Articles, Blog

Bay Area Company Offering Luxury Car Rentals

Bay Area Company Offering Luxury Car Rentals


IT’S A BIG INDUSTRY. IT’S LIKE AIR B & B FOR CARS. SAMPLING THE HIGH LIFE OF RENTAL CARS. TURO IS A CAR SHARING SERVICE FOR PRIVATELY OWNED VEHICLES. THE PLATFORM CLAIMS TO BE 35% CHEAPER THAN RENTAL CAR COMPANIES AND ALLOWS CUSTOMERS TO LOOK THROUGH THEIR FLEET WHICH INCLUDES RANGE RECOVERS, TESLAS AND EVERYONE FERRARIS. THIS THING HAS EVER BELL AND WHISTLE IN THE PLANET IN HERE. THIS IS THE WAY TO DRIVE IN STYLE NO QUESTION ABOUT IT. BUT I DON’T OWN THIS CAR. IT’S A RENTAL. IF YOU WANT TO RENT A PIECE OF THE HIGH LIFE, LOOK NO FURTHER. IT’S A CAR THAT I DON’T MIND LENDING OUT. Reporter: COURTESY OF OUR SHARING COMMITTEE, YOU CAN DRIVE A CAR THAT YOU DON’T OWN. THE LAST PERSON THAT RENTED IT SAID HE HAD NEVER HAD SUCH A GREAT TIME DRIVING UP TO A WINERY THAN IN THIS CAR. Reporter: TURNS HIS DEPRECIATING ASSET INTO A EARNING SERVICE. WHAT IS YOUR GOAL? TO COVER THE PAYMENT FOR THE CAR OR JUST EXTRA INCOME. IT’S EXTRA INCOME. Reporter: IT CAN HELP CAR OWNERS TURN THEIR LUXURY RIDE INTO A MORE AFFORDABLE PURCHASE. THE AVERAGE PERSON MAKES $800 A MONTH. THEY’RE BASICALLY GETTING A FREE CAR FROM RENTING IT ON TURO. GOOD MORNING. WELCOME. Reporter: WE FOUND A SACRAMENTO TURO USER AND NEW DAD WHO’S USING THE PLATFORM AS A SIDE BUSINESS TO FIND CARS ON THE MORE ECONOMICAL END OF THE SPECTRUM. WE’RE LOOKING AT A 2014 BASIC MODEL TOYOTA CAROLLA. WE DO IT BECAUSE IT’S EASY TO MANAGEMENT AND IT REQUIRES A LITTLE BIT OF TIME. OUR GOAL IS ALWAYS MORE THINGS THAT ARE MORE PASSIVE THAT REQUIRE VERY LITTLE HANDS ON. I WOULD SAY HER CAR IS ABOUT $300.350 A MONTH PROFIT. THAT’S NET PROFIT. THAT’S MINUS EXPENSES FOR MAINTENANCE, INSURANCE. YOUR CAST OF THE LOAN FOR YOUR CAR. THE INTEREST ON YOUR LOAN. Reporter: TURO NOW OPERATING IN 4,000 CITIES AND 300 AIRPORTS IN AMERICA. WITH THE AVERAGE RENTAL PERIOD HOVERING AROUND FOUR DAYS, BUT INSURANCE IS THE SAME FOR ALL USERS REGARDLESS OF MAKE AND MODEL. WE PROVIDE A LOT OF DIFFERENT TRUST. ONE OF WHICH IS A MILLION DOLLARS INSURANCE POLICY THAT PROTECTS THE OWNER DURING THE DURATION OF A RENTAL. SO IF THERE’S A FENDER BENDER OR ANY INCIDENT AND PRIMARY POLICY IS BETTER THAN THIS. TURRO IS THE PRIMARY POLICY. Reporter: BUT IS IT REALLY SAFE TO RENT A CAR FROM A STRANGER? TURO SAYS ALL OF THEIR USERS ARE SUBJECTED TO A CHECK. EVEN WITH ADDED BELLS AND WHISTLES, ENTERPRISE HOLDINGS SAYS THIS COMPANY ISN’T TAKING A BITE OUT OF THEIR RENTAL INDUSTRY. REVENUES WENT UP BETWEEN 2014 AND 2015. WE’RE STILL A RELATIVELY SMALL SLIVER OF THAT BUT THERE’S TREMENDOUS UPSIDE AND TREMENDOUS VALUE FOR US. AND, OF THAT 80 BILLION WE’RE PLANNING ON BEING A BETTER AND BIGGER PART OF IT. FOR CHRISTOPHER IT’S A SHIFT THEY’RE BANKING ON. THIS PAYS ON THE RENT WHERE I LIVE. SO THE INCOME I GET FROM THIS. I SPEND TWO OR THREE HOURS A WEEK AT THE MOST ON THIS BUSINESS. SO IT’S VERY, VERY EFFICIENT TIME WISE. Reporter: A FLASHY GENERATION OF ON DEMAND MOBILITY, GETTING YOU FROM POINT A TO POINT B WITH AS MUCH STYLE OR SIMPLICITY AS YOU CHOOSE. Reporter: I MUST ADMIT IT WAS PRETTY NICE. I WOULD IMAGINE YOU LIKED THAT. YEAH, NICE ASSIGNMENT. THE COMPANY MAKES 20-CENTS ON EVERY DOLLAR OFF EVER RENTAL.

Tagged , , , , , ,

2 thoughts on “Bay Area Company Offering Luxury Car Rentals

Leave a Reply

Your email address will not be published. Required fields are marked *