Rent-a-Rim is a specialized rent-to-own and retail operation focusing on custom automotive wheels, tires, and accessories. Since the 1950’s America’s youth has had a love affair with their cars, with wheels and tires always being a popular upgrade. This trend has gained strength in recent years with advances in wheel designs and with increasing focus on wheels and tires by today’s drivers. Rent-a-Rim approaches this market as a lifestyle company, leveraging the image idolized by today’s youth and the popular hip-hop subculture. The Company has designed its showrooms and branding strategy to immerse customers in images of this lifestyle that promote its products.
The Company’s products are offered via rental purchase agreements, paid weekly, bi-weekly, monthly; or for outright retail sale. Pricing and rental upgrades are presented in innovative ways designed to reduce customer defaults and extend the lifespan of customer relationships. Central to the Company’s message is the fact that our service allows customers to keep up with the lifestyle without necessarily needing the up-front cash to fund it
The competitive landscape is relatively limited at present, with two main competitors operating in our initial market of Tampa Bay. Rent-n-Roll and Rent-a-Wheel combined maintain five locations in the bay area. Neither competitor addresses the lifestyle that drives the market. Both operate more like traditional rent-to-own stores with a retail experience more like that of a tire shop. Our key competitive advantages are our unique branding approach and unique presentation of the products and services. Our flexible pricing methodology and upgrade policies provide additional competitive value.
The Company’s first location was chosen due to its proximity to the target markets of style-savvy buyers and urban youths. Located on North Dale Mabry Highway, this location provides access for the Town ‘N Country area, which is dominated by our demographic, and will also draw from the wealthier northbound traffic for higher-end retail sales. The Company is scouting potential sites for a second location in Pinellas County in order to broaden the geographical coverage. At present there is only one competitive location in Pinellas County. The strategy is to enter the market with these two key locations and quickly become a threat to our two competitors. As the Company matures additional locations will be opened in other markets. Orlando, Jacksonville, and several cities on the east coast of Florida are immediate targets where competitive pressure is relatively low but there is a substantial market of our target demographic.
While pursuing sales growth and opening additional locations to drive growth of the overall enterprise, the Company will formalize its operations and develop a franchise program to attract capital needed to grow the brand and to more swiftly and economically expand into additional markets. This franchise offering will provide to franchisees benefits including centralized product line and supply-chain management, marketing and brand development, operational training and support, and a centralized software system that will provide franchisees standardized business workflow and will allow franchisees to immediately begin leveraging an enterprise-wide inventory of pre-leased products.
The competitive landscape for franchise opportunities in the wheel and tire rent-to-own industry is immature, with two competitors presently offering franchises. Neither offer a centralized software system and both require that franchisees build pre-leased product inventory independently, limiting up-front growth. Both competitors presently only offer limited brand value and up-front training, but time is certainly of the essence to expand brand awareness as quickly as possible.
Mission
Rent-a-Rim’s retail mission is to provide its customers with access to high-style custom wheels and tires on a rent-to-own basis. Rent-a-Rim will connect with customers through retail environments designed to be inviting and to demonstrate our understanding of the lifestyle. Rent-a-Rim will conduct business with honesty and integrity, setting payment and performance expectations clearly before the sale, and will comply with all laws governing the rent-to-own business.
Rent-a-Rim’s franchise mission is to provide its franchisees with clear, consistent business operations; valuable and robust back-office systems; directed, professionally-developed marketing efforts; and brand strength in order to maximize their profitability and ensure their long-term success.
Local news covering the business: https://www.cltampa.com/news/reinventing-the-wheel-12221953
