Can you make a lot of money in the car rental business? Does $175k/month sound unreasonable? It’s reality for Ronnie Danelian, owner of Legends Car Rentals, and he’s sharing the secrets of how to start a rental car company.
Launched in 2015, Legends Car Rentals is LA’s premier luxury and classic car rental company. Ronnie and his partners started with only a small collection of unique automobiles. Now, they have an entire fleet of exotic cars and four locations in four major cities.
In this two-part interview, Ronnie will tell us how he and his partners grew Legends into a legendary (get it?) luxury car rental brand that leases to A-list celebrities like Kendall Jenner.
We’ll learn about his background, what led him to start a car rental business, and what it takes to keep revenue flowing even during the slow periods.
Ronnie will share his expert advice on marketing and advertising approaches and how to scale a business. And he’ll let you know the biggest challenges of running a car rental business.
We’ll also delve into how many cars you need to rent every month to maintain a solid profit margin.
And if you’ve ever wondered what an exotic car rental company does if someone wrecks one of their cars, then stay tuned! You don’t want to miss the answer.
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Timestamps:
0:00 Intro
1:40 Meeting Ronnie
2:50 Initial budget
3:46 Expenses on a monthly basis
4:53 Number of cars rented
5:40 Cars with the highest profit margin
6:55 Number of cars involved in an accident
8:35 Profit margin in exotic cars
9:40 Good and bad day for Ronnie
10:24 Advertising the business
11:44 How to avoid mistakes
12:54 Outro
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