Riyadh, Saudi Arabia | 19 June 2023: Seera Group Holding’s car rental and leasing unit, Lumi Rental Company ("Lumi" or the "Company"), today announced the launch of its second used car sales showroom, further expanding its used car sales footprint in the Kingdom to meet strong growth in demand. Located in Jeddah’s Al Jawhara district, the Company’s latest showroom covers 2,960 square metres with capacity to showcase 120 pre-owned vehicles.
Lumi, a national champion and fast-growing market leader in the car rental, leasing and used car sales segments, with a unique full-service business model and a fleet of over 24,000 vehicles, inaugurated its first used car showroom in Riyadh in late 2022. Launched in response to very healthy retail customer demand for used vehicles, the Riyadh and Jeddah showrooms are set to drive the Company’s strategy to maximise purchase price recovery through the sale of vehicles released from its rental and lease segments after 2-4 years of operations. In addition, Lumi’s corporate and business buyers can purchase individual or multiple pre-owned vehicles through a digitised bidding process. The strategy ensures that Lumi is in a position to operate a young rental and leasing fleet, providing its customers with access to the latest and newest vehicles.
Mr. Syed Azfar Shakeel, CEO of Lumi, said:
"We recognized early on that our used car sales business would play an increasingly significant role in our ambitious growth strategy and our plans to cement Lumi’s position as one of the fastest growing car leasing and rental operators in the Kingdom. The launch of our Jeddah showroom expands our geographic footprint across the country, enabling Lumi to capture further value and market share in this buoyant segment, valued in 2021 at SAR 39 billion with significant upside potential.
"Looking ahead, we remain committed to growing our used car sales offering, which is performing strongly on the back of the major development programs of Saudi Vision 2030 and the Kingdom’s post-pandemic recovery. To fully tap into growing demand, we are planning to launch a third used car showroom in Dammam, providing even greater accessibility to our customers through an expanded on-the-ground presence and our diverse and integrated digital platforms."
As part of its ongoing commitment to transparency and ensuring a seamless customer experience, Lumi’s Jeddah facility will provide visitors with a 20-point computerized vehicle inspection report, which covers all major mechanical systems and safety functions, such as mileage, model year, engine, cooling and fuel system, drive axle, transmission, electronic systems, suspension, brake system, steering and air conditioning.
Customers will be able to purchase vehicles from Lumi’s diverse fleet of hatchbacks, sedans, SUVs, people carriers and pickup trucks. The Company aims to sell vehicles within 2-4 years of age, replacing them with new vehicles for rental and leasing customers. Lumi’s used car business segment sold over 3,600 vehicles in 2022.
