U-Save Car & Truck Rental and The Xpress Lease
DEALERSHIP NAME: U-Save Car and Truck Rental and The Xpress Lease
DEALERSHIP CONTACT: Sean Cox
BUSINESS BIO/BACKGROUND: I've been in the auto rental industry since 1993. I was hired to work at this location as a "working manager" in September of 1995.
I started the Ren’T’Own® program in 1999 with two of my own vehicles that I purchased in a local newspaper.
In 2006 I purchased the existing car rental business from the owner and continued to allow the RTO® program to grow. In mid 2007 we adopted the "LeaseT'Own®" marketing aspect of the program.
HOW HAS RTO/LTO® IMPACTED OR CHANGED YOUR BUSINESS: I initially started the program as a way to supplement our income. My intention was to create between $800-$1,000 of additional income
monthly. Within six months we were doing well over $5,000 per month in payments. We've since, more than quadrupled those numbers. Currently we're fighting to get good inventory. Our previous rental vehicles make a great transition piece into the Lease'T'Own® program and allow us to sit back and wait until market conditions stabilize. We're still on the offensive when it comes to purchasing cheaper "lease ready" vehicles, but retired rentals have become about half of all available lease vehicles.
In the beginning we were a rental facility first and a leasing company second. Now, we've become a great combination of both. Similarly, each aspect of our business compliments the other. Rental customers who are looking to buy vehicles create just as many inquiries for the lease program as lease customers needing a rental provide the rental program. By diversifying our programs we've managed to insulate ourselves against much of the current economic climate.
RTO/LTO® LESSONS LEARNED: Learn to babysit. The more hands on you can be with the customer, the better your bottom line becomes. We work our overdue lists on a daily basis and provide "reminder" calls at the 5th and 10th days to all customers regardless of situation. Of course, this requires a bit more labor but we have managed to keep our repossession rates below 1% for the past six years.
Be the place that disappointed customers seek out when they are tired of the "car dealers".
Differentiate yourself from the competition.
- Find out what they do well and do it better.
- Find out what they do poorly and make it a selling point.
- Find out what they don't do at all and make it you own.
To learn more about our business, visit our website at www.yourxpresslease.com.