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Small Business Ideas Forum

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Old 22nd January 2012, 10:17 PM   #1

Join Date: Jan 2012
Posts: 1
Default Auto Leasing Company~

Hey Everyone,

I'm new to the community, I figured I would start off by telling you all a little about myself. I'm 26 years old currently working at a brand name car dealership (Chrysler Jeep Dodge). I been here selling cars for about 3 years now, and I'm learning how to do finance currently. I graduated college with a A.S in Business Management about 2 years ago, but like most it was a pain to find a job with just an A.S in BM....and school really wasn't my thing ZzzZzzzZ lol

So now that you all know a little about me, I'm here to see if anyone could guide me in the right direction in opening my own "Auto Leasing Company".

I know the process of what is done on the finance side of the fence, but I'm completely lost on what actually needs to be done to open one in NY ( License's/Insurance ETC)

Jmore21 is offline   Reply With Quote
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Old 26th January 2012, 07:15 PM   #2

Join Date: Jan 2012
Location: western north carolina
Posts: 2
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I'm not in. N Y but where I'm from you need so many square ft office and lot space state inspected, that is if your trying to start a small lot. Good luck

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Old 8th April 2012, 10:38 PM   #3

Join Date: Apr 2010
Posts: 79

Default Auto Leasing

I am glad you are looking into the financing because I would think that is the biggest barrier. I would think you need computer software to track the activity. You need good insurance policies! If you can figure out a way to pick people up (like Enterprise Rent a Car says they do but really doesn't) you can be very successful. The other marketing key to success is work with Auto mechanic shops (kew partners) as people who fix cars always need rentals.

Michael Barbarita - Next Step CFO - CFO Services
Starting a Business
cfoservices is offline   Reply With Quote
Old 18th April 2012, 04:46 PM   #4

Join Date: Dec 2011
Posts: 43
Default Auto Leasing Company~

Business location/lot
Business license

Choose a location. Things to consider when selecting a town include general population size, the number of competitors already there, public transportation availability and the number of corporate campuses. After choosing a town, locate a business location. You want to have enough room on the lot to park lease vehicles, and you want easy access for customers to get in and out of your lot.

Check with city hall to be sure the location you chose is properly zoned for an auto leasing business. Apply for required city and county business licenses. This is typically done at the city hall business license office and the county administration building.

Decide whether to purchase an existing franchise or open an independent auto lease business. Advantages to franchising are owning an established brand name, company training and, in most cases, reduced advertising costs because you go in with other franchisees. Disadvantages include being contractually obligated to several things, including hours of operation and pricing, having to give a percentage of your profits to the corporation and not being able to build your own brand reputation.

Advantages of not going with a franchise include the freedom to determine hours and prices; building your own brand, with the ability to franchise to others; and the freedom to pick and choose what products and services to offer. Disadvantages include not having an established reputation to start building on, the lack of corporate training opportunities and the lack of group advertising pricing.

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Set up for business. Decide on pricing, packaging, fleet leases and other aspects of the daily operation. Purchase the vehicles you will offer for lease. Make sure you have a variety of sizes and styles so you can offer different packages to please different customers. Check with various commercial automobile insurance carriers and secure a policy. In addition to insuring the vehicles while they are being driven, you need to carry a policy protecting the vehicles on the lot and the building, along with personal liability coverage for any injuries on your property. Ask your insurance agent to advise you about everything you need for the area your business is located in.

Create a business name, logo and stationery if you are not buying a franchise. If you are, order enough supplies to last for the first several months of operation. Design a contract for the auto leases. Hire an accountant.

Personally introduce yourself to area mechanics, insurance agents and local travel agents. Give them your business card and ask them to send potential clients to you. Assure them that you will give their clients excellent customer service and good prices.

Advertise your opening. Continue to advertise locally and send out information to all corporate headquarters of offices in the area. These are the people who will pay for their employee travel needs, so let them know your autos are available for lease and your prices.

denise1000 is offline   Reply With Quote
Old 31st May 2012, 06:16 PM   #5

Join Date: Apr 2012
Location: Phoenix, AZ
Posts: 43

Originally Posted by Jmore21 View Post
So now that you all know a little about me, I'm here to see if anyone could guide me in the right direction in opening my own "Auto Leasing Company".

I know the process of what is done on the finance side of the fence, but I'm completely lost on what actually needs to be done to open one in NY ( License's/Insurance ETC)
Auto Leasing business must have a strong foundation of plan. This kind of business is not easy, well there's nothing an easy business, to have a market - clients, business location must be well identify first.

honitel is offline   Reply With Quote


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