Franchise Spotlight: Vehicle Leasing
The rising demand for vehicle leasing options means this is an industry offering many diverse franchise opportunities.
The car rental market in Canada is worth over CA$5 billion (Ibis World) and, with growing numbers of individuals and businesses looking to rent vehicles rather than owning them, the vehicle leasing sector looks set for continued growth. Consumers recognise the benefits of leasing a vehicle, not only for environmental reasons but for logistical and financial ones too.
Vehicle leasing companies can provide vehicles for long term contacts, where consumers eventually own or return the vehicle after a set period, as well as short-term contracts, for example, holidaymakers or those who live in built-up cities looking to have transport for a temporary period.
Many leasing companies will incorporate road tax, warranties, servicing and breakdown cover within the cost of leasing, making it a much simpler process for consumers who don’t want to spend the time and effort organizing all the wrap-around vehicle necessities. Location is important as leasing companies conveniently located next to airports or busy train stations, for example, will be able to capitalize on the short-term leasing market.
The company EV Rentals (based in Vancouver) has chosen to specialize in rentals of luxury electric vehicles. This successfully franchised company has capitalized on the growing number of consumers looking for more eco-friendly vehicle leasing options.
Vehicle Leasing Industry Analysis
Most companies will not expect franchisees to have experience in the car leasing sector as they provide comprehensive training. Certainly, excellent communication and sales skills will be vital in this industry, with franchisees finding themselves in a people-centered role where customer satisfaction and reputation is important for future sales.
This is a sector where the marketing tools and banner of a recognized brand will help attract customers as you build your client base. In a growing and lucrative sector, franchisees will benefit from the support of an established business with the option of scaling up their business over time. Start-up costs can be high but, for franchisees with an entrepreneurial spirit and a passion for business, this is a sector that looks set for a bright future.