a fee (around $100).

Business License

Every state requires this to operate any business. Again, the process varies, but expect another application and a fee (around $50).

Driver’s License

Depending on your fleet, you might need a Commercial Driver’s License (CDL) for larger vehicles like vans or buses.

Local Permits

Check with your city or county for additional permits specific to the car rental business.

7. Get a business insurance

Getting your cars out there is thrilling, but smart insurance is your backup plan. You’ll likely need what your state requires for each vehicle, but here’s why you might want more:

• Commercial Fleet Insurance:   Protects your whole fleet from damage and accident claims. It’s ideal if you have several cars.
• General Liability Insurance:  This covers you if your rental car causes injury or property damage to someone else.
• Excess Liability Insurance:   An extra layer of protection for those big, unexpected claims that could go beyond your other policies.

Remember, most states require renters to be at least 21, and some require 25 for insurance

8. Build a core team

The success of your car rental business hinges on its people. So, buckle up for a smooth ride with these key steps:

Know Your Needs

Firstly, identify the roles you need to fill. Do you require customer service representatives, rental agents, maintenance staff, or a combination?

Outline their specific responsibilities to ensure everyone understands their part.

Cast Your Net

Post your job ads on relevant platforms like job boards, company websites, and social media. Consider local newspapers and industry publications for broader reach.

Beyond the Resume

Skills are important, but don’t forget soft skills! Assess candidates for communication, problem-solving, customer service magic, and teamwork spirit.

Background checks and reference verification ensure you’re hiring the right people.

Verify & Select

Conduct thorough background checks to ensure references and qualifications are accurate. Offer positions to the candidates who best align with your needs and company culture.

Welcome Aboard

Extend offers to your chosen candidates and provide a comprehensive onboarding process. Train them on company policies, procedures, and software systems.

9. Outline a marketing plan

Ready to put your car rental business on the fast track? Let’s dive into some key tips for drawing in customers and keeping them hooked:

Build Your Digital Showroom

Create a website that’s your online storefront. Show off your fleet, offer clear pricing, and let customers book directly. Make sure it’s search engine friendly to attract more visitors looking for car rental services. In addition, make sure it’s easy to navigate for a smooth booking experience.

Partner Up & Reach Further

Team up with online travel agencies and car rental business platforms like Expedia or Turo. Leverage their massive customer base and marketing reach to get your cars seen by more people.

Target the Right Drivers

Get in front of people already searching for car rentals in your area. Platforms like Google Ads and social media let you focus on location, demographics, and even the keywords potential customers use when searching.

Price-wise, not just cheap

Know your competition, then make your prices work to attract renters. Consider offering discounts for longer trips, deals during certain seasons, or those little extras like GPS that make life easier.

Good reviews = free marketing

Your happiest customers are your best sales team. Make it easy for them to share their love on Google, Yelp, etc. Show you care by responding to all feedback, whether it’s praise or a problem.

Team up with local businesses

From hotels to event planners, businesses in your community also deal with travelers. Work together on discounts or special packages – it’s a win for everyone!

Get Social & Stay Connected

Be active on platforms like Facebook and Instagram. Share beautiful photos of your fleet, promote offers, and engage with customers through contests and spotlights. Let your social media presence drive excitement!

The keys to success lie in preparation: market research, understanding your ideal customers, and handling those licenses and permits.

Add a solid business plan, smart financing, and a great website, and you’ll be well on your way to opening your car rental business.

Ready to dive deeper? Explore the car rental business plan template to streamline the process and get your business off the ground faster.  And remember, our guide is always here to help you navigate the road ahead!

The Quickest Way to turn a Business Idea into a Business Plan

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Frequently Asked Questions

Is a car rental business profitable.

Absolutely! Small car rental businesses in the US can earn a cool $50,000-$100,000 on average each year. But this number depends on how many cars you have, where you set up shop, who your competition is, and how you manage your costs.

How can I fund my car rental business?

Funding your car rental business can come from various sources. Here are some sources that you can tap into:

• Your personal savings
• Ask friendly faces for a loan
• Use credit cards strategically
• Secure bank loans from the Small Business Administration (SBA)

Crowdfunding could also be an option if you’ve got a truly innovative idea.

How much capital is needed to start a car rental business?

Starting your car rental business can cost between $99,000 and $470,000 . Remember, things like where you operate, the types of cars you offer, and how many cars you start with will impact your initial investment.

How do I choose the right vehicles for my fleet?

Choosing your fleet is like picking the perfect travel companions! Here are some points to consider:

• How they’ll be used
• Their overall cost (including parts, maintenance, and fuel)
• The comfort level for drivers (including any accessibility needs)
• Ease of maintenance
• Warranty coverage.

How to start a car rental business from home?

Sure! All you need is one car, a license to operate, and some parking space (even your garage will do it initially). As your car rental business grows, you can add more cars, rent a bigger space, or even buy your own!

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Car Rental Business License

In order to conduct a car rental business in Malaysia, you will need a valid Business License from the Malaysian authorities. The process of obtaining a Business License can be lengthy and complicated, but we have made it easy for you. You just need to fill out the form and place an order online by clicking the following button: 

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Frequently Asked Question

What is a car rental business license.

A car rental business license is a permit required to operate a car rental business. The license is issued by the local government where the business will be operating. The requirements for a car rental business license vary from state to state, but generally, the applicant must have a valid driver’s license, insurance, and registration for the vehicles that will be rented out.

The applicant must also pass a background check. Once the license is issued, the business must comply with all local ordinances and regulations. Operating a car rental business without a license is illegal and can result in heavy fines and penalties. 

Why is a Car Rental Business License necessary in Malaysia?

A Car Rental Business License is essential in Malaysia because it allows the business to operate legally. Without a license, the business would be breaking the law and could be subject to heavy fines and penalties.

How to get a Car Rental Business License in Malaysia?

In order to get a car rental business license in Malaysia, you will need to submit the following documents to your local licensing authority:

• A completed business license application form
• A copy of your company’s registration certificate 
• Proof of Malay or foreign ownership, such as a photocopy of your passport or identity card 
• A copy of your car rental lease agreement 
• The required license fee payment 

How long does it take to process a Car Rental Business License?

It can take up to six weeks to process a car rental business license in Malaysia. The turnaround time will vary depending on the Malaysian state in which you apply, as well as the efficiency of the local authority processing your application. If you are planning to open a car rental business in Malaysia, it is important to start the process as soon as possible to ensure that you can begin operations in a timely manner.

Who is eligible to apply for a Car Rental Business License?

A Car Rental Business License is required in order to operate a car rental business in Malaysia. The process and requirements for applying for a license may vary depending on the state or territory in which the business will be located. However, generally speaking, businesses will need to submit an application form along with supporting documentation such as proof of insurance, a safety plan, and a list of vehicles that will be available for rent. Once the application has been reviewed and approved, the business will be issued a Car Rental Business License. 

Who is in charge of the Car Rental Business License in Malaysia?

The Malaysian Ministry of Transport is in charge of car rental business licenses in Malaysia. You can find more information on their website.

What are the benefits of having a Car Rental Business License?

The benefits of having such a license include the following:

• Renting from a licensed company gives customers piece of mind as they know the company is reputable and has been approved by the relevant authorities.
• The license enables companies to rent out vehicles legally, providing them with the necessary insurance coverage.
• The license ensures that only qualified and experienced drivers work for the company, thus reducing the risk of accidents.

Operating a car rental business without a license can result in heavy fines, so it is always advisable to ensure that your company is properly.

What are the requirements for a Car Rental Business License in Malaysia?

You will find the detailed requirements for a Car Rental Business License in Malaysia once you place an order. Generally, you need to have a business premise/office, as well as a valid driver’s license. You will also need to provide documentation that proves your company is insured and has adequate vehicle coverage. Finally, you will need to submit an application and fee to process smoothly.

Car Rentals (Self Drive) Market in Malaysia to 2023: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics

All the vital news, analysis, and commentary curated by our industry experts.

Published: May 29, 2020 Report Code: GDTT10274DB-ST

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Table of Contents

Car Rental (hiring of a passenger vehicle for self drive, which includes cars and small vans, by both business and leisure travelers for short term duration; excluding leasing and long term rentals) market has evolved intensely in the very recent years and is also expected to evolve in similar fashion in the near future. The report Car Rentals (Self Drive) Market in Malaysia to 2023: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics provides deep dive data analytics on wide ranging Car Rental market aspects including overall market value by customer type – Business and Leisure, by point of rental – Airport and Non-Airport, Insurance / Temporary Replacement Revenue, Car Rental Occasion, Days and Length for the period 2014 to 2018.

Furthermore, the report also details out Fleet Size (number of operational cars available for short term rental for the purpose of business, leisure, and insurance replacement) for the period 2014 to 2023 along with Utilization Rate and Average Revenue per Day from the Car Rental business in Malaysia.

The report acts as an essential tool for companies active or plans to venture in to Malaysia’s Car Rental market. The comprehensive statistics within the report provides insight into the operating environment of the market and also ensures right business decision making based on historical trends and industry model based forecasting.

– Overview of the Car Rentals business inMalaysia.

– Analysis of the Utilization Rate, Fleet available for rent and actual on-rent days.

– Historic and forecast revenues by Customer type and average revenue per day for the period 2014 through to 2023.

– Analytics on key market moving parameters rental occasions, rental days, average rental length and others.

– Key revenue statistics on Point of Rental and Insurance / Temporary Car Replacement market segments.

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– Embrace the market information at category and segment level for precise marketing plan.

– Outline investments on potential growth factors considering actual market size and future prospects.

– Evolve business plans based on forecasts information.

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Figure 24: Malaysia Car Rental Market – Average Revenue per Day Forecast (MYR), 2018 – 2023

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How to Start a Car Rental Business | Free Car Rental Business Plan Template Included

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