ELITE VEHICLE RENT – Business Idea 2021
BUSINESS IDEA PROPOSAL
ELITE VEHICLE RENT
Student names:
Course: BUSI 101
Section: D
Date: 12 October 2021
Course instructor: Dr. Reimara Valk
Table of Content
Table of Content 2
Introduction 3
Background 4
The Future 6
Vision statement 6
Mission statement 6
Goals/objectives 6
Business details 7
Products/services 7
Project team 7
Planning and timelines 7
Introduction
ELITE VEHICLE RENT will be an innovative online portal that enables people to offer and rent out vehicles. People who, for example, are temporarily outside the country will be able to generate a passive income by using our portal and offering their vehicle for rent. Through our Portal people can offer and rent out all types of vehicles such as motorcycles, yachts, jets, quads, and jet skis.
To make our service as pleasant and usable as possible, we will offer services such as takeing over the handover of vehicles, cleaning, and refueling of listed vehicles as well as payment of public parking and toll gate fees. ELITE VEHICLE RENT will operate through a central office with parking spaces where the rental vehicles can be prepared for the handover.
For our customers our portal will be a one-stop shop. Those customers who are offering or searching for a car, a jet ski, a quad or a yacht will be able to interact through our portal. The whole offering and renting as will as payment processes will be fully automated. Because we don’t have own assets and no depreciation ELITE VEHICLE RENT will be able to offer these services to a very competitive price and the process will be less time consuming than using services from other rental companies.
Furthermore, we will be able to activate unused potential vehicles for the rental market, especially during prime time. Tradinional car rental companies for example are not able to offer the number of vehicles at prime time/season.
Marketing for ELITE VEHICLE RENT will be done primarily digital through the Internet. The founder will develop a strong online presence that is user-friendly and easy to navigate. In addition to the home website, we plan also to develop a strong social media presence using Facebook.com, Instagram.com etc..
Background
In 2019, 16,780,000 tourists came to Dubai, many of whom are wealthy. The visitors in Dubai are keen to rent and drive a luxury car. Renting a high-end car is in Europe and other industrial countries often not possible. On the other hand, Dubai is home to many wealthy residents, the number of whom is rapidly increasing, who own more than one high-end car. The GCC car rental market is forecast to experience a CAGR of about 15.7% throughout the period (2020-2025). The yacht charter market is also growing exponentially with a CAGR of 15%. The market value is expected to have doubled by 2027 compared to 2018. We identified a huge potential for our services which we can offer for very competitive conditions.
There are few international providers of similar type of renting models. In the first step we will focus on Dubai and the surrounding area to make ourselves a name in this sector in order to avoid overexpansion. There is only one competitor in Dubai called Turo who offers this kind of car renting services.
Through a powerful IT-Backbone, motivated and well-trained employees ELITE VEHICLE RENT will make it possible to maintain an excellent service level. The customer has not to worry about punctuality, delivery, filling, and cleanliness of his vehicle.
As a one-stop shop, we will allow our customers to offer and rent vehicles for transportation and leisure activities from one hand. We save everyone involved a lot of effort and time and intend to offer services that set us apart from other compatetors. To make this possible and to accelerate our market penetration, we will outsource certain services such as cleaning and refilling the vehicles. Cooperation with Cafu would be in this case an option.
It will be a challenge to compete with the prices of the other rental companies, especially in the medium and low-price sectors. To be able to maintain a high standard, we need to focus on luxury segment and optimize all internal processes. We may also have to find solutions in the areas of insurance and liability for the rented vehicles. These and other challenges will be identified and overcome in the next steps.
The Future
Vision statement
We want to become the market leader in rental services for private vehicle providers and renters worldwide. We want to reduce the number of vehicles produced and, as a pioneer, usher in the age of vehicle sharing.
Mission statement
The mission of ELITE VEHICLE RENT is to provide a reliable online marketplace that offers customers a wide range of vehicles of assured quality. In addition, customers will have the opportunity to take advantage of many extra services that they will not find anywhere else.
Goals/objectives
Developing a strong customer base will be the priority. To achieve this target, we will create an effective customer service model that adequately addresses all the unique needs of our consumers. Having a broad marketplace with a variety of services will be another of the core objectives. From cars to jets, we intent to creat a marketplace that is as broad as the consumer’s taste. As the online rental sector has continued to grow, there is huge need for online security. With that being said, we will look to develop a secure environment that protects the data of the vehicle provider and consumer on all levels. Driving profits will be the final objective for ELITE VEHICLE RENT as we will look to.
grow the revenue and profit streams exponentially over the course of the coming years.
Business details
Products/services
We offer private individuals to make their vehicles in the idle time available to us. In return and based on an attractive benifet sharing model the owner can generate an additional income and the renter can drive vehicles and make his dream become true for a reasonable price. We act as a marketplace that offers and rents out these vehicles. In addition, we take care of the whole process of handling; transport, handing over, cleaning, and filling of the vehicle as well as the public parking fees that may occur. We expect high demand. The UAE has an exceptionally wealthy community, with an average net worth of US $ 99,000. Many households own more vehicles than they use. There are 2.5 million driver’s licenses and 1.83 million registered cars in Dubai. In addition, many people who are settled in Dubai come from abroad and therefore often only live part-time in Dubai. During the time that they are absent, their vehicles are unused. We expect tourists as our first customers for all types of vehicles. Tourists who come to Dubai are often wealthy and willing to pay a lot of money for a luxurious experience. But we also assume that the residents of Dubai will need our offer, especially in the area leisure vehicles, but also in the peek time.
Project team
At first, all the members of the group thought about the idea and thought of a company that is a car rental company, but a little different. All members of the group worked together on the introduction and the rest was split up in twos or alone.
“Background” was created by Fatma.
“The Future” was made by Willian and Ahmed
“Business details” were done by Jonas.
And finally, the planning and the schedule were drawn up by Khalifa and Jonas.
At the same time, no one was working alone, and we teamed up every week to review progress and help each other. To make communication as easy as possible, we have created a WhatsApp group and a Dropbox folder. That enables all group members to access all documents 24/7.
Planning and timelines
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