John Temerian, president and co-owner of Lou La Vie luxury car rentals in Miami, says business is booming. The company rents luxury cars such as the Ferrari 458 Spider, at left, which goes for $2,850 per day. Even Hertz is getting in on the luxury-rental game.
Nothing quite impresses an out-of-town client like whisking him around town in a flashy Ferrari, sleek Lamborghini or other hot luxury car.
So when real estate broker Patricia Delinois picked up client Robert Kiger to show him multimillion dollar properties on Fisher Island, near Miami, she rented a black Rolls-Royce Phantom for the ride.
“It was fantastic,” said Kiger, who lives in Wellington, Fla., and owns two Elegante Polo stores. “I felt like a king.”
Celebrities, music moguls, wealthy Russian and Brazilian tourists, businesspeople, athletes and other car enthusiasts are increasingly topping off their Miami experience by slipping behind the wheel of a luxury or exotic car — rented by the day, week or month.
For rates generally starting at below $300 and reaching as high as $2,500 or more per day, companies like Lou La Vie will hand over the keys to luxury and exotic cars, including Porsches, Bentleys and Lamborghinis.
But it’s not just VIPs. Tourists of every ilk are driving luxury rental car companies’ revenue, and perhaps nowhere more so than in South Florida.
“Anywhere where there is heavy tourist traffic is where you will see luxury travel rental companies,” said Sharon Faulkner, executive director of the American Car Rental Association, based in Albany, N.Y.
The concentration of luxury car rentals, she said, is in Florida, California, Las Vegas, and, for the less sporty vehicles, New York. “It just follows that since the economy is getting better, so is the demand for luxury items,” Faulkner said. “The consumer can’t afford to own it, but can still afford to rent.
Even Hertz is getting in on the game. The company has been slowly adding high-end vehicles into its fleet in the past year, said spokeswoman Paula Rivera. The cars are only available at select destinations.
“When you see a major company like Hertz growing that part of their market, it would say the demand is there,” Faulkner said.
In Miami, Hertz now offers about a dozen luxury cars, including a Lamborghini Gallardo, Ferrari F430, Mercedes-Benz SLS AMG GT and Aston Martin Vantage. Just in the past two months, it has added several Porsches: a 911 Carrera, Boxster, Panamera, Cayenne and Cayenne Turbo.
Hertz’s luxury rentals range from about $250 to $1,500 a day, plus insurance, taxes and airport fees. “A lot of folks will say they don’t have these types of cars where they are from, so it makes it even more appealing,” Rivera added.
Despite barriers such as the high cost of inventory — a single car can cost $400,000 — astronomical business insurance rates costing up to hundreds of thousands of dollars annually, and the occasional need to bail speed-happy customers out of jail, Miami-area companies report revenues are up by as much as 33 percent year-over-year.
“You can’t drive a Ferrari convertible through the streets of Brazil,” said Lou La Vie co-owner and President John Temerian. “So people are coming here to enjoy themselves. And how synonymous is a convertible with Miami Beach?”
Jamie Foxx is a regular whenever he visits Miami, Temerian said, often choosing a red Ferrari. Spanish soccer star Karim Benzema recently rented a Lamborghini for a week.
The rapper T.I. opted for an Escalade with a chauffeur a few weeks ago, and actor Leonardo DiCaprio rented a Bentley about a year and a half ago, both from Carefree Lifestyle in South Beach, said co-owner and President Anthony R. Marotta.
“This season, starting in December, was the busiest season we’ve had in 10 years,” Marotta said.
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