In conversation with the founder of ‘Number One Luxury Car Rental — Dubai’ to understand the luxury rental business in the city.
Generally, the luxury goods and services industry has shown tremendous potential and has been growing at a fast pace since the past few years, especially in places like Dubai where demand for luxury cars is at its highest. The luxury car rental space has shown a sharp rise in demand of late and has inspired many entrepreneurs to have a share of the pie by entering this business. Today, many people, especially the millennials and GenZ, prefer renting luxury vehicles rather than investing huge amounts in buying them. Above that, the consistent rise in international tourism which has grown with the higher disposable incomes have driven the luxury mobility rental markets skywards. Rakhmat Karimov being a leading luxury car rental company owner speaks in brief about the growing industry and the potential it holds for the future. Here are the excerpts of the conversation:
What growth opportunities do you see in the luxury mobility rental business in Dubai?
Growth potential for the luxury mobility market is excellent as it offers the freedom to choose the luxury car of your choice at a fraction of the price and frees you from maintenance that comes along with owning such luxurious vehicles. We, at Number One, started eight years back with just a few cars and today have at our disposal some of the biggest brands under our roof. The growth has been exponential, and we are confident of exceeding our growth rate this year than earlier years.
What are the major reasons which have pushed the luxury mobility rental business towards growth?
Pre-owned luxury goods are in demand of late as people are conscious enough of not investing heavily on these assets and moreover if you can hire these same luxury goods at a much lower cost it becomes all the more an attractive proposition which is one of the major reasons why luxury mobility rentals have a great market. Self-driven luxury car rentals offer convenience, lifestyle and are easy on the pockets too. More people are opting for renting out these beauties rather than owning them, which comes with a heavy price tag and huge maintenance costs.
Tell us about your expansion plans, where do you go from here?
We have received tremendous response from our customers in Dubai and our list of loyal base has been increasing by the day. We plan to expand to newer locations across the globe and there are plans to spread our wings by establishing Miami No 1, Monaco No 1 and Los Angeles No. 1 in the near future.