business plan for car hire

Car Rental Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Car Rental Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Car Rental Plan Here

You’ve come to the right place to create your car rental business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their car rental company.

Car Rental Business Plan Example

Below are links to each section of your car rental business plan template:

Next Section: Executive Summary >

Car Rental Business Plan FAQs

What is a car rental business plan.

A car rental business plan is a plan to start and/or grow your car rental business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your car rental business plan using our Car Rental Business Plan Template here .

What Are the Main Types of Car Rental Companies?

There are a few types of car rental companies. Most are franchises of a large and successful rental company and offer all types of car rentals. There are also car rental companies that only focus on luxury vehicles. More people are renting high-end vehicles for a few days or when they go on vacation. There are also smaller-scale car rental companies that only operate in one city and are independently owned.

What Are the Main Sources of Revenue and Expenses for a Car Rental Business?

The primary source of revenue for car rental companies are fees the customer pays for car rental services. The fee will depend on the type of car and length of rental.

The key expenses are the cost of purchasing the fleet of vehicles to use for rental cars, business insurance, vehicle maintenance, and washing and detailing the vehicle every time it is returned. Other expenses are the overhead expenses for the leased location, utilities, website maintenance, and any marketing materials or advertising fees.

How Do You Get Funding for Your Car Rental Business Plan?

If you are looking to start your own car rental business, you will most likely need help funding your startup costs. A car rental company is most likely to receive funding with a business loan from a bank. Typically you will find a local bank and present your business plan to them. Another option is the SBA as they provide viable loans for startup businesses. This is true for a business plan for a car rental company and a luxury car rental business plan.

What are the Steps To Start a Car Rental Business?

Starting a car rental company can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Car Rental Business Plan - The first step in starting a business is to create a detailed car rental business plan that outlines all aspects of the venture. This should include market research on the car rental industry and potential target market size, information about the services or products you will offer, your marketing strategy, pricing details and your financial plan.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your car rental business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your car rental business is in compliance with local laws.

3. Register Your Car Rental Business - Once you have chosen a legal structure, the next step is to register your car rental business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your car rental business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Car Rental Equipment & Supplies - In order to start your car rental business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your car rental business. This includes creating a business website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful car rental business:

• How to Start a Car Rental Business

Where Can I Get a Car Rental Business Plan PDF?

You can download our car rental business plan PDF template here. This is a business plan template you can use in PDF format.

How To Write a Successful Car Rental Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for car rental businesses that want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every car rental business owner should include in their business plan.

Download the Ultimate Car Rental Business Plan Template

What is a Car Rental Business Plan?

A car rental business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Car Rental Business Plan?

A car rental business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Car Rental Business Plan

The following are the key components of a successful car rental business plan:

Executive Summary

The executive summary of a car rental business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your car rental company
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your car rental business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your car rental firm, mention this.

You will also include information about your chosen car rental business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a car rental business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the car rental industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, the customers of a car rental business may include business travelers, vacationers, people relocating for work, or those without a personal vehicle.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or car rental services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your car rental business may have:

• Lower prices
• Easy online booking
• Special offers and discounts
• A wider selection of cars
• 24/7 customer service

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or, you may promote your car rental business via word-of-mouth marketing.

Operations Plan

This part of your car rental business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a car rental business include reaching $X in sales. Other examples include expanding to new locations, adding new product/service offerings, or launching a new marketing campaign.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific car rental industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Car Rental Business

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Car Rental Business

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup car rental business.

Sample Cash Flow Statement for a Startup Car Rental Business

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your car rental company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A well-crafted car rental business plan is a valuable tool for new and existing businesses alike. In addition, a detailed financial plan will give you a clear understanding of the resources you will need to achieve your goals. By following these tips, you can write a successful car rental business plan that will help you launch and grow your business.  

Finish Your Car Rental Business Plan in 1 Day!

Wish there was a faster, easier way to finish your car rental business plan?

With our Ultimate Car Rental Business Plan Template you can finish your plan in just 8 hours or less!

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

How to Start a Car Rental Business

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you’re considering starting a business in the auto industry, you have a lot of choices, including starting a car rental business.

But what exactly do you need to do to get this type of business off the ground? There are a lot of moving pieces to consider, but if you take the time to prepare and follow your state and local guidelines, your road to a successful car rental business can be smoother than most.

To help you prepare, we’ve created this guide on how to start a car rental business. Read on to learn everything you need to know.

Step 1: Pick a type of car rental business

Before you can start your car rental business, you need to know what type of business you want to own. You might want to own a franchise, build your own brand, purchase an existing business, or work with a car dealership.

Each type of car rental business has its pros and cons, you just have to find the one that’s right for you. Let’s take a closer look at some of your options.

If you decide on a car rental franchise, you will purchase the rights to use the brand name and business model of an existing car rental business. Options for a car rental franchise include Hertz, Dollar Thrifty, Enterprise, Budget, and many others. There are disadvantages and advantages to franchising that you’ll want to consider before taking the leap.

One of the benefits of starting a franchise is the simplicity of setting up the business. While there might be a higher cost to entry, you get the added support of a well-known and successful brand name, as well as guidance as you launch and grow your location. Plus, you have franchise financing options to help relieve some of this burden.

The drawback to owning a franchise is that you lose some autonomy over your business and you may face some higher costs—the initial franchise fee alone can be tens of thousands of dollars. As well, the franchisor will have a degree of control over your business decisions, since each franchise location will more or less follow the same model.

Another option for how to start a car rental business is to set up an agreement with a car dealership to offer rentals to customers who bring in their cars for repair.

This type of car rental business offers a very limited pool of customers to work with, but it also means that you don’t need a large fleet of cars to get started, which can lower the initial cost of starting your business.

Independent small business

One of the advantages of starting your own small business is that you’re not beholden to anyone. You get to make decisions that are best for you and your business. With that added power, comes added responsibility, though. If you’re the sole owner of your business, you’re also on the line for any problems the business has.

You’ll need to build your brand from the ground up and find customers while competing with the big names (like the franchises we mentioned above). Plus, you’ll need a substantial cushion of cash to support your initial purchases and operations.

Existing business

If you don’t want to build a business from the ground up, but you don’t like the restrictions that come with a franchise, you might consider buying an existing independent car rental business whose owners are looking to sell.

The benefit of buying an existing rental car business is that many of the basic business structures are already in place and there’s likely a loyal customer base as well.

One of the pain points of purchasing an existing business is the research it requires. Plus, you’ll need to figure out if the business is successful because it fills a market need in an otherwise underserved market, or if its success depended on relationships built by the previous owner.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Step 2: Determine your target audience

Another factor you need to consider when thinking about how to start a car rental business is what type of customer you plan to serve.

The target audience of your rental car business could be:

Loaner cars for a car dealership or auto mechanic

Long-term rentals

Short-term rentals for business travelers

Ensuring that there is, in fact, a market need for your business is the first step. And beyond that, you can determine who your target demo is by looking at your location and needs of the local population. Once you have this demo in mind, you can better inform your business plan, marketing efforts, and more.

Step 3: Write your business plan

Now that you know what kind of car rental business you plan to start and who you’ll serve, you’re ready to write your business plan. A business plan is essential for both you and any potential investors or partners you may work with down the line.

When writing your business plan you’ll want to lay out a plan for how you will transform your idea into a profitable company. This will involve detailing the type of car rental business you’re starting, what products and services you’ll offer, what fees you’ll charge, how much of your own money you plan on putting into the business, how much funding you’ll need, an outline of your marketing plan, and financial projections for the next few years. By taking the time to think through all of these steps, you’ll essentially create a roadmap that you can consult throughout the startup phase of your business to help keep you on track.

Step 4: Register and license your business

With this internal work completed, it’s time to complete some external processes to legally create your company. This includes choosing a business entity and registering it with the state in which you’ll operate your car rental business. The specific registration process will vary depending on your state, but this can typically be completed online through your secretary of state or chamber of commerce by filing the appropriate forms and paying a nominal fee.

Common business entities include sole proprietorships, LLCs, and corporations. While a sole proprietorship is the easiest entity to set up (as it does not need to be registered at all), this is likely not the best choice for a car rental business, as you will be exposing your personal assets to any legal action taken against your business. An LLC or corporation will lower this risk and separate your business and personal assets.

Next, you’ll likely need to obtain the appropriate business licenses and permits through your state and local agencies. If you have not consulted with a business attorney yet, this is a good time to do so to ensure you’re properly licensed to operate a car rental business. You should also obtain the appropriate business insurance to make sure your business will be covered in the event of accidents, natural disasters, and more.

Step 5: Get your finances in order

You’re almost ready to open your (car) doors, but before you do that, you’ll need to get your finances in order. Different types of business require varying amounts of upfront costs, but in the case of a car rental business, you will likely have steep startup costs, from purchasing a fleet of cars, to leasing the lot and storefront, to employing mechanics, to insuring the entire operation.

Open a business bank account and credit card

Even if you’re using your personal money to fund the launch of your business, you’ll still want to open a separate business checking account and business credit card . Once you’ve done this, make sure to only conduct business-related transactions with these accounts. Not only will this make things easier come tax time, but it will also reinforce the separation of your business and personal assets in the event of a lawsuit.

You will likely also want to obtain an employer identification number, or EIN, which is like your business’s version of a social security number. This number will be used to open your business bank accounts and will also help you start to build business credit, which will be necessary if you seek outside funding.

Look for outside funding

In addition to the startup funding that you might have saved to start your car rental business, you can look for outside funding to supply additional money. There are many different types of business loans to choose from—from term loans to lines of credit to equipment financing—so be sure to find the one that’s right for you.

A business auto loan can help you finance your fleet of cars, while more broad equipment financing may help you finance the computers and other equipment your business will need to operate. This type of financing is generally easier to qualify for since the equipment you buy with the loan also serves as collateral.

Step 6: Find the right location

Once you’ve organized your finances, it’s time to find where you’ll operate your business. There are several factors to consider, chief among them being the size of the property and its proximity to other businesses or services. For example, if you’re looking to work with business travelers, you need to be located near the airport.

Step 7: Create a rental contract

One of the most important documents for someone who will be operating a car rental business is the rental contract.

The rental agreement is a contract between the rental car company (you) and the customer who is renting the car. This contract will cover liabilities, what happens in the case of an accident, and an explanation of who is responsible for what. To make sure your rental contract is fully protecting your business and your customers, you should run this by a legal professional who has experience with businesses in the car rental industry.

Step 8: Build your operations team

Once you have a space to operate your car rental business, you need employees and a support system to operate the business. You might need employees to run the front office and answer phones, an accountant to track your numbers, and mechanics to maintain your car fleet.

Beyond finding the right people, you will also need to understand your responsibilities as an employer, including what types of insurance (like workers compensation and unemployment) you’ll need to obtain.

Step 9: Create an online presence

A must-do for any business is to establish an online presence so customers can discover your business. In addition to a business website, you should consider setting up pages on business review sites such as Yelp and Google, as well as social media pages where customers can contact your business with questions and leave reviews for other potential customers to see.

This will both establish your business’s brand, as well as attract new customers. After all, if no one knows your company exists, you can’t expect to have much business.

Step 10: Provide exceptional service

All of your planning and preparation may be behind you, but your work is far from over. In order to make your business profitable you need to attract and retain customers. To do this, you’ll want to provide your customers with a high-quality product, stellar customer service, and build a strong relationship with your local community.

If you provide an exceptional service that people can trust, word will soon spread and you’ll be turning a profit in no time.

Start Your Dream Business

The bottom line

When you’re just learning how to start a car rental business, the number of steps that you need to take and details that must be accounted for can feel overwhelming. But with some patience and attention to detail, you can make your car rental business a reality.

On a similar note...

Upmetrics AI Assistant: Simplifying Business Planning through AI-Powered Insights. Learn How

• AI ASSISTANTS

Upmetrics AI Your go-to AI-powered business assistant

AI Writing Assist Write, translate, and refine your text with AI

AI Financial Assist Automated forecasts and AI recommendations

• TOP FEATURES

AI Business Plan Generator Create business plans faster with AI

Financial Forecasting Make accurate financial forecasts faster

Strategic Planning Develop actionable strategic plans on-the-go

AI Pitch Deck Generator Use AI to generate your investor deck

See how it works  →

AI-powered business planning software

Very useful business plan software connected to AI. Saved a lot of time, money and energy. Their team is highly skilled and always here to help.

- Julien López

• BY USE CASE

Starting & Launching a Business Plan your business for launch and success

Validate Your Business Idea Discover the potential of your business idea

Secure Funding, Loans, Grants Create plans that get you funded

Business Consultant & Advisors Plan seamlessly with your team members and clients

Business Schools & Educators Simplify business plan education for students

Students & Learners Your e-tutor for business planning

• Sample Plans
• WHY UPMETRICS?

Reviews See why customers love Upmetrics

Customer Success Stories Read our customer success stories

Blogs Latest business planning tips and strategies

Strategic Planning Templates Ready-to-use strategic plan templates

Business Plan Course A step-by-step business planning course

Ebooks & Guides A free resource hub on business planning

Business Tools Free business tools to help you grow

How to Start a Profitable Car Rental Business: A Step-by-Step Guide

Free Car Rental Business Plan Template

11 Min Read

The car rental industry offers plenty of business opportunities, and starting a car rental business could be your dream ride. With careful planning and following local regulations, you can navigate the process smoothly.

But why should you think about starting your own car rental business?

Because the future looks bright! Experts think that by 2028, more than 51 million people in the US will be renting cars. That’s a massive market just waiting to be tapped.

So, how do you get in the game and start a successful car rental business?

This guide is your roadmap. We’ll cover everything you need to know to shift your car rental dreams into reality. Let’s get started!

Car Rental Industry Outlook

The car rental industry is zooming ahead and is expected to reach $134 billion by 2027.

But what’s driving this growth? Two key trends:

Tech takeover

AI, smart parking, and even driverless cars are changing the game, helping companies stay competitive and potentially cut costs.

Car rental businesses that use the latest tech, meet international service standards, and take complete control of the rental experience will be the leaders. Travelers want it easy, and tech is the answer!

Changing preferences

Ditching car ownership, people opt for flexible options like subscriptions, self-drive rentals, and car/ride sharing. Companies that offer diverse vehicles and prioritize customer loyalty will lead the pack.

People are realizing that owning a car is not always worth it because of the costs, maintenance, and insurance hassles.

On the other hand, car rentals offer freedom without the headaches, with options for drivers, self-drive, short-term needs, and even long-term subscriptions.

What cars are popular?

Economy cars are still king ( 33% of the market in 2022), thanks to their affordability and size. But SUVs are rising stars, expected to grow the fastest (11.5%) because they’re spacious, safe, and comfortable for families and road trippers.

So, now that you know about the car rental industry insights let’s see how you can start this business in 8 easy steps.

How to start a car business in 9 easy steps

• Select a car rental business type
• Create a business plan
• Figure out financing
• Find the right location
• Make it legal
• Get the necessary licenses and permits
• Get a business insurance
• Build a core team
• Outline a marketing plan

1. Select a car rental business type

Before you rev your engine on a car rental business dream, deciding your path is crucial! Each model has its perks and pitfalls. Let’s explore your options:

Joining a major franchise can streamline your entry into the car rental business. It’s like joining a team with a big name, such as Hertz or Enterprise, instantly tapping into their brand and business model.

This path makes starting up easier because the brand is already known and loved. However, the initial franchise fee can be pricey, and you’ll have less control over your individual business decisions.

Car dealership

Another route is partnering with a car dealership. This means you offer rental cars to customers who are in for repairs.

It’s a smaller market, requiring fewer cars, which can be easier on your budget.

Independent small business

If you’re in complete control, starting your own car rental business brand is the way to go. You’re the boss from day one but remember; you’ll be handling everything – from making your brand known to find customers.

It’s a lot of work, and you’ll need a good amount of start-up cash.

Existing business

Lastly, buying an existing rental business could be a smart move. It’s like taking over a shop that’s already up and running.

You skip the early struggles but make sure you understand the business inside out to keep it successful.

2. Create a business plan

Your car rental business plan is your roadmap to hitting the open road and making a profit. It’s where you decide on your fleet, nail those operational details, and design a marketing strategy that’ll have customers revving their engines.

A great plan should cover:

• Your Fleet: What kinds of cars will you offer? What makes your selection stand out?
• Smooth Operations: Figure out staffing, vehicle maintenance, location logistics…the works!
• Marketing that Matters: How will you reach potential renters and beat out the competition?
• Know Your Rivals: Who else is in the race and how will you leave them in the dust?
• The Bottom Line: Project your finances – you’re here to turn a profit, not just offer joyrides!

The best part? The planning process forces you to understand your ideal customer. Are you catering to business travelers? Adventurous tourists? Knowing them puts you in the driver’s seat.

Not very good at writing? Need help with your plan?

Write your business plan 10X faster with Upmetrics AI

Plans starting from $7/month

3. Figure out financing

Starting your car rental business is exciting, but don’t forget the financial map! Start-up costs vary depending on location, fleet size, and services offered. In general, it can cost anywhere between $99,000 and $470,000. 

So, how do you turn that dream into reality? Here are your funding options:

• Bank Loans: A business auto loan from a bank is the classic choice but requires a solid plan and strong credit.
• SBA-Guaranteed Loans: The Small Business Administration can be your wingman, helping you secure that bank approval.
• Government grants: Explore government programs that might fuel your entrepreneurial journey.
• Friends & Family: While borrowing from loved ones can be tempting, be cautious. Having clear legal agreements in place protects everyone involved.
• Crowdfunding: Platforms like Kickstarter let passionate donors support your vision.
• Savings & Assets: Bootstrapping your business with personal resources is always an option.

For the car rental business, bank and SBA loans are strong contenders, along with friends and family (with proper legal guidance). Crowdfunding can be an excellent fit for innovative concepts.

4. Find the right location

Location, Location, Location! Remember this old real estate mantra? It applies to car rental businesses, too! Your location is your lifeline, connecting you to your target market.

But choosing the perfect spot isn’t just about finding space; it’s also about understanding how your location will shape your clientele.

There are two main approaches:

Location dictates audience

Let the available space guide your target market. A prime spot near an airport might attract business travelers, while an industrial zone could be perfect for a commercial car rental business.

The target market sets the location

Identify your ideal customers first, then find a convenient location that serves them best. It could be close to their workplaces, tourist attractions, or residential areas.

5. Make it legal

Before you start renting out cars, let’s get the paperwork out of the way. You’ll need to make sure your car rental business is set up legally.

Our business startup checklist has all the details, from picking a name for your business to getting the right licenses.

Here’s a quick look at what you’ll need to get started:

• Registering a Business Name
• Applying for the right licenses and permits
• Choosing your business structure
• Getting the right insurance and setting up how you’ll handle payments

6. Get the necessary licenses and permits

Missing required permits and licenses can lead to hefty fines or even shutdowns. So, car rental companies must have all the permits and licenses before they begin.

Here are some essential legal requirements you might need for your vehicle rental business:

Vehicle Renting License

This DMV-issued permit is your green light to rent out vehicles. The process varies by state but typically involves an application and a fee (around $100).

Business License

Every state requires this to operate any business. Again, the process varies, but expect another application and a fee (around $50).

Driver’s License

Depending on your fleet, you might need a Commercial Driver’s License (CDL) for larger vehicles like vans or buses.

Local Permits

Check with your city or county for additional permits specific to the car rental business.

7. Get a business insurance

Getting your cars out there is thrilling, but smart insurance is your backup plan. You’ll likely need what your state requires for each vehicle, but here’s why you might want more:

• Commercial Fleet Insurance:   Protects your whole fleet from damage and accident claims. It’s ideal if you have several cars.
• General Liability Insurance:  This covers you if your rental car causes injury or property damage to someone else.
• Excess Liability Insurance:   An extra layer of protection for those big, unexpected claims that could go beyond your other policies.

Remember, most states require renters to be at least 21, and some require 25 for insurance

8. Build a core team

The success of your car rental business hinges on its people. So, buckle up for a smooth ride with these key steps:

Know Your Needs

Firstly, identify the roles you need to fill. Do you require customer service representatives, rental agents, maintenance staff, or a combination?

Outline their specific responsibilities to ensure everyone understands their part.

Cast Your Net

Post your job ads on relevant platforms like job boards, company websites, and social media. Consider local newspapers and industry publications for broader reach.

Beyond the Resume

Skills are important, but don’t forget soft skills! Assess candidates for communication, problem-solving, customer service magic, and teamwork spirit.

Background checks and reference verification ensure you’re hiring the right people.

Verify & Select

Conduct thorough background checks to ensure references and qualifications are accurate. Offer positions to the candidates who best align with your needs and company culture.

Welcome Aboard

Extend offers to your chosen candidates and provide a comprehensive onboarding process. Train them on company policies, procedures, and software systems.

9. Outline a marketing plan

Ready to put your car rental business on the fast track? Let’s dive into some key tips for drawing in customers and keeping them hooked:

Build Your Digital Showroom

Create a website that’s your online storefront. Show off your fleet, offer clear pricing, and let customers book directly. Make sure it’s search engine friendly to attract more visitors looking for car rental services. In addition, make sure it’s easy to navigate for a smooth booking experience.

Partner Up & Reach Further

Team up with online travel agencies and car rental business platforms like Expedia or Turo. Leverage their massive customer base and marketing reach to get your cars seen by more people.

Target the Right Drivers

Get in front of people already searching for car rentals in your area. Platforms like Google Ads and social media let you focus on location, demographics, and even the keywords potential customers use when searching.

Price-wise, not just cheap

Know your competition, then make your prices work to attract renters. Consider offering discounts for longer trips, deals during certain seasons, or those little extras like GPS that make life easier.

Good reviews = free marketing

Your happiest customers are your best sales team. Make it easy for them to share their love on Google, Yelp, etc. Show you care by responding to all feedback, whether it’s praise or a problem.

Team up with local businesses

From hotels to event planners, businesses in your community also deal with travelers. Work together on discounts or special packages – it’s a win for everyone!

Get Social & Stay Connected

Be active on platforms like Facebook and Instagram. Share beautiful photos of your fleet, promote offers, and engage with customers through contests and spotlights. Let your social media presence drive excitement!

The keys to success lie in preparation: market research, understanding your ideal customers, and handling those licenses and permits.

Add a solid business plan, smart financing, and a great website, and you’ll be well on your way to opening your car rental business.

Ready to dive deeper? Explore the car rental business plan template to streamline the process and get your business off the ground faster.  And remember, our guide is always here to help you navigate the road ahead!

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks, AI-assistance, and automatic financials make it easy.

Frequently Asked Questions

Is a car rental business profitable.

Absolutely! Small car rental businesses in the US can earn a cool $50,000-$100,000 on average each year. But this number depends on how many cars you have, where you set up shop, who your competition is, and how you manage your costs.

How can I fund my car rental business?

Funding your car rental business can come from various sources. Here are some sources that you can tap into:

• Your personal savings
• Ask friendly faces for a loan
• Use credit cards strategically
• Secure bank loans from the Small Business Administration (SBA)

Crowdfunding could also be an option if you’ve got a truly innovative idea.

How much capital is needed to start a car rental business?

Starting your car rental business can cost between $99,000 and $470,000 . Remember, things like where you operate, the types of cars you offer, and how many cars you start with will impact your initial investment.

How do I choose the right vehicles for my fleet?

Choosing your fleet is like picking the perfect travel companions! Here are some points to consider:

• How they’ll be used
• Their overall cost (including parts, maintenance, and fuel)
• The comfort level for drivers (including any accessibility needs)
• Ease of maintenance
• Warranty coverage.

How to start a car rental business from home?

Sure! All you need is one car, a license to operate, and some parking space (even your garage will do it initially). As your car rental business grows, you can add more cars, rent a bigger space, or even buy your own!

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Reach Your Goals with Accurate Planning

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Popular Templates

Need a business plan? Call now:

Talk to our experts:

• Business Plan for Investors
• Bank/SBA Business Plan
• Operational/Strategic Planning
• L1 Visa Business Plan
• E1 Treaty Trader Visa Business Plan
• E2 Treaty Investor Visa Business Plan
• EB1 Business Plan
• EB2 Visa Business Plan
• EB5 Business Plan
• Innovator Founder Visa Business Plan
• UK Start-Up Visa Business Plan
• UK Expansion Worker Visa Business Plan
• Manitoba MPNP Visa Business Plan
• Start-Up Visa Business Plan
• Nova Scotia NSNP Visa Business Plan
• British Columbia BC PNP Visa Business Plan
• Self-Employed Visa Business Plan
• OINP Entrepreneur Stream Business Plan
• LMIA Owner Operator Business Plan
• ICT Work Permit Business Plan
• LMIA Mobility Program – C11 Entrepreneur Business Plan
• USMCA (ex-NAFTA) Business Plan
• Franchise Business Planning 
• Landlord Business Plan 
• Nonprofit Start-Up Business Plan 
• USDA Business Plan
• Cannabis business plan 
• eCommerce business plan
• Online Boutique Business Plan
• Mobile Application Business Plan
• Daycare business plan
• Restaurant business plan
• Food Delivery Business Plan
• Real Estate Business Plan
• Business Continuity Plan
• Buy Side Due Diligence Services
• ICO whitepaper
• ICO consulting services
• Confidential Information Memorandum
• Private Placement Memorandum
• Feasibility study
• Fractional CFO
• How it works
• Business Plan Examples

Car Rental Business Plan Sample

Published Apr.11, 2015

Updated Apr.22, 2024

By: Jakub Babkins

Average rating 3.4 / 5. Vote count: 12

No votes so far! Be the first to rate this post.

Table of Content

Car Rental Business Plan for Starting Your Own Business

Do you want to start a car rental business? Well, for a startup you will just need to purchase some automobiles to give them on rent to people for a few days or weeks. Moreover, the rent car business plan doesn’t require a specific skillset, so you can easily step in this domain without having any relevant degree. So, if you have decided to thrive in this domain, you will need to make a car rental company business plan first, to have a clear view about what you will need to do. Just after the required registrations and licensing, you will also be needing a marketing plan for car rental business , so it is better to already include that in your initial plan. To assist you in writing a rent car business plan , we are providing one here for a startup, Detroit Car Rentals, based in Detroit.

Executive Summary

2.1 the business.

Detroit Car Rentals will be based in Detroit, Michigan. The company will be owned by Stephen Mark and will provide its customers with fully insured and licensed automobiles ranging from simple cars to luxury ones. The company will also be offering an exceptional online management system for customers to rent its cars from anywhere.

2.2 Management of Car Rental Company

In your starting car rental business plan , you must include the details about how will you manage all your system. Ensuring that you are getting the cars in the exact conditions in which you rented them out, is only possible if you have a good management system. Detroit Car Rentals will have extensive personnel support. Though the owner will be supervising all the works by himself, the company will still hire managers alongside IT experts, administrators, and general workers just for the smooth running of the rent car business plan . Later in this sample business plan car rental company , you will be knowing the exact number of hired-employees along with their job descriptions.

2.3 Customers of Car Rental Company

While making a car rental agency business plan you must keep in mind the customers and market in which you will be servicing. As for Detroit Car Rentals, customers will mostly be the residents, tourists, students, and senior citizens.

2.4 Business Target

The company aims at providing the best car rental services to its customers. Monetarily, the company’s goal is to balance its startup costs with the earned profits by the end of the first year.

Company Summary

3.1 company owner.

Stephen Mark who is an MBA from Harvard University will be the owner of ‘Detroit Car Rentals.’ From the last two years, Mark had been working in an insurance company as a manager, but now he has decided to start his own rent car business plan in which he will have the freedom to take major decisions as well as to generate huge profit.

3.2 Why the Car Rental Business is being started

Besides just earning a profit, the rent car business plan is intended to make people’s life easier by providing them unmatchable services. One of Mark’s friend who gave him the idea is an owner of an automobile showroom. After collaborating with him and other owners of automobiles showrooms, Mark decided to invest the amount he had got from his legacy in something that can benefit him for long.

3.3 How to Start a Car Renting Business

Before taking any initiative it is good to review a car rental business startup guide to have an idea of what you will need to do. This detailed sample business plan car rental can also prove out to be a great help for you. Mark has contacted the big automobile dealers to include every detail and possible consequences in his business plan for car rental company. Though his main office will be residing near Oakwood Blvd, however, he has decided to rent different locations in the same city to provide instant service. Responsible employees, technicians, and record keepers will be hired by Mark which all will remain under the vigilant supervision of experienced managers. Moreover, an online system for booking cars and record-keeping will be created. Users will be able to select the car or vehicle through the online website. After the contract, they will be assigned an id and a password which will expire after the contract had ended. The website will also be awarding discounts to the users who had made frequent deals with the company while maintaining a good record. The costs for the startup are as follows: The startup requirements are as follows:

Services for Customers

If you are to be owning a car rental business you must first carry out a thorough research on who will be your customers. Knowing your customers before starting your rent a car business can help you a lot in deciding your services as well as for deciding the number of employees who can help you in smoothly running your rent car business plan . Determining the services before time can also assist you in acquiring the required permits and licenses. We will be having luxury cars, standard cars, economy cars, and mini-vans, to give them on rent to people in various packages given below:

• One Day Car Rental: We will be offering all our cars to the customers for one day in exchange for rent. The user will have the option to select a pickup position after which our drivers will take the car to the appointed place.
• One Week Car Rental: We will provide our cars to the clients for one week on 5-day charges instead of 7. Option to select pickup location will still be available for them.
• One Month Car Rental: Cars for one month will be provided on 24-days fare but the clients, in that case, will need to come to our main office for booking, as we’ll not be providing one-month rental service online.
• Car Drivers: The service which mainly differentiates us from others is our offering of the car drivers. Customers will have a choice to get our drivers in affordable charges for the three of our services.

Regular and potential clients will receive several discounts and packages. However, no customer, except they who acquired the services of our driver, will be exempted from the recovery charges if the car given to them is found with some damages.

Highly Efficient Service

I am incredibly happy with the outcome! Alex and his team are highly efficient professionals with a diverse bank of knowledge!

Marketing Analysis of Car Rental Business

If you are looking for how to start a car renting business that will have almost no chances to end up as a failure, you must research on your market first. If you are starting in a market full of competition, then – either you will have to provide your services at a relatively lower price or – you have to offer your clients something more than others. The best option, however, is to explore the market and pick up a commercial location for rent-a-car business, a location which is not saturated by already established rental car dealers. So, after having the best possible location, you can think upon several car rental business ideas that will influence that community. You will also be able to make an effective marketing plan for car rental business only after you have a clear idea of the market and market trends. In this sample car hire business plan we have provided the marketing plan of Detroit Car Rentals for anyone who want to benefit.

5.1 Market Trends

More than 22,000 car rental businesses are running in the United States. The rent car business plan is expected to expand in the coming few years as IBISWorld has reported the annual growth rate of 2.4 percent for car rental services. The huge revenue generated by the industry in 2019 also demonstrates people’s interest in renting cars. According to the report, revenue of $45 billion has been generated in 2019. The industry has also proved itself a source of employment for about 148,412 people.

5.2 Marketing Segmentation

Knowing your customers and their mindset before making your car rental business proposal can be a plus point for you. It’s the only thing that can help you in devising your advertisement strategy as well as for deciding which sort of cars could have the most demand in the market. Mark carried out a detailed survey asking random people about how they think a car rental company could help them. People’s response was that – at certain situations they need a car they couldn’t afford to buy or maintain and also there are situations when they think they need to hire an automobile for a certain event such as a wedding ceremony, because it is uneconomical to buy a luxury vehicle to use for just one or two times. Based on his research, Mark divided his target customers into three groups which are given below: The detailed marketing segmentation of our target audience is as follows:

5.2.1 Tourists: The first group of our customers comprises of the tourists who come to our city to explore different areas of historic and aesthetic importance. Several tourists prefer to hire a car instead of traveling on local buses. By availing our services, they will not have to even bother about finding a car rental store because we will be dropping our cars on their said location.

5.2.2 Students: Our second biggest target category will be the students who belong to higher schools and universities. Most students don’t own a car, so whenever they are off to a trip or break from work, they need to hire a car to enjoy their plans.

5.2.3 Residents & Senior Citizens: Our last category will comprise of the senior citizens who usually require a person to drive for them. They also choose to travel locally and in hired cars instead of owning and maintaining their own. Besides them, residents will also be needing our services, especially in certain events.

The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

Detroit Car Rentals’ financial business targets are as follows:

• To become the best rental service in the whole city within a year of the launch
• To earn the net profit margin of $10k per month by the end of the first year and increase that profit margin by 150 percent by the end of the next year
• To recover the investment group for business plan and startup costs by the end of six months of the launch

5.4 Product Pricing

As Detroit Car Rentals will be coming with certain competitive aspects and benefits for the customers thus it doesn’t need to keep its prices low to attract the target customers. Despite that the company will have almost the same prices as of its competitors, Mark is certain about his success in the rent car business plan .

An essential component of a business plan car rental company is its sales strategy. Every new startup has to do something to grab public attention. If you just focus on how to start a car renting business without paying attention to what you will have to do more than your competitors – you, yourself will be reducing the chances of survival for your startup.

Detroit Car Rentals will come up in the market with full preparation and competitive aspects, a few of which are given here.

6.1 Competitive Analysis

Our biggest competitive advantage lies in our online portal which allows our customers to get a car anywhere at any time. Through our online system, we will be providing convenience to our customers as they can also pay in advance through their online account. Secondly, we will be providing driving services to those who don’t want to drive our rented car or their cars by themselves.

Lastly, our crew and our policies all will be meant to comfort our customers. The value which we’ll give to our clients will soon be evident to them if they try our services for at least once.

6.2 Sales Strategy

To get introduced to the groups of our target customers, we will be adopting the following strategies to advertise ourselves:

• We will advertise our services through our website and social media
• We will award 50 percent discount on all our services for the first week of our launch
• We will provide our drivers without any charges for a whole month after our launch

6.3 Sales Monthly

6.4 sales yearly, 6.5 sales forecast.

Our sales are forecasted in the following column charts:

The detailed information about the sales forecast is given in the following table:

Personnel plan

Before starting your rent car business plan  it is necessary to start interviews and tests so that you can have the best personnel as soon as you launch your car rental agency .

7.1 Company Staff

Mark will supervise all the works of the company by himself, however, he will be hiring the following people.

• 2 General Managers to manage different locations of Detroit Car Rentals
• 3 Accountants to maintain the financial records
• 1 Freelance Software Engineer to create the company’s online portal
• 2 IT Experts to manage companies’ software, websites and social sites
• 3 Technical Assistants to maintain the cars
• 1 Front Desk Officer to receive customers
• 1 Sales Executive to advertise the company
• 2 Cleaners to upkeep the company’s office and equipment
• 2 General Workers for day-to-day works
• 1 Security Guard

7.2 Average Salary of Employees

Financial plan.

If you have decided to start up car rental business and have gone through the phases of exploring car rental business ideas and making marketing and personnel plan, there is just one thing left. Now you have to make a detailed financial plan for your rent car business plan . As you will be requiring a significant amount to buy cars, getting them insured and creating a management portal – you must have a perfect sort of financial plan to make sure that things are going in the right way. Knowing its importance, Mark had decided to get this task done by an experienced financial planner who can also tell him the strategy to recover his investment and advertisement costs. The financial plan of Detroit Car Rentals is given here in detail for your help:

8.1 Important Assumptions

8.2 brake-even analysis, 8.3 projected profit and loss, 8.3.1 profit monthly, 8.3.2 profit yearly, 8.3.3 gross margin monthly, 8.3.4 gross margin yearly, 8.4 projected cash flow, 8.5 projected balance sheet, 8.6 business ratios.

Download Car Rental Business Plan Sample in pdf

OGS capital professional writers specialized also in themes such as independent auto rental business, tent rental business plan and many others.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

How to Start a Plumbing Business in 2024: A Detailed Guide

Vegetable Farming Business Plan

Trading Business Plan

How To Write A Textile Manufacturing Business Plan

Start a Vending Machine Business in 2024: A Detailed Guide

Oil and Gas Business Plan

Any questions? Get in Touch!

We have been mentioned in the press:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Search the site:

How to Start a Car Rental Business

A car rental business rents vehicles at affordable daily and weekly prices. All sorts of different parties are interested in car rentals. Common customers include business and leisure travelers, those whose vehicles are out of commission and businesses.

Learn how to start your own Car Rental Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a car rental business by following these 10 steps:

• Plan your Car Rental Business
• Form your Car Rental Business into a Legal Entity
• Register your Car Rental Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Car Rental Business
• Get the Necessary Permits & Licenses for your Car Rental Business
• Get Car Rental Business Insurance
• Define your Car Rental Business Brand
• Create your Car Rental Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your car rental business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Car Rental Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your car rental business?

Business name generator, what are the costs involved in opening a car rental business.

The business will require a fleet of vehicles, an office, computers, printers, high-speed Internet, the payment of incorporation fees, insurance for the business and automobiles, vehicle maintenance tools, a closed circuit camera system, employee wages/salaries, and marketing efforts.

What are the ongoing expenses for a car rental business?

Ongoing expenses include employee wages/salaries, utilities, insurance, the addition of new vehicles to the fleet, servicing the fleet, office/parking lot rent, high-speed Internet, marketing, and website maintenance. The lowest level employees will make between $8 and $12 per hour. An on-site mechanic will command a salary between $35,000 and $70,000. Bring a marketing professional on board and he will require an annual salary in the range of $30,000 to $65,000. The same salary rate applies to an accountant and web designer. Insurance is necessary to protect your business as well as the automobiles. Budget at least $500 to $1,000 per month for this expense.

Utilities including high-speed Internet will run several hundred dollars per month. You can purchase or lease vehicles that will be added to the fleet. Anticipate adding a new vehicle every couple of months so always have at least $20,000 to $30,000 on-hand for such a purchase. Extrapolate this cost across the entire year and new additions to the fleet will likely cost $100,000 per year if purchased outright. Servicing your fleet of vehicles will likely cost between $500 and $1,000 or more per month, depending on how many customers you have. The cost of your office/lot rent will likely be between $700 per month and several thousands of dollars per month. Allocate at least $500 to $1,000 per year for website improvements. Budget around $500 per month for marketing.

Who is the target market?

The ideal customer is a business that requires numerous car rentals for employees. Another coveted customer persona is a group of business travelers who are willing to spend a considerable amount of money on car rentals while away from home.

How does a car rental business make money?

A car rental business makes money by renting automobiles to those who need a means of transportation while away from home, to embark on a trip or as a substitute for a vehicle that is being repaired.

Rates for car rentals differ by the quality of vehicle and the location. In general, the low end of car rentals, such as a Nissan Versa, cost around $35 to $50 per day. Upscale car rentals like a Mercedes-Benz or Lexus will run upwards of $100 to $200 or more per day.

How much profit can a car rental business make?

Your car rental business can rake in the cash if you have an optimal location, a diverse fleet of vehicles, and competitive rates. It is possible to make $50,000 to $100,000 in the first couple of years. Continue to grow your business and you will eventually reach the mid-six figure mark. Expand across the region and/or nation and your car rental business can make millions of dollars per year.

How can you make your business more profitable?

Consider selling the old automobiles in your fleet. If certain vehicles are no longer en vogue from a style perspective, sell them or trade them in. You can charge extra for various levels of auto insurance. It is prudent to establish relationships with local car dealerships so they can steer customers your way when vehicles are being serviced or repaired.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your car rental business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a car rental business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

A car rental business is generally run out of a lot. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.  

• If you plan to lease a location :
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a car rental business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.  
• If you plan to purchase or build a location :
• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your car rental business will be in compliance and able to obtain a CO.

Services Contract

Car rental businesses should require clients to sign a services agreement before starting a rental. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and intellectual property ownership. Here is an example of one such services agreement.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Car Rental Business needs and how much it will cost you by reading our guide Business Insurance for Car Rental Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a car rental business

Advertise across a number of different mediums. Make use of brochures, flyers, introductory letters, magazine ads, newspaper ads, search engine optimization pushes, local directory listings, and online directory listings. It is prudent to establish relationships with decision makers at local businesses. Bid for contracts from the airline sector, government agencies and corporations.

How to keep customers coming back

The quality of your website and mobile app matter a great deal. Make sure the car reservation process is as easy as possible and you will attract and retain customers. Research local competitors' rates and match or beat those rates. Offer a wide array of vehicles that appeal to drivers with varying tastes. Your fleet should consist of luxury automobiles, economy vehicles, sport utility vehicles, sports cars, compact cars, intermediate cars, and so on. Make sure your vehicles are clean and in tip-top shape at all times.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

This business is ideal for someone who has a sincere interest in automobiles, automobile maintenance and the driving experience.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a car rental business?

The typical car rental business owner spends time researching new vehicles, making decisions about his fleet of vehicles, making marketing decisions, delegating work duties to employees, and establishing alliances with local businesses.

What are some skills and experiences that will help you build a successful car rental business?

It is important to understand the needs and desires of your target customers. Gain an in-depth understanding of automobiles, automobile trends, travelers, business professionals, and marketing. It will also help to have superior people skills to generate inroads with decision makers at businesses that require car rentals.

What is the growth potential for a car rental business?

The growth potential of your car rental business depends on the location, the quality of your fleet and your marketing savvy. Location is the most important factor. Establish your car rental business in an area with plenty of business travelers and others who are likely to need a temporary means of transportation and your business might grow quite quickly. It is possible to grow to the point that you expand the business across the region, the state and even throughout the nation.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a car rental business?

It will likely help to pinpoint a niche. Perhaps your area receives an abundance of business travelers. Pick out vehicles that appeal to these individuals. Market in mediums that such target customers are likely to be exposed to. However, you should not neglect other customers such as leisure travelers. Have numerous different vehicles ready for rent at all times of the year that appeal to customers of all interests and backgrounds.

Be on the prowl for marketing alliances. If a hotel is located near your car rental business, propose a deal. It might be possible to refer customers to this hotel in return for referrals to your car rental business. If you establish such a relationship, assemble a brochure that explains the alliance with the hotel. It is even possible to coordinate the placement of this brochure or other marketing materials in the hotel.

Your website is of the utmost importance. It should be enhanced for search engines (SEO) and compatible with mobile devices. Bring on a web programmer and user experience designer to polish the website and build a mobile app so customers can rent a vehicle in moment's notice from their smartphone or other mobile device.

How and when to build a team

A couple employees are necessary when launching your car rental business. It will be helpful to have someone answer the phone to take reservations and answer questions. You will also need an auto mechanic to service your fleet of vehicles. A vehicle cleaner will come in handy to keep vehicles looking their best on the inside and out. You can add more employees as the business grows. A marketing guru, an accountant, and an administrators will eventually be necessary.

Useful Links

Industry opportunities.

• Auto Rental Resource Center
• Sixt Franchise Opportunity

Real World Examples

• Enterprise Car Rental
• Budget Rent a Car
• Hertz Car Rental

Further Reading

• Tips for Making Money in the Car Rental Business

Have a Question? Leave a Comment!

3+ SAMPLE Car Rental Business Plan in PDF

Car rental business plan, 3+ sample car rental business plan, car rental business: what is it about, things to consider when planning your own car rental business, making the car rental business plan, what are the different types of rental vehicles used commonly by car rental agencies, what do customers need to know before renting a car, what are the common requirements when renting a car, what are some of the legal documents required to start a car rental business.

Car Rental Business Planning Template

Car Rental Industry Business Plan

Printable Car Rental Business Plan

Car Rental Business Plan in PDF

Step 1: create an executive summary and the business overview, step 2: do a market analysis, step 3: prepare your marketing plan, step 4: financial planning, share this post on your network, file formats, word templates, google docs templates, excel templates, powerpoint templates, google sheets templates, google slides templates, pdf templates, publisher templates, psd templates, indesign templates, illustrator templates, pages templates, keynote templates, numbers templates, outlook templates, you may also like these articles, 5+ sample investment company business plan in pdf.

What do you do when you have tons of spare cash lying around your home or burning a hole in your wallet or expensive jeans pocket? For some people, the…

41+ SAMPLE Unit Plan Templates in PDF | MS Word

As a teacher, you might know about every school policy, the steps to keep classrooms safe for intellectual development, how to set up an organized classroom, and the proposed…

browse by categories

• Questionnaire
• Description
• Reconciliation
• Certificate
• Spreadsheet

Information

• privacy policy
• Terms & Conditions

Vehicle Rental Business Plans

Houseboat rental business plan.

Houses on the Lake is a rental company for smaller, family-sized, privately-owned vacation houseboats on Lake Shasta.

Mopeds Rental Business Plan

University Mopeds will rent mopeds to university students, and anyone else who has a need for efficient, around-town transportation.

A vehicle rental business is a great idea in today’s economy and environment. With workers increasingly operating remotely, the need for daily transport is diminishing which means more people will decide that owning a car is not needed. That’s where your business idea can really ignite. But to assess your business’ opportunity, you’re going to need to establish a strategy, work the numbers, and think through competition, costs, and expenses. You guessed it, you need a business plan.

Get started with your vehicle rental business today by diving into our selection of related vehicle business plans.

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

I’m a Car Salesperson: Here Are 6 Ways To Save Money at the Dealership

A fter a couple years of car dealers being able to successfully sell vehicles on their lots well above sticker price because of low inventory and lack of competition, the tide has turned. As of March 2023, inventory is back up and dealer incentive and savings programs have returned too. That means there are opportunities to get a good deal on a vehicle.

Be Aware: 10 New Cars To Avoid Buying in 2024

Try This: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy

To get some insider tips, GOBankingRates turned to the advice of a 24-year veteran in the car sales industry, Mike Davenport, owner of Mike’s Car Store . Davenport has been on social media since 2010, teaching people how to negotiate car deals and wade through red tape.

Before you start car shopping, check out these six ways to save money at the dealership , courtesy of Davenport.

Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.

Plan To Buy Local

Davenport said that you should start by finding a vehicle at a local dealership that you’re interested in buying. Next, look at other dealerships up to 100 or so miles from your area and find three to five more vehicles of the same make and model with the same equipment.

He said to save the data you gather on each of those vehicles, so you can use it as a negotiating tool at your local dealership. 

Get the Salesperson Interested in Landing Your Business

Next, according to Davenport, you should have a conversation with a salesperson or the sales manager at the local dealership that has the vehicle you want. He said you should say to the salesperson, “I want to keep my business local — do you want me to keep my business local?” Davenport said the reason for this question is to get a “yes.” 

“They’re always going to say yes,” he said. “That’s when you say ‘awesome,’ and you reiterate that you’re going to do all of your vehicle service needs […] at the dealership.”

Read Next: 4 Sneaky Car Dealership Scams That Will Be Illegal in 2024

Davenport said that’s also the time to bring up the other dealers you researched that have comparable vehicles. He said to say, “Listen, I did look at a couple [of] other vehicles, and I like them just as much as I like yours, but you’re local to me. Do you want me to keep my business local?”

He said that he knows you will be repeating yourself, but it’s very good to get the salesperson or sales manager saying ‘yes’ over and over and over again. He said that dealerships are unwilling to lose potential buyers because they know you’ll probably never come back once you walk away. 

Never Tell a Dealership You’re Paying Cash

Davenport said you should never tell the salesperson that you’re paying cash for the vehicle you want to buy because it will lessen your chances of getting the best deal possible. Dealers might reduce the purchase price of the car if they think they can make up the difference in financing. But if you say you are paying cash — or even going through your bank for financing — that option is unavailable to them.

If you have been pre-approved for financing through your bank, and you want to disclose that fact, you can tell the salesperson that you might be interested in financing through the dealer, Davenport said. That will leave the dealer with the hope that it can make some money through financing, and it might be willing to discount the purchase price of the car to get your business. 

Trade In Your Vehicle

Davenport recommends getting trade-in offers from several different dealerships, which can help you negotiate the best price for your trade-in vehicle. However, he cautioned that you should avoid trading in your car at dealers that have no interest in the make and model. For example, he said,  if you have a Toyota Corolla, don’t expect to get the best value for your trade-in at a Lexus dealership because it will likely give you the lowest amount possible and resell it at an auction to recoup what it paid for it. 

 He also said to consider listing your vehicle on Facebook Marketplace for the highest trade-in value or the lowest private party offer and see if any dealerships contact you to earn your business.

Negotiate Each Part of the Deal Separately

Davenport said to get the best deal, you have to negotiate each thing separately.”You do not interlace them,” he said. “You stay focused like a laser beam […], and when you’re happy with the price of the car, you move on to the trade. When you’re happy with the trade, you move on to financing — and after that is when you know you’ve got a great deal.”

Hire a Car-Buying Advocate

If you don’t feel you’re up to the task of negotiating each part of the deal separately, Davenport said a car-buying advocate will do all the legwork for you, including locating the car you want and negotiating the best deal. The only thing you’ll have to do, he said, is sign the papers. 

You will have to pay a fee to a car-buying advocate. One service, Car Buyer’s Advocate, charges $500 plus $100 for each trade to negotiate the best deal. However, some services charge between $1,000-$2,000 or $100-$200 per hour.

Car Buyer’s Advocate states that people can lose $2,000-$10,000 when buying a car on their own, so a fee of $500 (or even a little more) might be well worth it. The company states that the average savings on a new car when using its service is 18% under MSRP. And the average savings on a used car is 25% under retail.

If you decide to hire a service to help you negotiate the best deal on a vehicle, make sure it’s a car-buying advocate. Car-buying advocates charge a fee and offer services that work in your best interest. Car-buying services, however, are typically in cahoots with car dealerships and receive payments for generating leads. These services are not interested in helping you negotiate the best deal possible.  

More From GOBankingRates

• 5 Japanese Cars To Stay Away From Buying
• I'm a Bank Teller: 9 Reasons You Should Never Ask for $2 Bills From the Bank
• 5 Clever Ways to Speed Up Your Retirement Savings
• 3 Things You Must Do When Your Savings Reach $50,000

This article originally appeared on GOBankingRates.com : I’m a Car Salesperson: Here Are 6 Ways To Save Money at the Dealership

Sales & Marketing Plan for a Car Rental Business

• December 29, 2023
• Business Plan , Sales & Marketing Strategy

Establishing a successful car rental business involves a strategic blend of effective marketing and sales strategies. This comprehensive guide aims to assist in creating a sales and marketing plan customized for the business plan of your car rental company.

It starts with a thorough market analysis to understand competitors and the needs of potential customers. Then, it focuses on establishing the brand identity and strategic positioning of the agency.

Lastly, it explores various marketing channels to connect with potential customers and examines diverse sales strategies to boost revenue generation.

Car Rental Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Market Analysis

Understanding the dynamics of the car rental market is fundamental before developing targeted marketing strategies. Conduct thorough market research to gain insights into your competitors and potential customers.

Competitive Analysis

• Identify Competitors: Research other car rental agencies in your locality or operating in a similar market. Evaluate their fleet, pricing models, customer reviews, and promotional strategies to discern their strengths and weaknesses.
• SWOT Analysis : Dive deeper into the strengths, weaknesses, opportunities, and threats facing your car rental business. Identify the unique selling points that set your agency apart, potential areas for improvement, opportunities for expansion or niche market targeting, and external factors that could affect your business, such as changes in travel trends or economic conditions.

Target Audience Profiling

• Define the Demographics: Consider various demographic factors such as age groups, income levels, occupation types, and travel preferences. Identify whether your primary clientele is predominantly business travelers, tourists, families, or local residents in need of temporary transportation.
• Customer Needs and Preferences: Conduct surveys or gather feedback to understand what customers prioritize when renting a car. This might include factors like vehicle comfort, fuel efficiency, flexibility in pick-up and drop-off locations, the availability of specific models, or the ease of booking and payment processes.

Branding and Positioning

Building a distinctive brand identity is crucial in the highly competitive car rental industry. This sets the tone for your business and helps differentiate your agency from others.

Brand Identity Development

• Define Your Brand Story: Elaborate on your brand story to create an emotional connection with your audience. Emphasize any unique or inspiring aspects of your agency’s founding story, its commitment to customer satisfaction, sustainability initiatives, or community involvement.
• Visual Branding: Detail the elements of your visual identity, ensuring consistency across all touchpoints. Describe the thought process behind the logo design, color palette choices, and how these visual elements reflect the brand values and resonate with the target audience .

Market Positioning Strategy

• Articulate your Unique Selling Proposition (USP): Emphasize the unique aspects of your car rental agency that differentiate it from competitors. Whether it’s a focus on excellent customer service, a wider range of vehicle options, competitive pricing, or innovative technology integration, articulate these points clearly.
• Positioning Statement: Craft a concise positioning statement that encapsulates your agency’s mission, vision, and core values while directly addressing the needs and desires of your target audience. This statement should serve as a guiding principle for all marketing and operational decisions.

Marketing Channels

Explore diverse marketing channels to effectively reach potential customers and enhance brand visibility in the competitive car rental industry.

Digital Marketing

• Website and SEO : Develop a user-friendly website with easy navigation, online booking features, detailed vehicle descriptions, and customer reviews. Implement SEO strategies to improve your website’s visibility in search engine results.
• Social Media: Utilize platforms like Facebook, Instagram, and Twitter to engage with potential customers. Share engaging content, travel tips, promotions, and customer testimonials to increase brand awareness.
• Pay-Per-Click (PPC) Advertising: Consider running targeted PPC campaigns on platforms like Google Ads to reach customers actively searching for car rentals.

Local Advertising

• Partner with Local Businesses: Collaborate with hotels, travel agencies, airlines, or event planners to offer bundled packages or referral discounts.
• Local Events and Sponsorships: Participate in local events, sponsor community activities, or support charity events to enhance brand visibility within the local community.
• Traditional Marketing: Utilize traditional advertising methods like local newspapers, radio ads, billboards, or flyers in strategic locations.

Promotional Activities

Engage potential customers through enticing offers and promotions to drive bookings and increase customer loyalty.

• Special Deals and Discounts: Craft seasonal promotions, early booking discounts, weekend getaway packages, or loyalty rewards to entice potential customers and encourage repeat bookings. Emphasize the limited availability or time-sensitive nature of these offers to create a sense of urgency and prompt action.
• Referral Programs: Implement referral programs offering discounts or free upgrades to customers who refer friends or family. Incentivize both the referrer and the new customer to participate, fostering a sense of goodwill and driving organic word-of-mouth referrals.

Sales Channels

Optimize sales channels to facilitate smooth transactions and enhance the overall customer experience.

Online Booking and Sales

• Online Booking System: Implement a seamless online booking system with secure payment options to simplify the reservation process for customers.
• Offer Add-On Services: Offer detailed information on add-on services such as GPS navigation, insurance upgrades, or child safety seats during the booking process, ensuring a convenient and tailored experience.

Customer Retention Strategies

Foster customer loyalty and encourage repeat business through retention strategies.

• Personalized Communication: Engage existing customers through personalized communication via email newsletters, exclusive offers, updates, and helpful travel tips. Segregate your customer list based on preferences and booking history to tailor content that resonates with each segment, nurturing long-term relationships.
• Membership Programs: Create loyalty programs that offer perks, exclusive discounts, or rewards for frequent renters or long-term customers. Encourage customer engagement and loyalty by providing valuable incentives, such as priority booking, complimentary upgrades, or access to exclusive vehicle models.
• Feedback and Improvement : Regularly solicit feedback from customers to understand their experience and areas for improvement. Use this feedback to refine services and enhance customer satisfaction.

Privacy Overview

Money blog: How to sell your home without an estate agent - and save thousands

How easy is it to sell your home without an estate agent - and how much could it save you? We spoke to industry experts to find out. Read this and our other Weekend Money content below, and let us know your thoughts. We'll be back with live updates on Monday.

Saturday 18 May 2024 09:02, UK

Weekend Money

• How to sell your home without an estate agent
• Tourist taxes to watch out for in popular holiday destinations
• Childcare vouchers, hard work and new skyscrapers: What readers have said this week
• Three things you need to know from Money this week

Best of the week

• The rise of Michelin starred 'fast food'
• How much do buskers make?
• Basically... What is PIP - and what could government changes mean?
• How to make sure your car passes its MOT
• Money Problem : My workplace wants to pay us by the minute - what can I do?
• Best of the Money blog - an archive

Ask a question or make a comment

By Ollie Cooper , Money team

Estate agent fees are one of the big expenses in selling a house - but rule changes and the rise of private sale websites have made it more common for people to go it alone.

But how easy is it - and what do you need to know? We spoke to industry experts to find out.

Firstly, what do estate agents do for their money?

An estate agent will typically charge in the range of 1%-3.5% of the sale price. 

That means for the average house price (£284,691 from December) you could pay anywhere from £2,846 to £9,964 in commission fees.

"When you use an estate agent, their fee includes taking professional photographs, advertising your home, conducting property viewings, and negotiating a price on your behalf," says Jack Smithson  from the home ownership site  Better.co.uk .

In addition, an estate agent will compile comprehensive details of your house, including room sizes and descriptions of fixtures and fittings. 

"They will also provide a concise write-up about the local area, highlighting amenities, schools, and transportation links," Jack adds. 

And they'll conduct checks on buyers for you (more on this later).

It sounds like a lot, but...

"Selling your home yourself can be a manageable process with a few key steps," Jack says.

Preparation 

You should begin by thoroughly researching house prices in your area, using websites like Rightmove and Zoopla - but seek free valuations from local estate agents to ensure you have a realistic asking price in mind.

Next, you want to take high-quality photos of your house.

Jack advises using tutorials on YouTube to learn new shooting and editing techniques that can take you to the next level.

You then want to write down what makes your home unique.

"While browsing other listings for inspiration, take it a step further by emphasising what you love about living in your home and the surrounding area," Jack suggests.

"Whether it's the refreshing scent of the coastline or the tranquil sounds of village life, incorporating these details can help potential buyers visualise living there," he advises. 

Like using YouTube for photography tips, you can use free tools such as ChatGPT and Grammarly if you need help with your writing, Jack says. 

Advertising

This is probably the biggest perk of going through an established estate agent - your home is much more likely to be viewed because they will have an established audience and a market. But it's very possible to do it alone. 

"When it comes to advertising your home, explore a variety of avenues including local newspapers and social media," Jack says.

"Consider using websites like Strike, which allow individuals to list their properties for free on platforms like Rightmove," he suggests.

Viewings 

Once you've secured some viewings, you've got the opportunity to make it a bit more personal than estate agents ever could - a real advantage. 

"Explain the reasons behind your decision to purchase the property, highlight its unique features, and share the aspects of your neighbourhood that make it a desirable place to live," Jack says. 

The small things matter when showing people round - so try to take an objective look around before you bring anyone in.

Do the things you'd do normally - make sure it smells nice and it's clean and tidy.

"Lastly, it's worth knowing that you must legally provide potential buyers with a free Energy Performance Certificate (EPC)."

The sale itself

Perhaps the most daunting aspect is the physical exchange of contracts and money. 

An estate agent would typically oversee the process of the initial offer acceptance to the transfer of keys to the new owner.

However, if you go it alone, you'll need to become the central point of contact - bridging the gap between your solicitor or conveyancer and the buyer and their legal representative.

"Once you've accepted an offer on your property, your first task is to draft what's called a memorandum of sale," Jack says.  

This document is a written confirmation of your acceptance of the offer and details the agreed price along with any specific conditions you've both agreed to.

"It's then recommended to engage the services of a solicitor or conveyancer to ensure all legal obligations are met," Jack says (of course, you'll need to do this even if you have an estate agent).

The cost of hiring one typically ranges from a few hundred to over £1,000, depending on factors such as fixed fees, hourly rates, the complexity of the sale and additional costs like property searches or land registry fees.

"In the absence of an estate agent, you'll be responsible for keeping your buyer informed about the progress of the sale. This involves regular updates on the status of legal procedures and any relevant developments," Jack says, before adding that this can actually be a good thing.

"By taking on these responsibilities independently, you'll have greater control over the sale process. However, it will require you to be exceptionally organised, and you'll need to be very good at communicating too."  

Any risks to be aware of?

Rita Patel, legal director at law firm  Browne Jacobson , tells us the biggest risk for people selling their properties without an estate agent is the lack of a vetting and verification process of the potential buyer.

Estate agents will verify the buyer's identity and check the buyer's proof and source of funds - without this, there's no way to assess the buyer is legitimate and can afford to buy.

"Whilst this process is something lawyers can help with, this is often at an additional cost, and you'll need to start from square one if there is an issue with a potential buyer's identification and/or financial eligibility," Rita says. 

More generally, selling without an agent can extend the time it takes to sell. 

"Zoopla suggests this timeframe is normally around 17-34 weeks, but with no one on hand to consistently promote and drive the property sale at all stages, going solo drags this process out," Rita says. 

"Agents can also help mediate any potential breakdowns in communication between the buyer and seller - reducing the likelihood of having to go back to market and start again."

The advantages

Laura Owen-Brown, a PR manager from Gloucestershire, tells us she is set to sell her house without an estate agent in the near future.

"My disappointment with estate agents stems from their lack of familiarity with the properties they attempted to sell me when I was buying my current house," she says. 

"They couldn't tell me about the details that truly matter, like the optimal times for sunlight in the garden, how much council tax I'd pay, what the roof was made of, the places I could walk my dog off lead or the impact of post-football match traffic on Sundays.

"These types of details can shape the experience of living in a house for years and are just as important as the square footage, EPC rating or how many bedrooms a property has," she adds. 

She says the current "transactional" approach to selling houses feels "impersonal and outdated" to her. 

"Yes, I'll have to handle more admin, but the savings in both money and time will make it worthwhile. Liaising with buyers and solicitors directly without a third party slowing everything down will mean I can be in control and have transparency throughout the process, especially during negotiations," she says.

All in all...

As Laura says, it's very much a case of whether you can stomach the admin and are happy to take the risks on background financial checks. 

If you are aware of all the above and willing to take on the organisational burden, you could save yourself a serious chunk of cash. 

As we've been reporting in the Money blog over the last few months, an increasing number of cities are either imposing or increasing the cost of tourist taxes on visitors. 

Many say they are preventing damages from overtourism, as well as funding local infrastructure and businesses. 

Here's the latest tourist fees for the most popular spots in Europe...

Tourists visiting Venice for the day will have to pay a €5 entry fee to enter the city between the hours of 8.30am and 4pm.

Meanwhile, those staying overnight in Venice are charged a fee between €1 to €5 within the accommodation price for the first five consecutive nights.

People visiting the Spanish city now have to pay €3.25 if they're staying in official accommodation, up from €2.75.

Manchester 

Visitors must pay £1 per room, per night across 73 hotels. 

The scheme, which has raised more than £2m within a year, is for improvements to attract more tourists.

Tourists must pay €2 per person for every night they stay, although this is only applied for a maximum of seven nights.

The Greek government has introduced a Climate Crisis Resilience Fee to charge tourists anywhere from €0.50 to €10 per room, per night.

The amount depends on the hotel category and the time of year.

Visitors to the Croatian city must pay €2.65 per person, per night throughout April to September. 

However, the fee has been temporarily reduced to €1.86 for the rest of this year.

Different amounts are charged depending on the type of accommodation.

The most expensive charge is €14.95 for a stay in palaces, and €0.65 at one or two-star campsites, per person, per night. 

Those staying in a typical four-star hotel are charged around €8.

Those staying in the Hungarian capital are charged an additional 4% each night, which is calculated based on the price of the room.

Tourists in Berlin must pay 5% of the room price, excluding VAT and service fees.

The tourist tax here has increased from €0.82 to €1.97 per day. 

Prices researched by travel insurance site Quotezone.co.uk

The main topics from the Money blog that got you commenting this week were...

Government-funded childcare

• Michel Roux Jr's comments about the future of the restaurant industry 

Nearly 600 new skyscrapers for London

From last Sunday, eligible working parents of children from nine-months-old in England have been able to register for access to up to 15 free hours of government-funded childcare per week.

Those hours can be claimed from September. 

Some readers pointed out the T&Cs... 

This 15 hrs a week is for term time ONLY. So full-time working parents will have to either tell their employer they can't work in school holidays or pro-rata it across the year which is 10 hours a week. Yvonne grandma

Others said it spoke to issues in the wider childcare sector...

Is the government going to give pay rises to nursery staff? They are very low paid staff, and can't get enough staff as it is!! Nurseries may have to close if they don't get staff, so parents won't be able to take up the offer!! What is the government going to do about it? Carol

Chefs or delivery drivers?

Celebrity chef Michel Roux Jr has suggested that restaurants may only open three days per week because young people prefer other jobs - like delivering parcels. 

"Just because I worked 80 hours a week or more doesn't mean the next generation should," he said. 

"Quite the contrary. That is something that we have to address in our industry."

Readers said...

That's because one [job] is on the verge of slave labour and one definitely is slave labour. And the latter I'm referring to is working in a kitchen for a chef.  Realist2024

Spent 35 years working as a chef. Young people nowadays are not willing to do the extra hours (usually unpaid) and work every weekend. Godsends like my generation of chefs did and do.  Bucks

There's been considerable backlash in our comments section after a thinktank said a total of 583 skyscrapers are "queuing up in the pipeline" to be built across central London.

That is more than double the 270 built in the past decade...

"600 new skyscrapers on way for London" while the majority are struggling. When will something serious be done about growing wealth inequality in the UK? A growing economy is useless while the gap between the ultra rich and everyone else increases. Qwerty1

How many unnecessary skyscrapers for London? It's fine, as long as they are not made using steel, glass, concrete or bricks - don't people know there's a climate emergency? Shanghaiwan

Who's paying for it? What about the North? treelectrical

The energy price cap is set to fall by about 7% in July, a respected energy markets researcher has said.

Ahead of next Friday's announcement by Ofgem for the July-September period, Cornwall Insights said: "For a typical dual fuel household, we predict the July price cap to be £1,574 per annum" - a drop from £1,690.

Looking further ahead, it forecasted the cap will rise again slightly in October, before falling in January next year. 

"A predicted 7% drop in energy prices in July is clearly good news, with the price cap looking likely to hit its lowest level in over two years," a spokesperson for Uswitch said. 

Around 100 more prosecutions of sub-postmasters unrelated to the Horizon scandal could be "tainted" , a Sky News investigation has found, as officials worked with now discredited Post Office investigators to secure convictions.

The prosecutions of Post Office staff were led by the Department for Work and Pensions (DWP) between 2001 and 2006.

It is understood these usually involved the cashing in of stolen order books.

The Post Office itself wrongly prosecuted hundreds of sub-postmasters between 1999 and 2015 - based on evidence from the faulty Horizon accounting system.

Read more from our business correspondent Adele Robinson  by clicking  here ...

The UK's mega rich are dwindling in a sign Britain's "billionaire boom has come to an end" , according to the latest Sunday Times Rich List.

The list reveals the largest fall in billionaires in the guide's history - from a peak of 177 in 2022 to 165 this year.

While the combined wealth of the list's 350 wealthiest individuals amounts to more than £795bn - larger than the GDP of Poland - the guide's compiler says time will tell what impact a drop in billionaires could have.

"This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end," Robert Watts said.

Read on here ...

The Money blog is your place for consumer news, economic analysis and everything you need to know about the cost of living - bookmark news.sky.com/money.

It runs with live updates every weekday - while on Saturdays we scale back and offer you a selection of weekend reads.

Check them out this morning and we'll be back on Monday with rolling news and features.

The Money team is Emily Mee, Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young and Ollie Cooper, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

The Body Shop’s administrators are to launch an auction of the chain after concluding that an alternative restructuring of one of Britain’s best-known high street retailers was not viable.

Sky News has learnt that FRP Advisory, which has been overseeing the collapsed business since January, is to begin formally sounding out potential buyers in the coming weeks.

The move raises the prospect of new owners taking control of The Body Shop, which was founded nearly half a century ago.

Read more here ...

The UK's mega rich are dwindling - in a sign Britain's "billionaire boom has come to an end", according to the latest Sunday Times Rich List.

Published today, the list reveals the largest fall in billionaires in the guide's history - from a peak of 177 in 2022 to 165 this year.

"Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away."

Top of the list is British-Indian businessman Gopi Hinduja and his family, whose wealth of £37.2bn is the largest fortune in the ranking's history.

But other familiar names in the list saw their riches fall, with Sir Richard Branson's total dropping by £2.4bn, which is back to his 2000 level.

Last year's top climber Sir Jim Ratcliffe, who bought a stake in Manchester United this year, fell two positions with a decline of £6.1bn.

Euan Blair, Tony Blair's eldest son, made the list for the first time, as did Sir Lewis Hamilton.

It comes as the UK continues to deal with a cost-of-living crisis, with new figures this week revealing a record 3.1 million food bank parcels were distributed over the course of a year.

The top 10:

• Gopi Hinduja - £37.2bn
• Sir Leonard Blavtanik - £29.2bn
• David and Simon Reuben and family - £24.9bn
• Sir Jim Ratcliffe - £23.5bn
• Sir James Dyson and family - £20.8bn
• Barnaby and Merlin Swire and family - £17.2bn
• Idan Ofer - £14.9bn
• Lakshmi Mittal and family - £14.9bn
• Guy, George, Alannah and Galen Weston and family - £14.4bn
• John Fredriksen and family - £12.8bn

A group of social media influencers have been charged in relation to promoting an unauthorised investment scheme.

The Only Way Is Essex (TOWIE) original cast member Lauren Goodger, 37, former Love Island star Biggs Chris, 32, and Celebrity Big Brother winner Scott Timlin, 36, also known as Scotty T, are among seven TV personalities alleged to have been paid to promote the scheme to their combined 4.5 million Instagram followers.

The others charged by the Financial Conduct Authority (FCA) include former Love Islanders Rebecca Gormley, 26, Jamie Clayton, 32, and Eva Zapico, 25 and TOWIE member Yazmin Oukhellou, 30.

The UK's financial watchdog brought the charges in a crackdown on "finfluencers" who use their online platforms to offer advice and information on various financial topics.

It alleges that between 19 May 2018 and 13 April 2021 Emmanuel Nwanze, 30, and Holly Thompson, 33, used an Instagram account to provide advice on buying and selling investments known as contracts for difference (CFDs) when they were not authorised to do so.

The watchdog said CFDs were high-risk investments used to bet on the price of an asset, in this case the price of foreign currencies.

It previously warned that 80% of customers lost money when investing in CDFs.

Mr Nwanze has been charged with running the scheme. He faces one count of breaching the general prohibition of the Financial Services and Markets Act 2000, and one count of unauthorised communications of financial promotions.

Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of unauthorised communications of financial promotions.

All nine will appear at Westminster Magistrates Court on 13 June.

The FCA asked anyone who believed they had sustained a loss due to the scheme to contact its consumer contact centre.

A hotel part-owned by Gary Neville and other ex-Manchester United legends has been named one of the best places to work in hospitality. 

Each year, The Caterer releases its top 30 best places for employees in the sector, with the top six featuring some familiar names.

The list is compiled via anonymous employee survey - with no input from managers or owners. 

Hotel Football, the only hotel with a rooftop five-a-side pitch, was among the top six venues selected by employees across the UK. 

The hotel's benefits package was particularly well-praised by those who work there - given that it "prioritises the financial wellbeing of employees during the cost of living challenge".

Management at the hotel, which is situated next to Manchester United's Old Trafford stadium, was also praised for enhanced maternity, paternity, parental and adoption leave policies and a strong belief in diversity and inclusion. 

The other five to make up the top six are The Biltmore in Mayfair, Cycas Hospitality (which has 18 locations across the UK), Dalata (which boasts some 1,000 employees), Gleneagles Hotel in Edinburgh and Nobu Hotel in Shoreditch, London. 

The energy price cap is set to fall by about 7% in July, a leading thinktank has said. 

Cornwall Insights said: "For a typical dual fuel household, we predict the July price cap to be £1,574 per annum" - a drop from £1,690.

Looking further ahead, it forecasted the cap to rise again slightly in October, before falling again in January next year. 

Reacting to the news, Uswitch said the predicted drop was "clearly good news". 

"The future still remains uncertain, and with the price cap changing every three months – currently expected to rise in October before falling slightly in January –  it's crucial not to be complacent," Richard Neudegg, director of regulation, said. 

However, "a predicted 7% drop in energy prices in July is clearly good news, with the price cap looking likely to hit its lowest level in over two years", he said. 

He also urged  households who want to lock in rates for price certainty to run a comparison to see what energy tariffs are available to them.

"There are many 12-month fixed tariffs available at rates cheaper than the current price cap, and even some that are 2% below these new predicted July rates," he said. 

Be the first to get Breaking News

Install the Sky News app for free

Car Rental Business Plan Template

Car rental operations plan.

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your car rental company, such as serving customers, procuring supplies, keeping the store clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sign your 100th lease, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch in a new location.

CAR RENTAL BUSINESS PLAN OUTLINE

• Car Rental Business Plan
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Car Rental Business Plan Summary

Start Your Car Rental Plan Here

Other Helpful Business Plan Articles & Templates

Mobile Menu Overlay

The White House 1600 Pennsylvania Ave NW Washington, DC 20500

FACT SHEET: President   Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade   Practices

President Biden’s economic plan is supporting investments and creating good jobs in key sectors that are vital for America’s economic future and national security. China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports. In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses.   The Biden-Harris Administration’s Investing in America agenda has already catalyzed more than $860 billion in business investments through smart, public incentives in industries of the future like electric vehicles (EVs), clean energy, and semiconductors. With support from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, these investments are creating new American jobs in manufacturing and clean energy and helping communities that have been left behind make a comeback.   As President Biden says, American workers and businesses can outcompete anyone—as long as they have fair competition. But for too long, China’s government has used unfair, non-market practices. China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80, and even 90 percent of global production for the critical inputs necessary for our technologies, infrastructure, energy, and health care—creating unacceptable risks to America’s supply chains and economic security. Furthermore, these same non-market policies and practices contribute to China’s growing overcapacity and export surges that threaten to significantly harm American workers, businesses, and communities.   Today’s actions to counter China’s unfair trade practices are carefully targeted at strategic sectors—the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs—unlike recent proposals by Congressional Republicans that would threaten jobs and raise costs across the board. The previous administration’s trade deal with China  failed  to increase American exports or boost American manufacturing as it had promised. Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created and new factory construction has doubled after both fell under the previous administration, and the trade deficit with China is the lowest in a decade—lower than any year under the last administration.   We will continue to work with our partners around the world to strengthen cooperation to address shared concerns about China’s unfair practices—rather than undermining our alliances or applying indiscriminate 10 percent tariffs that raise prices on all imports from all countries, regardless whether they are engaged in unfair trade. The Biden-Harris Administration recognizes the benefits for our workers and businesses from strong alliances and a rules-based international trade system based on fair competition.   Following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and American companies from China’s unfair trade practices. To encourage China to eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation, the President is directing increases in tariffs across strategic sectors such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.   Steel and Aluminum   The tariff rate on certain steel and aluminum products under Section 301 will increase from 0–7.5% to 25% in 2024.   Steel is a vital sector for the American economy, and American companies are leading the future of clean steel. Recently, the Biden-Harris Administration announced $6 billion for 33 clean manufacturing projects including for steel and aluminum, including the first new primary aluminum smelter in four decades, made possible by the Bipartisan Infrastructure Law and the Inflation Reduction Act. These investments will make the United States one of the first nations in the world to convert clean hydrogen into clean steel, bolstering the U.S. steel industry’s competitiveness as the world’s cleanest major steel producer.   American workers continue to face unfair competition from China’s non-market overcapacity in steel and aluminum, which are among the world’s most carbon intensive. China’s policies and subsidies for their domestic steel and aluminum industries mean high-quality, low-emissions U.S. products are undercut by artificially low-priced Chinese alternatives produced with higher emissions. Today’s actions will shield the U.S. steel and aluminum industries from China’s unfair trade practices.   Semiconductors   The tariff rate on semiconductors will increase from 25% to 50% by 2025.   China’s policies in the legacy semiconductor sector have led to growing market share and rapid capacity expansion that risks driving out investment by market-driven firms. Over the next three to five years, China is expected to account for almost half of all new capacity coming online to manufacture certain legacy semiconductor wafers. During the pandemic, disruptions to the supply chain, including legacy chips, led to price spikes in a wide variety of products, including automobiles, consumer appliances, and medical devices, underscoring the risks of overreliance on a few markets.   Through the CHIPS and Science Act, President Biden is making a nearly $53 billion investment in American semiconductor manufacturing capacity, research, innovation, and workforce. This will help counteract decades of disinvestment and offshoring that has reduced the United States’ capacity to manufacture semiconductors domestically. The CHIPS and Science Act includes $39 billion in direct incentives to build, modernize, and expand semiconductor manufacturing fabrication facilities as well as a 25% investment tax credit for semiconductor companies. Raising the tariff rate on semiconductors is an important initial step to promote the sustainability of these investments.   Electric Vehicles (EVs)   The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024.   With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China’s exports of EVs grew by 70% from 2022 to 2023—jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China’s unfair trade practices.   This action advances President Biden’s vision of ensuring the future of the auto industry will be made in America by American workers. As part of the President’s Investing in America agenda, the Administration is incentivizing the development of a robust EV market through business tax credits for manufacturing of batteries and production of critical minerals, consumer tax credits for EV adoption, smart standards, federal investments in EV charging infrastructure, and grants to supply EV and battery manufacturing. The increase in the tariff rate on electric vehicles will protect these investments and jobs from unfairly priced Chinese imports.   Batteries, Battery Components and Parts, and Critical Minerals   The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024.   The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.   Despite rapid and recent progress in U.S. onshoring, China currently controls over 80 percent of certain segments of the EV battery supply chain, particularly upstream nodes such as critical minerals mining, processing, and refining. Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk. In order to improve U.S. and global resiliency in these supply chains, President Biden has invested across the U.S. battery supply chain to build a sufficient domestic industrial base. Through the Bipartisan Infrastructure Law, the Defense Production Act, and the Inflation Reduction Act, the Biden-Harris Administration has invested nearly $20 billion in grants and loans to expand domestic production capacity of advanced batteries and battery materials. The Inflation Reduction Act also contains manufacturing tax credits to incentivize investment in battery and battery material production in the United States. The President has also established the American Battery Materials Initiative, which will mobilize an all-of-government approach to secure a dependable, robust supply chain for batteries and their inputs.   Solar Cells   The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024.   The tariff increase will protect against China’s policy-driven overcapacity that depresses prices and inhibits the development of solar capacity outside of China. China has used unfair practices to dominate upwards of 80 to 90% of certain parts of the global solar supply chain, and is trying to maintain that status quo. Chinese policies and nonmarket practices are flooding global markets with artificially cheap solar modules and panels, undermining investment in solar manufacturing outside of China.   The Biden-Harris Administration has made historic investments in the U.S. solar supply chain, building on early U.S. government-enabled research and development that helped create solar cell technologies. The Inflation Reduction Act provides supply-side tax incentives for solar components, including polysilicon, wafers, cells, modules, and backsheet material, as well as tax credits and grant and loan programs supporting deployment of utility-scale and residential solar energy projects. As a result of President Biden’s Investing in America agenda, solar manufacturers have already announced nearly $17 billion in planned investment under his Administration—an 8-fold increase in U.S. manufacturing capacity, enough to supply panels for millions of homes each year by 2030.   Ship-to-Shore Cranes   The tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.   The Administration continues to deliver for the American people by rebuilding the United States’ industrial capacity to produce port cranes with trusted partners. A 25% tariff rate on ship-to-shore cranes will help protect U.S. manufacturers from China’s unfair trade practices that have led to excessive concentration in the market. Port cranes are essential pieces of infrastructure that enable the continuous movement and flow of critical goods to, from, and within the United States, and the Administration is taking action to mitigate risks that could disrupt American supply chains. This action also builds off of ongoing work to invest in U.S. port infrastructure through the President’s Investing in America Agenda. This port security initiative includes bringing port crane manufacturing capabilities back to the United States to support U.S. supply chain security and encourages ports across the country and around the world to use trusted vendors when sourcing cranes or other heavy equipment.   Medical Products   The tariff rates on syringes and needles will increase from 0% to 50% in 2024. For certain personal protective equipment (PPE), including certain respirators and face masks, the tariff rates will increase from 0–7.5% to 25% in 2024. Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026.   These tariff rate increases will help support and sustain a strong domestic industrial base for medical supplies that were essential to the COVID-19 pandemic response, and continue to be used daily in every hospital across the country to deliver essential care. The federal government and the private sector have made substantial investments to build domestic manufacturing for these and other medical products to ensure American health care workers and patients have access to critical medical products when they need them. American businesses are now struggling to compete with underpriced Chinese-made supplies dumped on the market, sometimes of such poor quality that they may raise safety concerns for health care workers and patients.   Today’s announcement reflects President Biden’s commitment to always have the back of American workers. When faced with anticompetitive, unfair practices from abroad, the President will deploy any and all tools necessary to protect American workers and industry.  

Stay Connected

We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better.

Opt in to send and receive text messages from President Biden.