Renty’s Yevhen Parokhod on running a successful business in the UAE

The UAE is famous for three things: skyscrapers, the heat and luxury cars. So, it is obvious that the car rental sector is a tempting choice for many aspiring entrepreneurs from all over the world.

Here, Yevhen Parokhod, the founder of renty.ae, one of the UAE’s leading car rental platforms, tells us what it’s like to run a business in the region while sharing car rental market trends and key strategies.

How did it all begin with Renty?

I started this journey with a marketing agency that generated leads for rental car companies but eventually decided to create my own car rental company. I had plenty of ideas and was sure, I had everything to succeed in the market. When I first entered the car rental market, it was highly competitive but underdeveloped, needing better service and automation.

I saw an opportunity to create a great product to help develop the UAE’s car rental market and industry.

What are the key trends you’ve observed in the MENA region?

The MENA market is steadily moving towards the sharing economy, adopting the “all for hire” model. Modern society wants to be mobile and independent without financial burdens. The belief that everything needs to be bought is outdated. This has been a key consideration for starting my business.

Why do big companies prefer to lease cars instead of buying them? 

I’d say it’s simple because it’s all about the math. On average, cars depreciate by 20 per cent yearly. You need to maintain a technical person, a mechanic, who will monitor the condition and service of the car, pay for insurance, and handle the further sale of the car.

When you consider all these factors, owning a car adds up to a significant expense. And the larger the company, the bigger the fleet and, consequently, the expenses. There are other associated costs as well; they may be smaller, but they are no less critical.

What is the appeal of a luxury car for customers?

Once someone gets behind the wheel of a luxury car, they won’t want to return to economy class. We live in a world of visualisation, and Dubai is a “feast” for the eyes.

People often come to test drive their dream cars. I hear stories about how someone wanted a car, took it for a test drive, and, after a while, was able to buy it.

I’ve observed that people pay for happiness and quality. They seek something that makes their life brighter and less mundane.

What is the secret to your success?

If you want to become a market leader, you need to stand out. Give people something that no one has ever given them before. The service Renty.ae is different. We don’t try to copy our rivals; we’re revolutionaries in the car hire industry. We change and adjust all processes that we’re not happy with to fit the realities of the market. And if a process doesn’t exist yet, we create it. For instance, we were the first in the UAE to implement the no-deposit car rental rule. No one before us dared to do it. We are sincere, and we trust our clients.

My business is all about the value of money and reputation.

You know, the business game without competitors is not worth playing. I don’t fear competition; I welcome it. The competitive market has significantly improved in quality over the last three years. We are happy to have serious competitors; they keep us focused and prevent us from becoming complacent.

We are not afraid to have competitors. I believe they’ve helped us grow and become better.

What has driven you forward in the face of challenges?

Anyone entering the business arena in the region must be fearless and determined. From the start, I worked towards results. The success story of the company is the success of the team. I had a vision of who we needed and why, so I attracted talented individuals ready and willing to achieve ambitious goals.