Smart50 rank: 27
Revenue: $3,589,000
Growth: 65.45%
Principals: Peter Thornton, 46; Richard Eastes, 30; David Eastes, 25
Based: Queensland
Employees: 13
Industry: Internet
Website: www.vroomvroomvroom.com.au
Online car rental company VroomVroomVroom returns to the Smart50 after being ranked last year in second place. It's been another great year, with revenue growing from $2.4 million to $3.6 million, despite the downturn buffeting the travel and tourism sectors.
"Though we have seen minor trends, the downturn hasn't significantly affected our industry," co-founder Peter Thornton says.
"We have most certainly sought options to lower expenses and run things more efficiently, however this has been a move to ensure we can reinvest wisely in programs and policies that will support ongoing growth."
The company, which was launched in 2002, provides consumers with a chance to compare and purchase car hire services from a range of service providers. VVV make 600-900 bookings a day and approximately 15,000-18,000 bookings a month.
While VVV was one of the first companies in the space seven years ago, the sector has become a lot more competitive in the recent years, with competitors now targeting specific niches.
Thornton says the company continues to invest in new technology and customer service to keep ahead of its rivals, although it is worth noting that the sector is large enough to sustain a number of players.
"We are enjoying sustained growth, possibly as consumer awareness of online comparison services such as VroomVroomVroom and Wotif.com.au becomes more widespread."
The company's web strategy is based on a simple philosophy - customer service is key.
"We're reinvesting our revenues heavily in development and customer service," Thornton says. "We figure the internet has increased the speed at which good and bad word-of-mouth is passed around, so we're focusing on giving our customers the best experience possible. Why? Our service saves them money and costs nothing - if we can make it simple and enjoyable, they'll only have nice things to say about us to their friends."
The company's continued goal is to build its US operations, which were launched last year and received publicity in the Wall Street Journal, the New York Post and Inc.
"Our broad goal is to make VroomVroomVroom as popular in the US as it is here in Australia."
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