FAST Rent A Car, the UAE's leading locally-owned vehicle rental company, has announced its expansion plans for 2010.
The company intends to meet rising demand by adding a net 900 units to its fleet – a 13 per cent expansion that will see the number of its current units reach nearly 8,000 by the end of this year.
The additions will boost what is already the widest-ranging fleet in the UAE and reinforce Fast Rent A Car's position as a market leader.
The company will acquire a total of 2,136 vehicles in 2010, 900 of which will contribute to its fleet expansion, while the remainder replace 18 per cent of its current fleet as part of Fast Rent A Car's policy to remove vehicles older than two years.
As the first stage of implementing this expansion plan, the company has invested Dh22 million ($6 million) on 345 new vehicles in the first quarter, ranging from economy to luxury models. The announcement reflects Fast Rent A Car's steady growth during the economic slowdown.
Commenting on the company's success, Ahmed Abood Al Boasy, CEO of Fast Rent A Car, said: "Our achievements in 2009 have allowed us to invest in 2010, to be able to build a bigger, better and stronger company. And, although it has been a challenging year for our industry and the UAE in general, it has also been our most rewarding one yet. We are looking forward to passing on the benefits of this success to our customers in 2010."
The company's expansion plans are shouldered by a successful 2009, which saw Fast Rent A Car grow on top of its record the previous year. Revenue was up 8.5 per cent across the UAE, and an impressive 25 per cent in Abu Dhabi. The company banked on corporate and government projects and a heavier flux of business travellers to the capital, with corporate clients contributing towards 80 per cent of its business.
Fast Rent A Car cites customer confidence in the brand as a key factor to its achievements. Last year, it became the first car rental company to receive the prestigious Sheikh Khalifa Excellence Award in the customer service category. Judging criteria included the business processes and strategy, leadership skills and investment in people required for a business to achieve the best results, as well as economic performance.
Having a wealth of project-based experience, Fast Rent A Car works with private and public businesses to provide everything from supporting one-day events to managing whole transport fleets. The company currently boasts more than 45 models including cars, SUVs, prestige vehicles, buses and trucks spread across 20 different categories.