In this episode of Crypto & Coffee, the Nick visits Drive LA, an exotic car rental company in Los Angeles owned by Eric Hallum. Eric, who is also a police officer, discusses how his background in law enforcement has helped him protect the assets of the business and establish strong partnerships with vendors. He emphasizes the importance of providing top-notch service to customers and creating a laid-back and friendly atmosphere at Drive LA. Eric shares insights into the rental pricing of different luxury vehicles and reveals that Drive LA is expanding into the classic car market. He also offers advice for aspiring business owners, emphasizing the need to persevere and learn from mistakes.

What led Eric from being a police officer to entering the exotic car rental business?

• Eric’s background in law enforcement has equipped him with the skills to protect assets and read people, which are essential in the car rental business.
• Eric emphasizes the importance of delivering excellent service and making customers feel like they’re getting into a private vehicle rather than a rental.

How does Drive LA ensure the preservation of its cars and maintain good partnerships with vendors?

• Drive LA has strong partnerships with vendors that help in keeping the cars in good shape.
• Eric and his team take pride in maintaining the cars so that they don’t feel like typical rental vehicles to customers.

What are the price ranges for renting luxury vehicles at Drive LA, and what alternatives are available?

• Depending on the duration of the rental, prices for luxury vehicles at Drive LA range from $1,700 for a weekend to higher amounts.
• Drive LA offers alternative options to customers who don’t want to spend as much money on renting a luxury vehicle by providing similar models at a lower cost.

How has Drive LA scaled its business from a few vehicles to a fleet of over 100 cars?

• Drive LA started with a couple of cars and steadily added more based on the demand, considering factors such as inventory, mileage, and the need to add new models.
• The business expansion includes venturing into the classic car market, which has proved successful.

What advice does Eric have for aspiring business owners?

• Eric advises aspiring business owners to stay the course, even in challenging times, and evaluate the way they do things to make informed decisions.
• He also stresses the importance of perseverance and creativity in overcoming obstacles.