Turo VS Rental Car License

what's up youtube welcome to automotive life my name is lucky and today's video is all about why a rental car license is way more important than turo and why you should never have all your eggs in one basket now before i get into this if you're going to be a huge favorite and smash the like button for the youtube algorithm and also we find more amazing people like yourselves that enjoy automotive content also if you consider subscribing i post epic stuff like this all the time and click the notification bell and let's get into the video okay guys i've had this question asked all the time you know like should i get my rental car license should i do this should i do this my advice to you is always have multiple ways to make money never reply on just one because i don't know if you guys know but since turo came out there's been seven other apps just like it that got just as big and winded up dying and getting kicked off the platform so you never want to base all of your income off of one particular thing so if you plan on renting cars for a living i strongly recommend getting a rental car license there's a lot of perks and benefits on why and there's a lot of good things you need to learn about it if you're going to get into this type of business but one of the things i want to tell you guys is like i said you never want to put all your eggs in one basket and i see way too many people do this and i'm going to give you a few reasons why and examples of why you should never base everything on turo now the first one is my buddy justin here in las vegas he's a good guy got really popular with turo just blew up now he's got about 40 something cars well once he got big and he got super host status for pro host i think he's above that now you know he was doing very well but you know he got busy he's he's making a lot of money so he doesn't have time to deal with every single little customer and what happened was he had three customers in a row give him very bad reviews because he was very short with them on the phone well turo just out of the blue said you know what we don't like the way you're treating our customers we don't like the way you're doing business kick them off the platform so now his whole business model has been relied on turo and i told him this from the get-go you never rely on turo you get multiple things so like you want to do turo you want to do a higher car and you get your rental car license so this we have multiple ways to make money so if one slows down one dies one falls off you still have other avenues to make money and i believe that what a lot of the people are doing nowadays is they're so hung up on turo because it's so cheap it's so easy you know that they're just they're they're falling for it and people are in for a lot of heartache because i've seen a lot of people get kicked off the platform for really weird reasons i had one of our clients they put in a vehicle that had a salvage history before they didn't realize it it was a clear title when they bought it but somehow along the process of end up getting rebuilt they got kicked off the platform because when turo did a random audit they ran in that or they audited that vin and saw was rebuilt car and they kicked them off the platform three years i think they've had they're like a 4.95 or something as far as stars go and reviews i mean zero complaints major complaints no bad uh demerits against their name nothing but just because they had that one thing they got kicked off the platform so if you're listening to this never rely all your business off of one source of income like i said start up on hire car if you could start off your rental car business with two or three cars do it put one on turo put one on higher car and while you're doing this you're building up reviews on both little by little until you find out which one works best for you and then even if one works better for the other don't give up on the other one because depending on what state and city you live in there are seasons and there's things that change with the economy so i see a lot of people doing really really well with turo during you know regular time and tax season and stuff like that but once tax season is gone and all the stimulus ballers are gone these people don't have the extra money so all of a sudden a higher car picks up because it's more people using their cars for like post mates uber eats lyft uber stuff like that so there's more people using their cars to make money so like i said don't ever back yourself into a corner and one of the reasons why i strongly recommend you guys get a rental car license it gives you a number of options we've talked about this before in a few other uh videos also it's in all my classes with rental car license it gives you more options to be legit what i mean by that first one is your actual storefront you have the opportunity to rent to the general public which is huge there's no fees from turo anything else like that you know you can add insurance on your vehicles and charge them you know there's a few other things you can make extra money on that you can't with turo and this gives you the option to do that also when you have your own rental car license you can rent hourly uh daily and weekly it gives you much more flexibility so if you have a customer that says look i just need this lamborghini for a wedding blah blah blah you could be like no problem 800 bucks you could take it for two hours take some pictures bring it back you know you made 800 bucks they literally drove the car took pictures brought it back no no big deal we rent them out for like movie sets and photo shoots all the time it's really quick very easy money another one like i said is is weekly you'll get these people that'll actually you know want to be in their cars long term everything from traveling nurses to uber and postmates stuff like that you can offer these types of rent to own programs when you actually have a rental car license if you're just doing it onturo you're not allowed to do it and if you do do it and you get caught they're going to kick you off the platform so you know and plus once you start running by weekly it gets very expensive with turo so you could save that money with your uh your actual rental car license and pass those savings onto the customer to get them into a longer term rental now not only do you get those benefits you know having that but like i said you actually get the storefront you have the options to rent which what i call multiple vehicles so when you get your rental car license you could rent cars trucks suvs boats jet skis rvs you know the sky's the limit you want to rent trailers you know if trailers are really big in your area the rental car industry is so huge and you guys are only seeing about this much of it you know every time i get off a consulting call or we go over to a customer's dealership a rental car company we start telling them other ways we use to make money it blows their minds because the rental car industry is like i said is completely huge anything you could think of any car you see driving around there's somebody that needs that car temporarily you know for a little bit of time you know you've heard me talk about like box trucks and u-hauls they're insane money you know if you guys want to do me a favor get on the phone and call your local uh box drum company and say hey do you have a box truck with a lift gate if you do how much is it per hour and is it available i guarantee you they're also they're always sold out because amazon always takes them they're usually about three to four hundred dollars a day probably more and those trucks you can buy from fifteen to thirty thousand dollars so you're getting a massive return you know without spending sixty seventy thousand dollars on like a luxury suv or car where you could buy two or three of these cars and excuse me box trucks and make the exact same amount of money with less risk so you know like i said there's tons of ways you can make money and there's tons of options you can have when you have your actual rental car license but if you're stuck with turo you're only allowed to rent what's allowed on that platform and that is it you know we talked a lot of people were upset because some of their cars are a little bit older they have a little bit more miles when you have your rental car license those things don't come into factor you could have a 1988 pontiac grand prix as long as it runs and drives and passes safety inspection you are allowed to rent it and you could rent it for 100 bucks a week doesn't matter some people don't even care about the car they just need a basic piece of transportation to get them back and forth to work that's it you could offer this so like i said the rental car business with the licensing is huge the next thing we're going to talk about is your actual lines of credit when you're on turo a lot of these guys and i've seen them online you know i'll buy 17 cars and your personal name max out your credit and you'll never be able to buy a car again don't do that if you do it correctly and you get a rental car license you can actually have access to rental car uh lines of credit which there are companies out there that do it for you you know we set you up with companies that actually will get you lines of credit show you how to buy cars put you on a program so this way you could buy you know five or six cars try it out and then you just keep adding cars to your fleet a lot of people do that once they run them out for 14 to 17 days in a row they just keep adding more and more trying different cars to grow your fleet and that's how you do it you know so you could do it the correct way now once you have the actual lines of credit it'll give you so many more options when it comes to growing your business and you could only do that if you actually have a rental car license not a super host on turo not an amazing person on hire car or whatever else you need to be a legit regular business now one of the last things that i tell people that that's highly recommended when it comes to actually getting your rental car license is your insurance now one of the most expensive things you guys are going to find when it comes to becoming in this business is your insurance if you have under 10 cars you're gonna have to get a generic commercial policy and these policies are going to be extremely expensive they're going to be three four hundred dollars a month per car and even if they're complete junk cars you're going to pay a lot of money and the worst part is you can never call on a claim because they will double your insurance so now you're paying all this money for insurance but once you get over 10 cars you can apply with an insurance association which allows you to basically be a small little person under somebody else's umbrella for their car insurance so now you're able to get in under the assuming get in underneath there save some money you know build your company out you know and everything else and you could slowly start growing you know where now you don't have to have you know six seven full coverage insurances through your own personal name and like i said if anything happens you the person gets all the check marks go against you so you don't want to get kicked off your own personal insurance you don't need blackballed other people's insurance and you don't want to have to pay a bunch of money to a commercial insurance policy so you have to start off like i said with a license to get started but after you go for a little while like i said you will get savings the whole point of like i said getting this license is to give you the opportunity to be legit and it costs a little bit of money but in time as you grow the cost start to go down you get better you get smarter your costs of overhead go down and you become a smarter business owner and everything else turns around where turo i know it's very tempting because you can literally just start with an ipad in your bedroom and rent out your vehicle but like i said i wanted to make this video because there are so many people that are just misleading people on youtube there's a lot of people that don't know any better i've seen a lot of questions of like well i'm not going to waste my time i'm just going to get a rental car license and i'm like okay how long have you been doing touro oh like two years two years you already would have been built up having you know a three four hundred thousand dollar minimum line of credit with a few of our vendors you probably be on your second or fourth line you know growing your company and maybe having multiple locations so there's much more benefits with going legit and like i said having the flexibility to rent different cars at different times to anybody else on the platform plus you know you get to go with retail customers you know turo yeah you make a little bit of money but with regular cars regular consumers you make way more money you know you let's say you're making 60 bucks online through turo and they're taking you know 30 of that well you're making 60 bucks from your person plus you're charging them let's say twenty five dollars a day for insurance they're running it for three days your insurance cost is ten bucks you're making an extra fifteen dollars a day plus your sixty bucks plus you can offer them other additional insurances you know to to gross your numbers even higher so there's much more options when it comes to making money with your actual rental car license now sorry i didn't mean the to rent and rave but there's a lot of people being misled about turo being the end-all be-all so if you've taken anything from this video please get your rental car license don't screw around with turo you know you want to you want to start with turo and and hire car and learn the platforms it's a great way to get started but if you've been doing this for longer than six months you need to stop look in the mirror and say what do i really want to do and start getting your business license because like i said once you do that all the doors will open up for you and there's far more opportunities and it's much easier to get lines of credit and to build your company with that compared to if you're just doing it on turo so anyways like i said if you've learned anything please smash the like button i truly appreciate it um also if you consider subscribing i would uh also appreciate that as well please click the notification bell and if you have any comments please put them in the section below i answer every single one myself none of my staff just me also if you can follow me on instagram automotive.life and we'll see you next video [Music] [Music] um

Channel: Automotive Life

Views: 21,099

Rating: 4.9830427 out of 5

Keywords: turo, turo car rental, turo review, rental car, rental car license, dealer license, how much i made on turo, turo rental, how to make money on turo, hosting on turo, turo 2021, can you rent your car on turo and make money, flipping cars, exotic cars, turo car rental review, turo business, car rental, turo tips and tricks, turo host tips, rental car business, how much can you make on turo, passive income, turo business plan, turo passive income, car rental tips

Id: PuwHBPncSnk

Length: 13min 5sec (785 seconds)

Published: Fri Jun 25 2021