After seeing continued success with his Karma Automotive dealership in New York, Val Ranguelov is planning a Jacksonville expansion for his luxury electric vehicle dealership.
Ranguelov is in the midst of a $5 million build-out for the dealership at 11619 Beach Blvd. with plans to complete construction sometime in Q2. Once completed, Ranguelov said he plans to build out the adjacent parcel for an undisclosed amount of money.
"We're not your typical car dealership," he said. "We are more of your personal auto concierge."
Which is why, he said, great attention is being paid to this location's aesthetics. He added that the entire experience was designed to feel more personal and foster a long-term relationship, well after the sale is complete.
"You can get a hamburger at Wendy's and you can get a hamburger at a very high(-end) steakhouse, like Ruth's Chris," he said. "They're both hamburgers but one offers a completely different experience."
To that end, Ranguelov said he is optimistic about doing business in Jacksonville. He has been vacationing with friends and enjoying the First Coast since about 2005, which is why he chose Jacksonville over other Florida locations like Orlando and Tampa. Once settled in, Ranguelov said he plans to become a vendor with Amelia Island's Concours d'Elegance.
Although he was quick to distinguish the differences between Karma electric vehicles and Tesla, he said the latter's growth in the region only solidified his belief Jacksonville would be a receptive market to his higher-end version of electric cars.
He said Karma vehicles are more aptly compared to Aston Martin and Bentley and designed with people who want exclusivity in mind.
"This is a boutique brand with high-end finishing and a low production count due to the craftsmanship," he said. "You won't run into this type of exotic car on the streets every day. It's like winning the lottery or seeing a Ferrari going down the street. That's what a Karma car is like. It's for people that want something no one else has."
Ranguelov said between Jacksonville's growing wealth, increasing population and industry tailwinds, he is confident of success.
When asked if he believed the First Coast had enough high-wealth individuals looking for luxury responded, he simply said "100%."
"I don't need to tell anyone anything they don't already know... just look at the volume of development and the price of houses. That's all you need to know."
