Limo Rental and Ground Transportation Services Company LimoRes.net Announces Record Growth, Prepares for Worldwide Expansion
LimoRes.net is a Web platform for ground transportation services. With service in more than 5,000 airports around the world, it provides more coverage than any other company in the industry. Headquartered in New York City, LimoRes.net is revolutionizing ground transportation, with its sophisticated proprietary software and back end infrastructure.
LimoRes.net, announces record revenue growth and company plans for global expansion.
The company's revenues grew from $2.9 million in 2004 to approx. $20 million in 2007. The company now projects $30 million in revenues in 2008, primarily through organic growth. LimoRes.net completed its $10 million raise in 2005 primarily from Alex Mashinsky & Governing Dynamics.
The company operates an electronic exchange, matching supply and demand in the Limo industry and airline transportation industry. The company makes it easy to find and contract for cars, cars with drivers or only drivers and plans to fill the air segment as well for domestic and international users who are looking for private jet travel.
LimoRes.net has over 550 affiliates and is looking to grow the network to over 3,000 to enable users to find an exact match to the service level they are looking for.
LimoRes.net is the first company in the world to provide consistent and immediate worldwide pricing for ground transportation. It also was the first to deploy the following features:
- Fully enabled Web reservation system and Web self-care service;
- Algorithmic pricing engine based on geo data;
- E-mail and phone confirmations with every reservation;
- Customer ability to see and track vehicles in real time via GPS-enabled Web maps;
- Online billing by location, department, employee, matter number, etc. - First and only provider to implement Six Sigma quality control and reduce job errors to below 1 percent of total jobs.
The company has more than 100 employees and is profitable. It has provided limo and ground transportation services to more than 200,000 customers around the world, including some of the largest companies in the United States.
LimoRes.net is looking to raise an additional $10 million in capital to expand its technology platform and accelerate its global growth initiatives. These include:
- The launch of a global online network of 3,000 world providers who will offer a standardized product at a flat price;
- Full integration into all the major travel sites;
- Real time job tracking and billing.
- Enable users to make real time SMS reservations from mobile devices worldwide;
- Acceleration of its marketing strategies around the globe
For further information on LimoRes.net, the leading Web platform for limo rentals and ground transportation services, please visit our Web site www.LimoRes.net or contact:
Alex Mashinsky, CEO LimoRes.net
Cell: 646-552-4499
alex @ mashinsky.com
www.mashinsky.com
LimoRes.net is featured on American Airlines' Sky Radio as of 11.01.07
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CEO of LimoRes.net, Alex Mashinsky
July 5, 2007--Meet Alex Mashinsky. He is an entrepreneur, an inventor, and most recently, CEO of LimoRes.net. Prior to the limo business, Mashinsky founded Arbinet thexchange, world leader in providing wireless, wire line and VOIP connectivity. When asked why he ventured from telecommunications into an on-line limo reservations business, Mashinsky said, "The internet is just in the first inning of transforming industries. This one has been resistant to change."
"Today, almost everything can be done on-line. Seventy percent of travel is done online but that has not been the case for limo services." Thus, Mashinsky saw something that was truly missing from the market.
As an unsatisfied customer himself, like many other New Yorkers, Mashinsky created a new type of limo service. It consists of an easy-to-use website in which customers can make instant reservations, setup personal and corporate accounts, learn about the company, and have the opportunity to chat with a live representative. The site has everything, including domestic and international rates, detailed bookings, tracking, and billing systems.
Yet most exceptional is that all the cars have GPS which enables customers to track each job and find the location of their car on-line. They may also retroactively find the route and times for each job and match it to their bills. When referring to the website, Mashinsky affirmed, "We are light years ahead of anyone else in the industry and our technology is consistently improving so that we are always on top. We believe in transparency and fairness which results in almost no loss of clients."
When Mashinsky looked for investors in his new venture, he met 200 investors who declined. Out of 12 million dollars invested to date, Alex has contributed half. When you look at LimoRes.net numbers, you can see why Mashinsky decided to take his capital and invest it in his company. Since its modest launch in 2003, LimoRes.net had jumped to 15.5 million dollars in revenue in 2006. And Mashinsky is notstopping there! He expects the company to make a two million dollar profit on 20 million dollars in revenue in 2007. His goal is to make it a billion dollar company. With a proven record, he will certainly do it.
